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Almost all companies pursue the goal of increasing efficiency. But only those who have transparent data and know their own consumption and usage data can also optimize the company’s efficiency.
A survey by Statista (2017) shows that data volumes in zettabytes will increase tenfold in the period from 2016 to 2025. And that with an annual growth of 16.1 to an unbelievable 163 zettabytes.¹ One zettabyte corresponds to the amount of 1,000,000,000 terabytes. Furthermore, there are already studies, for example by the US technology company Aberdeen Group, which show that organizations that can derive added value from their business data are ahead of their competitors. However, the Zeta study shows that 67% of companies struggle to share key information across departments. In particular, the lack of a real-time view is preventing decision-makers from accessing the information needed to make informed business decisions.²
As can be seen, the transparent use of data in relation to user or customer data is becoming increasingly central within any organization. The handling of data should therefore be carefully planned. As a result, they are better secured on the one hand and made usable more quickly on the other.
From Data Chaos to Data Lake and the Single Point of Truth
Data is stored in a separate system and in the form of raw data in accordance with Data Transparency 4.0. This method describes a data lake. The raw data in a data lake is only converted into another format when it is used. This makes the data lake a very good starting point for Big Data analyses. In this way, the data is quickly accessed to perform possible analyses. For example, sales transactions combined with log files and customer opinions can be analysed in order to optimise pricing and offer policies. As can be seen at this point, the integration of a data lake opens up completely new possibilities for use. Through its use, the organisation receives transparent data that represent a single point of truth (SPOT), which in turn represents the basis for the consistency of master data in companies.
More Competitive Advantages through Transparent Data
In addition to the ability to carry out extensive analyzes, a data take offers many other options for the company, customers and other stakeholders. This is because a datalake can be updated with IOT or real-time data. This data can in turn be mapped as a virtual image in the form of the product, production or value chain. The visualization of transparent data describes a digital twin. Through it or its seamless connection of transparent live data, the efficiency is continuously increased, the error rate minimized and the development cycles shortened. Thus, a sustained increase in competitiveness is achieved, as can be seen from the Siemens AG electronics plant, which received the Industry 4.0 Award through the use of transparent data.
Furthermore, suitable communication modules can significantly reduce time and costs. At the same time, extensive possibilities for data acquisition and evaluation are offered. These new developments are are playing an increasingly important role within manufacturing and logistics. In the recently published trend report “Digital Twins in Logistics”, DHL sees a wide range of possible applications for digital twins along the entire value chain. “Digital twins will transform traditional supply chains with a range of opportunities to enable data-driven decision-making and collaboration, optimised business processes and new business models,” said Matthias Heutger, HL’s Senior Vice President Global Head of Innovation Commercial Development at the logistics provider’s first Internet of Things (IoT) Day at the DHL Innovation Center in Troisdorf at the end of June.
Why Is Transparent Data So Important?
According to Deloitte estimates, the number of Internet of Things endpoints, which describe the basis for data processing by digital twins, will grow to over 20 billion by 2020, 750 million of them in Germany alone. The market is “expected to grow by more than 38 percent annually and exceed the 26 billion dollar mark by 2025. Digital twins offer unmatched capabilities for tracking, monitoring and diagnosing objects. They will transform traditional supply chains with a range of capabilities to enable data-driven decision-making and collaboration, optimised business processes and new business models,” says Heutger.
Transparent data enables competitive advantage across industries and optimizes the entire value chain through digital twinning. If you want to keep up with the competition and keep up with change, the first step is to develop a long-term plan for how to handle company data. As experts in digital twinning, we are happy to help. Arrange a non-binding consultation below, in which we will present you with a customized approach that will catapult your company into the future.
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