A fundamental shift is occurring in the global economy
with respect to data. As it stands, only 30% of the global economy
has been digitised, but 5G wireless networks and other high- speed
telecommunications solutions will enable the digitisation of the
remaining 70%, driving huge increases in data
generation.
The exponential growth in the use of internet-connected
machines and AI is ushering in the '4th industrial
revolution', and every company will effectively become a data
company in the short to medium term. This trend can already be seen
in a significant number of 'old economy' sectors, including
agriculture, mining and engineering.
These developments will require businesses to shift their
thinking away from simple questions of strict data privacy
compliance and start viewing data as a critical component of
enterprise value which provides opportunities (in terms of service
improvement and personalisation), but also requires effective
management and protection.
