Success comes to data-enabled businesses

Success comes to data-enabled businesses

February 1, 2019 DATAcated Challenge 0

In order to gain a competitive edge, in order to become more efficient, or simply in order to run their business, execute their roadmap and achieve their objectives, companies need to leverage their data: they can’t make decisions just based on gut feelings; it has to be evidence-based decisions.

Data itself cannot yield value in its raw form; it needs to be turned into information, and then into actionable insights. This process of harnessing value from data is complex; this is a thought-through, methodical process meant to serve the business. To assure its proper use, data needs to be managed and governed: data needs to be considered and handled as a strategic asset.

The maturity level of data varies from company to company, but, no matter which level it is at, data is used by companies to support their strategy, in their quest to turn themselves into a data-enabled business.

Like for any corporate asset, it is important for a business to have a data strategy: it describes the plan to increase the level of maturity of its data from where it currently is to the necessary level that will enable a better usage of data throughout the company, arming decision-makers with a way of making more intelligent decisions, and, finally, it describes how data will deliver value to specific company objectives, therefore supporting the business’ strategy.

It is essential for a business to have a good data strategy which articulates the formal framework to put in place to collect, transport, store, secure, transform, use data; only when executed properly, will the data strategy yield the value that the business needs to become data-enabled and to carry out successfully its roadmap.

By: Flo Oswald

 

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