hallmarks of a data-driven business Despite broad recognition of the value of data, organizations are drowning in a deluge of data, finding it hard to manage their data and extract valuable insights from it. Here are six ways data-driven companies are satisfying the demand for more intelligence.
by Matt Baker Drinking hot water and lemon feels very virtuous. It’s a cleansing, detoxifying drink. But not many people use the peel; and yet it’s packed with nutrients. It’s good for your bones, heart, immune and digestive systems. By doing a quick squeeze and tossing out the peel, you’re depriving yourself of its many benefits. The same applies to data. Data’s potential to unlock new insights and opportunities is motivating organizations to shed their old ways of thinking and adopt a new mindset inclined to spearhead innovation and create engaging customer experiences. This metamorphosis goes to the heart of a digital business and is intrinsic in all they do. It is digital transformation incarnate. Yet, many businesses are only discovering and squeezing insights from a fraction of their data. Most of their data is being wasted. Even worse, the data that they do manage to collect, store and archive is ‘dark data’- data that’s not actually used to drive a business outcome. Despite broad recognition of the value of data, organizations are drowning in a deluge of data, finding it hard to locate all their data, extract it from different sources and silos, and manage access to the right people. Without the right data, these companies are losing out on revenue opportunities due to missed sales opportunities, lost customers, inefficient supply chains and uninformed strategic decisions. But it doesn’t have to be that way. In fact, there’s a swell of businesses on the other end of the spectrum that are putting data to work. We’re not just talking about understanding customer buying habits to sell targeted ads. Data has the potential to reach and influence well beyond that. Data-driven companies are sating the demand for more intelligence by doing the following:
1. taking data real-time Data-driven businesses are harnessing real-time insights from unstructured, semi-structured and streaming data to power increasingly sophisticated data-driven use cases at scale. They’re rethinking their data management strategy in line with the exponential increase in the volume, velocity and variety of data.
Intelligent Risk - November 2020
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