Data is today the most valuable resource, but it is going to be an easy resource. Unlike oil, which needs high investment to procure it and can be delivered post-processing to the consumers, data is tricky.
Not only does it require an organizational and financial commitment, even after putting everything in place, making the right decisions from data is a complex process and one that requires constant improvements.
The Global Big Data Analytics Market was US$ 37.34 billion in 2018 and set to reach US$ 105.08 billion by 2027 at a CAGR of 12.3%. Such levels of investment and growth hint at the growing significance of data and analytics.
A survey of C-executives points out that even big players have to fake the data culture and have not been entirely effective on data. Even the biggest names in the corporate world are struggling on these fronts:
Let us explore the reasons for the failure of large companies to achieve the goal of data-driven organization; when so much investment is being poured for its achievement.
The team in your company may be acting on data, but their findings are different, they are bound to disagree. Here are the 6 symptoms that can tell if your organization is using data just for the sake of it:
The Way Forward
Data is a treasure trove that holds the key to improve customer service, innovation, and efficiency. But a significant amount of dedication and the environment is needed to harness its potential.
Companies must ensure that data should be available widely and homogeneously so that employees have a shared source of truth. Employees on the frontline must be empowered to act on data, there must be channels where they can share their ideas and put them into action quickly.
A data-driven culture is different, it’s not top-down per se, and its newness creates problems. On the other hand, the opportunity is enormous for a truly data-driven organization.
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