Evolution of Data:
Data is not a new idea. Organizations have always relied on data to help them make decisions. The biggest difference with data from the mid-1990’s and today is the amount of data that is easily accessible and the dramatically reduced cost of that data. The cost of a microprocessor or a memory chip has gone down exponentially in the last 20 years. With that, the data storage volumes and algorithm capabilities to find the right information, at the right time, and with the right context has gone up exponentially. During this time, companies and consumers adapted to these changes and as we have evolved, some companies like Google have helped us make sense of that information. Identifying what data is relevant in real-time for personal decisions like purchasing, or business decisions like product features.
Unlock Your Data’s Potential:
Finding better data faster for actionable insights is becoming more of a need than a nice to have in many organizations. When thinking about transforming your company into a data-driven entity, start with the basic functions of a business. How do the people, processes, and machines in your company interact with each other? Understand how the organization is generating, searching, consuming data, making decisions from that data, and taking actions based on those decisions. Companies can be compared to living organisms with data acting as the blood of the body. The more efficiently and effectively the blood flows, the healthier the body is. Getting data to flow easily is not as difficult as it seems at first glance. Executives and managers must look at this as a structured exercise on a digital transformational journey to use data more efficiently. Companies that are data-driven are evolving to unlock more and more of the value that is inside of their existing data.
In Summary, to transform a company into a data-driven business, three key steps are needed:
1. Know your Data
2. Formalize your ideal Outcome
3. Be ready to change the fundamentals of your business supported by data insights
Above all, be ready to foster a culture of exploration of data by raising the questions and finding the relevant answers. Interested to learn further, listen to a live customer at the webinar on How to become a Data Driven Organization ?