Data, data, data! It is everywhere, and everyone is talking about it. The amount of data generation is growing faster than anyone could have anticipated. In 2020, there are approximately 44 zettabytes of data globally. One zettabyte is equal to a trillion gigabytes, which roughly equals the size of 200 billion full-length HD movies. That’s a lot of data.
This trend will only strengthen with time as new innovative ways to capture and share data are discovered, and companies realize the massive value behind extracting insights and solutions from data at scale.
xyzt.ai is a visual analytics platform for big location data. We aren’t in the data industry directly because we don’t generate or collect location data ourselves, but we offer a powerful tool built to easily extract insights and analysis from that data. In other words, we are constantly exposed to the industry, as location data is the fuel that powers our analytical engine. This means we have built up an ecosystem through our customers, partnerships, prospects and we learn from everyone that we work with.
Five steps to follow
Below are five lessons xyzt.ai has learned over the years and wishes to share this information with you. Even though xyzt.ai specializes in location data, these lessons are relevant for any data company.
- First and foremost, listen to your customers
- Invest from day one in building an ecosystem
- Diversify your data offering
- Scale your business by building a platform, Data-as-a-Service
- Add analytics and insights to your business model
In the whitepaper ‘Five Steps to Becoming a Mature Data Company’, we expand on each topic and provide you with our insights and experience to become a mature data company. If you would like to read the full version of the white paper, sign up to download.