The rapid acceleration in digital transformation has created a massive amount of data for enterprises to manage. However, finding actionable intelligence in the massive pool of data is still a huge issue that can hamper business operation in the long-run.
Data, the new oil in the current enterprise landscape, plays a key role in digital transformation journey of enterprises. Data combined with analytics provide enterprises with insights that provide opportunities to gain a competitive advantage. But its massive stack, and the ever-growing volume mostly consisting of raw data is making it difficult for enterprises to get the required insights they need to make informed decisions. Fortunately, enterprises can take a few sustainable initiatives that will help them turn this data deluge into actionable intelligence.
However, before getting all excited and ready to take a plunge, it is critical that CIOs secure the necessary commitment with the board and management authorities that the initiatives will be an enterprise-wide priority. Having this commitment in place enables CIOs to have adequate resources and a budget at the outset.
Tracking all the Data in place
CIOs must identify and categorize the diverse data they have and where it sits in the enterprise’s infrastructure. They should explore all the raw data sources and where those volumes are stored- whether on-premise or in the cloud.
Next, enterprise leaders must identify who has access to the data and what means they are using to access it. By thoroughly analyzing and understanding the nuances of data, enterprise leaders can develop a pipeline or migrate data to a cloud-based analytics platform.
Understanding what to accomplish
After getting familiar with the available data and its location across the enterprise, CIOs should craft initiatives that are based on the goals that they want to achieve. One of the easiest ways to get started is by narrowing down into categories for internal and external use for a specific campaign.
By embedding responsibilities for securing data handling and its usage across all departments, the enterprise will take a lot of weight from the technology team’s shoulders. CIOs must assume that they will need to organize, enrich and transform data to get the most value out of it.
Enterprise leaders must remove barriers to share data under NDA and consider a build-versus-buy approach. Lastly, it is important that the initiatives are in sync with the management to maintain a focus on using data thereby, helping the enterprise to achieve its business goals.
Tracking Progress and Evaluating Outcomes
In order to get the required insights to convert into actions, data has to be analyzed correctly. CIOs must regularly measure its outcomes and hold their respective teams accountable by having time-based goals and tracking the progress over plans.
Since harnessing data is a fluid process, enterprise leaders must anticipate when to iterate it. They should craft, manage and maintain a repository that helps to keep employees and teams aligned as they advance on their given jobs and projects.
By having a knowledge base of the available raw data, devising, executing and measuring initiatives enterprises can identify opportunities to make more informed decisions. These will go a long way in helping them to gain a competitive advantage.