Friday, October 14, 2016

How Are You Treating Your Organizational Data?

By: Anil Damodaran, Blueocean Market Intelligence Assistant Vice President

Data fragmentation has been a topic of conversation at varying levels of intensity for many decades. However, the challenge has grown tremendously due to an increase in the number of data sources and devices in use, at the workplace and home. Today, data is generated and stored not only on office PCs and laptops, but on mobile devices such as smartphones, tablets, online storage devices, and more.

Most of this data is generated in bits and pieces during various activities like exchange of emails, feedbacks, chats, IoT feed captures, and pilot surveys. It lies around in devices or unused drives, and often treated as office stationery, until one day someone suddenly realizes the cost implications of this recklessness. According to research from Salesforce, about 53 percent of organizational data is left unanalyzed that could otherwise have signified an opportunity for decision makers.[1] The problem, at a grass-roots level, is leaving data unattended with disparate sources and not implementing proper data governance.

So what can we do?

Data fragmentation can be addressed if you start considering data generated within your organization as a corporate asset. By doing so, it will become more instinctive to institute practices and processes of measuring data. Once you can measure their data, it becomes easier to tag the data based on business relevance and quality attributes.

For example, in almost all companies large and small, it is common to take stock of infrastructure – tangible and intangible – and tag them, such as company IP, laptops, mouse, and so on to the employee using it. Similarly, are you then tagging your data generated within your organization to its source, purpose, time, format and so on? It has been found that only 13 percent organizations have properly integrated data and predictive insights extensively into their entire business operations.[2] Companies that drive their businesses using data-driven strategies are five percent more productive and realize six percent higher profits.[3]

Here are some of the traits of an organization that treat data as an asset vs. those that do not.[4]

Organization that treats data as an asset
Organization that does not treat data as an asset
Is more innovative
Less innovative and tends to become commoditized in the long run
Is more customer-centric
Pushes products to customers, instead of developing products based on customer needs
Harbors a culture of openness and collaboration
Politics and hierarchy based system tend to keep data in silos
Business decisions are data-driven
Run on personal experience and intuitions
Business processes and performance are measured based on feedback and analytical models
Practices age-old business processes; no system for measuring business performance
Risk mitigation is proactive
Risk mitigation is reactive

What kind of an organization are you and what is your biggest challenge with the evolution? Share with us your experience and views.

Blueocean Market Intelligence is a global analytics and insights provider that helps corporations realize a 360-degree view of their customers through data integration and a multi-disciplinary approach that enables sound, data-driven business decision. To learn more, visit www.blueoceanmi.com.

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