“…big data is about more than just acquiring data and the technology needed to store, process, and analyze it. To take advantage of all your data and drive meaningful impact for key business use cases, you need to make the most of your data by devising a modern data strategy. It’s a strategy inclusive of all the people, process, and technology changes you need to consider when transforming your business to become a data-first organization.” – CIO Magazine
As an executive, regardless of your specific role, your job is to make your organization better. Whether it be understanding the voice of the customer, making your human resources more efficient, gaining a competitive advantage or making systems and process faster, you have one common mission – improve.
Why you need a data management strategy
One of the most important aspects of an executive’s role is decision making. You are asked by people within your organization all day, every day to make decisions. Most of the time, we hope, you are provided data upon which to base this decision. But let’s examine what data you are being provided.
More often than not, the data is disconnected from the systems it is reporting on. If you are given an Excel spreadsheet of data, be alarmed! Executives are often fed volumes of data in an effort to display depth. However, data is not the same as information.
We’ve often been amazed at how powerful organizations monitor important company strategic initiatives with bad data. The value of a data strategy, and ultimately implementing machine learning, is that you can rely on the information you are provided when making decisions.
Once you’ve decided to connect your business with the right information, you are on the path to implementing a data strategy for your organization. Enso will provide guidance on the proper sequence via our data strategy roadmaps. While you and your teams will be guiding the strategy, we will help you with how to implement a proper data strategy. At the conclusion, your teams will learn how your data is connected and where the most power in the connections lay. You will have tremendous insight into your data. You will be provided with information, not data, that is curated and properly summarized based on objective and scientific principles.
The value of a data management strategy is:
- Executives can make better and faster decisions because of the accuracy of the information presented;
- Your teams will understand at a deep level how the connections of your data lead to information that everyone can use to perform better;
- You will be poised to gain a competitive advantage;
- You will know that the information used throughout your organization to manage itself is based on the systems in which they are working; and
- Information will start to be predictive, alerting you to how an initiative will likely conclude.
The value of a data management strategy cannot be overlooked. It is not a next generation, nice to have anymore. The value of a data management strategy is here today and must be implemented in any organization that wants to survive and thrive. The value of a data management strategy is to give purpose to your data to turn it into information.
The World Economic Forum (WEF) has made clear that we are at the beginning of the 4th Industrial Revolution where automation augments the workforce. By reading our other materials, you should be aware that there is not a single enterprise machine learning solution. You must build one for yourself that does the best decision augmentation. Below is a short video from the WEF on the impacts of the 4th Industrial Revolution.