Most organizations still use static spreadsheets or planning approaches based on static assumptions to take decisions. These tools have worked just fine in the past, but many organizations have realized that applying static models to dynamic, ever-changing real-world situations usually comes up short and creates underinformed decision making. In fact, this leads to inefficient processes without a single source of truth caused by a lack of a clear data vocabulary, unclear processes, an undefined data life cycle and fuzzy roles.
Digitalization generates a lot of data: 90% of the data available today has been created in the last 2 years. The amount of big data is increasing and this requires organizations to define which data is of most value for them and how to valorize it.
The same data is used by different people in the organization, leading to a scattered and siloed data landscape. To avoid inefficiency and multiple 'versions of the truth', master data management and a business glossary can support organizations in having a shared data vocabulary. This leads to a higher data quality and a clear understanding of the data and its ownership.
Sharing and integrating different data sources comes with a cost. Modern data platforms enable organizations to use structured, unstructured and semi-structured data horizontally and avoid a vertical siloed, costly use of data.
Regulations and compliance regarding data are increasing. This requires organizations to be transparent in how data has been transformed, in what circumstances data is used and how it is being secured.
The implementation of a data driven organizations requires a skilled workforce backed by clear processes for each step of the data value life cycle. This calls for specific roles and process to reach maximum value. It requires training and hiring of specific people, which need to fit into a data strategy and governance plan to avoid information gets lost, data access is obstructed and companies are unable to leverage the full potential of their data.
Besides improving efficiency and effectivity, operational excellence and saving on costs, you’ll open doors to new opportunities and value ‘hidden’ in plain sight.
Data is the currency of good decisions and having the right data available at your fingertips enables you to make better and faster decisions than your competitors.
to capture information
to analyse information
to aggregate information
to disseminate info and insights