Updated: Aug 5
Does your organisation “speak data”?
Understanding clients, employees and markets might make the difference between a winner and a loser business during a crisis. As we always say, an organisation with a focus on data management and analytics will overcome their competitors. In 2020, with the COVID-19 global pandemic, all the political and financial instability, this understanding became even more important, making all the difference in businesses.
Data is everywhere, but the real value is the insights we can get from data and turn them into actions. And that is the struggle for many organisations.
There have always been data experts who analyse numbers, but now it is more important to have a data-literate executive who understands today data and analytics concepts. Organisations need more than a simple, descriptive bar chart of last month performance, but a deeper understanding of data with predictive modelling to assist in making critical decisions.
Organisations need a data culture, data-literate employees who will contribute more to their roles and help businesses to overcome their competitors in this aggressive global economy.
Data literacy is an organisation ability to read, write and communicate data, to understand the sources and constructions of data; analytical methods and techniques, the ability to describe the use-case application and the resulting value. Data literacy will be the main factor of commercial value.
Today, the leading organisations are looking for ways to improve their data literacy, to find more business opportunities. And the challenge is to understand the business decisions that need to be made and to make the relevant data sets available to help and guide those decisions.
This concern with data is not exclusive to technological companies, it is important in all business areas, both in small and large companies. “We’ve seen doctors, government officials, and business leaders make decisions using data during this crisis. New data maps and world meters are popping up all the time and we’re hearing phrases such as “bend the curve” at press conferences and in reports. Data literacy’s importance is clearer than ever, and creating an opportunity through both technology and training to increase data literacy will help drive efficiencies and uncover new opportunities that can fuel recovery.”
There has never been a better time to organisations empower with data and acquire a data strategy and culture, to embrace digital transformation and place more focus on their most important assets: data and people. It is not easy, there are significant cultural, political and technical challenges in achieving those goals.
Organisations should learn from COVID-19, as successful businesses will be those that can adapt to any type of unexpected emergency.
Is your business struggle with data? Are your organisation ready for the next crisis?
A clear vision of the goal business-focused and technology-focused, then establishing a clear use-case-based catalogue of data, be able to acquire, profile, describe, secure, and potentially prepare data quickly in anticipation of analytics needs, robust processes to put data on the shelves in advance of the analytics execution, which requires speed measured in hours for data integration and cataloguing.
And don’t forget to contact us, we can help you with this journey.