Organizations are being overwhelmed by data – rendering it worthless
Businesses have had access to in-depth data and analytics applications for decades, and they have a long track record of improving business strategies, reducing costs, refining processes and raising performance. But as businesses – perhaps yours included – gear up to reach the next level of data maturity, they are encountering problems.
As the scale, volume and complexity of data we ingest have grown, companies now have access to a trove of data that is expanding every day. With the potential for operational, tactical and strategic improvements, all this information should be of benefit to you. However, organizing, analyzing and utilizing data in a sustainable way, thereby unlocking the value of data, is complex and requires a specific approach that is often overlooked.
On top of leveraging the power of data, you may be also finding that a data-fueled, digitized workplace culture is not properly forming in your business, impairing the long-term value and benefits of your digital initiatives.
And all of this is happening as new, agile businesses are entering your marketplace with innovative, new approaches to data that are helping them challenge the dominance of established organizations.
There are a host of answers to next-generation data and analytics available, but for them to be effective, you need to refocus your approach and let data become a crucial part of your business, not an addition or afterthought.
This begins with ensuring buy-in from the highest levels of your organization. Adopt a shared focus that goes beyond seeing data as the answer to business challenges, to understanding it is a resource that requires the right strategies, processes and tools for it to become valuable in a sustainable way.
During this stage you must understand the strategic business questions that you wish data to answer before you continue, as these will shape the organizational models and analytic processes you choose. If your entire company and service ecosystem has a shared understanding of data and its uses, you can take advantage of new business models fueled by data, advancing ahead of the competition.
Success in data and analytics hinges on strategy and data having a synergistic relationship. Simply trying to implement in a broad, unfocused manner won’t generate the results you require, so start by strategising on a small scale while keeping the broader picture in mind. This allows you to be sure the data you focus on provides insights that deliver action and use cases that give value. Ask yourself what you want to improve and build data solutions from there. Once you have multiple small-scale use cases, you can evolve towards a larger all-encompassing data solution.
Data collection must be governed – it’s not just a matter of loading the data into a data lake. There is no single answer to multifaceted data problems however, since different types of data require certain controls to be put in place. The rules for data are instead based on semantics, so classification is the answer.
Using automated data catalogue tools and data markets will make sense of the information and improve the success of data service implementation, and these functions are based on robust and reliable IT architectures that allow data to be easily and safely managed then properly integrated within your teams.
Additionally, it is imperative that you work alongside an expert that will help you ascertain which advanced analytical methods – machine learning, pattern recognition, neuro-computing and so forth – will provide useful insights. Only with the right analytical approaches will you be able to unleash the potential of your data, optimizing objectives, processes and performance and building a foundation on which you can innovate further.
Across the world, businesses are rejecting disruption and embracing data innovation, understanding that unlocking the value of data is proving crucial to the continuing profitability and viability of their businesses. Contact BearingPoint today to learn how your business can experience the benefits of your data.