Datification means we have more and more data to measure things and organizations are increasingly dependent on data - both internal and external - to optimally operate to compete and win. It is also about taking a process or activity that was previously invisible and turning it into data. That data can then be measured, tracked and monitored to optimize processes, make better decisions and innovate.
Sensors and devices (Internet of Things) will soon be embedded in all physical and biological things to collect data allowing organizations to better measure and improve performance. This will produce a massive volume and variety of data at unprecedented velocity. With sensors everywhere, from our cars and phones to roads and medical equipment, opportunities to collect data are endless. Combined with large scale analytics, new data driven business models are emerging, and are impacting all businesses, healthcare, city planning, public transportation, crime prevention and power utilization.
It is prudent for organizations to capture, store and analyze any and all information, even if they're not sure what insights the data will provide. Later the organization can decide what to look for to make better decisions on the operational level, innovate new products and services on the tactical level, and make game changing shifts on the strategic level.
Collecting and storing data from multiple sources - forming data science teams to combine, slice and dice this data to create valuable, actionable insights from the data - is the key to developing durable competitive advantage.