With the price of cloud storage becoming more and more affordable, companies today are collecting every bit they can get their hands on. Companies have been duped into thinking that they must save every piece of data because it might be useful in the future, so there is no harm in holding on to it? In the industry, this practice has been dubbed “data hoarding.”
In a recent interview with Alex Woodie from Datanami, Xplenty CEO Yaniv Mor sheds light on why data hoarding is in fact not a good business practice. In short, he says that data analysts are drowning in data, and they are stuck sifting through billions of data points to find actionable insights.
How did we get to this point? One department that often falls into the data hoarding trap most often is marketing. Mor says, “Marketers need to understand that not all data is created equal. They don’t necessarily have to collect every bit and byte that the marketing services out there are providing them with. Marketers are are often creators of data swamps.”
The consequence of data hoarding (just like hoarding junk in your house) is that it makes it much more difficult and expensive to reveal the things you really need - business insights!
To read the full article from Datanami, and learn why “data swamps” are counter-productive and how to overcome them, click here.