WHY MANAGE DATA
In the past, businesses have attempted to harness data across organizations and turn it into a business asset. However, data often remains stuck in application silos, stored across the business with no transparency. This lack of data visibility can lead to decision-makers not having access to the information they need to make informed decisions. With the advent of big data and data analytics, businesses now have the tools to overcome these challenges and gain insights from their data that were previously hidden. Big data technologies allow businesses to collect, store, and analyze large amounts of data more efficiently than ever before. And with the help of data analytics, businesses can turn this data into actionable insights that can help them improve their operations and make better decisions
So why are so many businesses still struggling to take advantage of their data? One reason is that they haven’t invested in the right tools and infrastructure. Another reason is that they lack the necessary skills and expertise to effectively utilize these tools. But perhaps the biggest reason is that most businesses still don’t have a clear strategy for how they want to use their data. Without a clear plan for what you want to achieve with your data, it’s difficult to know where to start and how to measure success. If you want your business to succeed with big data, you need to start by developing a clear data strategy. This strategy should outline your goals for using big data, as well as the specific tools and technologies
Effective data management enables better decision-making, delivering clear benefits in four key areas:
1. Internal efficiencies – driving process improvements, operational excellence, and cost savings.
2. External customer excellence – ensuring a greater customer focus and the delivery of digital, innovative, and personalized service offerings and solutions for customers.
3. Driving innovation and new opportunities – underpinning the development of new services, new revenue streams, and the effective introduction of artificial intelligence (AI). Without accurate, high-quality data, AI projects fail to deliver.
4. Enabling digital transformation – providing a foundation for successful digital transformation.