In today’s digital economy, the business world is awash in data. The McKinsey Global Institute estimates that 90 percent of all the data in the world today was created in just the last two years.
The volume and complexity of data are growing at an exponential rate. Every day, we create 2.5 quintillion bytes — or 250 billion gigabytes — of data. That’s more than 4 million DVDs per hour and more than 1 million Google searches every second!
The good news is that while we are drowning in data, we are also drowning in tools to help us manage it all: big data analytics platforms and software, cloud-based services, machine learning algorithms and artificial intelligence systems.
So what’s holding businesses back? The primary reason businesses aren’t able to achieve their full potential is that business leaders aren’t “standing up for data.” Rather than just lean in, they should stand up for data.
Do the following five things:
1. Treat data as a strategic asset. Give it more importance than physical assets such as buildings and infrastructure.
2. Take ownership for the governance of their data assets, rather than delegating this important function to the information technology department or some other team.
3. Invest in the quality of business-critical data.
4. Clearly articulate the questions that they want answered, and challenge their IT and data departments to use all the data assets to answer them.
5. Always ask these questions when making decisions based on data: Where did this data come from? Who is accountable for the definition and governance of this data? Does this data meet our quality requirements?
Alydata is trusted by some of the world’s biggest brands. It helps them keep their data clean and compliant with industry regulations, allowing them to deliver meaningful stories to their customers, optimize operations, and gain a competitive edge.
Sign up for an assessment at www.alydata.com
Comments