The new digital insights lifecycle: data drives actionable insight
- Posted on July 23, 2015
If software is eating the world, then data is eating the enterprise. Increased digitization means that companies are producing mountains of data – more than most know what to do with. But the businesses that will succeed in today’s global economy will be those that put their data to smartest use.
But, it’s easier said than done. The more data proliferates throughout the organization, the harder it becomes to manage and analyze it. Organizations of all sizes across all industries grapple with this challenge; in many cases, it is their biggest business problem. To overcome this issue, data is perhaps best viewed as a supply chain that facilitates the production of a critical business commodity: actionable insight.
Companies that recognize this and leverage their data supply chain for maximum results have a few things in common:
- They start with the end goal in mind, and work backward. The most data-savvy companies identify business goals from the start, and deploy the agile infrastructure necessary to meet those objectives.
- They make data available to all areas of the business, not just an elite few. They invest in employees with the right skills and experience to leverage data effectively – and then empower them to do so.
- Finally, they couple the available data with intuitive and dynamic tools that better enable insights and action, providing visualization and other ways of looking at the data in new ways.
Creating this sort of data-driven, digital enterprise may demand a business makeover. While not easy, it’s often necessary to stay competitive in a rapidly changing global economy in which market share can change overnight. Successful business leaders recognize this, and know that they must constantly look for new ways to capitalize on market and industry shifts. Being prepared to act and react to market developments requires company-wide access to data and real-time measurement of results.
Data is a tool that must be wielded wisely and judiciously; but with a clear sense of desired objectives and the right architecture in place, it can help companies develop a 360-degree view and operate in real time. By embracing data, organizations can engage their customers more effectively, compete more successfully and forge a clear path to achieving their business goals.