Is proactive planning needed for effective utilization of business data?

Is proactive planning needed for effective utilization of business data

Enterprise leaders acknowledge that recognition of a meaningful opportunity can have a significant impact on the business as a whole

CIOs say that developing a major opportunity for the enterprise requires recognizing and analyzing relevant business data. It will have a major effect on business growth and revenue. They believe that the instance of selecting a momentum can prove to be the major differentiator between making and breaking a business.

The split second decisions that C-suite leaders make, can help improve not only the business growth and eventually the number of jobs as well. The only thing that’s needed is C level awareness of how to make the big decisions. The major reason for the success of most prominent enterprises success is identification and investment into opportunities that were potentially rejected in other enterprises.

Of course, not every decision made will affect the revenue of every enterprise, but every decision will definitely have a negative or positive impact on the final business. Big data solutions have observed a sudden increase in the investment in business intelligence and data analytics software. This trend has continued via the increased adoption of artificial intelligence and machine learning.

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In addition to a strong, decisive C-suite executive board, enterprises also need smart tools that will help them make informed decisions in every situation, and investments there have already started.

Data influencing decision-making processes

CIOs explain that when general audiences listen to BI vendors and consultants, it may appear like organizations have to purchase the correct solution and store every data point for the future. Adoption of sophisticated and ever-evolving software and continuously collating data is the best method for data insights.

The method can surely result in collective wisdom; however, organizations have continued to struggle to convert BI investment into clearly visible business results.

Enterprise leaders say that data by itself cannot be translated as better decision making. That is exactly where the biggest divide in business value development lies. It is understood that enterprises with data pipelines that are compatible with decision-making features have experienced the biggest improvements in their business value. They have observed a marked increase in their growth as compared to enterprises that have bad decision-making skills.

Many enterprises have continued to invest in latest solutions that have the potential to harvest the full value for their data. This practice is, however, done without the understanding that data analytics can do only so much.

There is a limit to what value can be derived from data- especially when not enough or the accurate data is not present in the data pipeline. This drastically limits the results that can be achieved from it.

The challenge of detecting valuable data

CIOs believe that introducing more valuable data into the data pipeline is the biggest struggle for most organizations. The majority of business leaders say that identifying the latest data sources is challenging for them at a basic level.

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Business leaders say that they have faced technical issues like an investment into the tech to create data, resources for searching the data, and issues in understanding the validity of collected data and analyzing the possible ROI. Leaders expect that most of their budget will be invested in identifying data sources in the coming year.

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Megana Natarajan is a Global News Correspondent with OnDOt Media. She has experience in content creation and has previously created content for agriculture, travel, fashion, energy and markets. She has 3.9 years’ experience as a SAP consultant and is an Engineering graduate.