Expert publishing blog opinions are solely those of the blogger and not necessarily endorsed by DBW.
The release of the Panama Papers earlier this year unveiled a global conspiracy of tax evasion and money laundering by some of the world’s most powerful politicians, officials and businesses. Just a month ago, new revelations showed that corrupt officials across Africa have used shell companies to hide profits from the sale of natural resources and the bribes paid to gain access to them.
These are just a few outcomes from data mining of the more than 11 million files that were leaked from the Panamanian law firm at the heart of the controversy.
While these leaked documents continue to rock the world both politically and legally, they should also serve as a stark reminder of the hidden value sitting locked in large amounts of unstructured data, such as notes, documents and emails.
In recent years, we’ve seen businesses in many industries solve the puzzle of big data and begin to extract the insights that can accelerate innovation and grow revenue. Healthcare, finance and retail are three that immediately come to mind that are at the forefront of using big data. But that is only the beginning.
Consider this: 90 percent of the world’s data only came into existence in the last two years. With more of our lives moving online and into the cloud, this remarkable growth of data will only accelerate, offering enormous possibilities to the businesses that can navigate these massive data collections.
The Panama Papers are a roadmap.