Many organizations are still unclear how to generate value from data, and too often they have been focusing on data itself in a bottom-up way, leading to a situation where :
📍 They have plenty of data available and accessible but don't know how to make efficient use of them
📍 And they are unable to assess their current and potential value
In order to overcome this, you really need to switch your mind and start by identifying and defining the business problems you want to solve!
From there, you can walk the path and:
🚀 better assess how this fits within your overall strategy, and how you will be able to create value from solving that business problem
🚀 start preparing adoption, by diving into the operationalization of having additional insights: "if you had that information, how would you actually act & what would you do ?" A critical point to ensure that you will be able to leverage the efforts
🚀 identify the data to collect and assess their readiness and quality in the frame of those identified objectives
🚀 and finally, actually work on building and iterating on the delivery to make that a reality
Data brings tremendous value to an organization… when it is supporting better decisions: operationalized into the business processes, adopted by users, and as such contributing to incremental value creation: incremental revenue, costs or efficiency optimization, new business models, and more!
In conclusion, let's work on building an insights-driven decision culture:value is always first & data is an enabler!
To further explore this topic, we recommend this interactive discussion on eWeek with Bill Schmarzo, Andi Mann and James Maguire - great insights, great stories and a lot of fun!
Further reading: How to Get More from Data Analytics: Dell’s Bill Schmarzo and Qumu’s Andi Mann Talk Strategy, Trends | eWEEK