Big Data Adoption: Onboarding and your Path to Taking Off as a Data-Driven Enterprise
We all look at other companies and see ones that stand out. Whether it is a competitor or a business that we admire there is always an organisation out there that seems to excel in areas where we might currently be struggling. They know where to look to find a new audience, they excel at cross-selling and customer care, they meet their sales targets and financial goals and they seem to be able to move at just the right time to take advantage of a new technology or change in the market.
Whilst this can just be a case of the grass looking a little greener outside of the concerns of your own business it could also be the case that what you are looking at from the outside is a data-driven enterprise. In this kind of organisation data is used as a competitive advantage with new data from across the company analysed quickly and data science and innovation embedded throughout a large infrastructure.
Once a company has established that traditional technology cannot meet all its needs the beginnings of a Big Data strategy and the journey to being one of those date-driven companies that uses key data insights across all functions can be planned. To begin with the company will usually still be working with the data as they have it; a collection of files with no data conventions and no overarching data strategy. Reports can take a lot of time and are completed with more structured data. Unstructured data is kept in silos that can’t be accessed to feed into these insights.
With awareness comes support for change at an executive level. Often at a top level you know that something should be done but, especially in larger organisations, proof of concept is needed to show others where the benefits to this new way of doing things lies. Using analytics, but not necessarily a data strategy, you can start to look in more detail at the data that you have, seeing other more unstructured sources of data as having great potential if moved into the data strategy as a whole. Being able to show the gains that moving towards a data-driven environment can give you across all functions of your business lays a great foundation to begin.
With wins from proof of concept support from across the company will start to fall into place. Once you can see where you can gain insight in real time from the data that you collect and how that can shape and grow your business it becomes easier to reach out across the company for buy-in to a more data-driven approach. The data strategy starts to be put in place and information governance will be integral here to ensure the veracity of the data as well as meet regulatory standards.
Whilst at this point we are still in the phase where investment outstrips return as there is a ramp up towards Big Data becoming embedded in the company which will see this turning around as the strategy becomes part of every function throughout your organisation.
At this point you will reach a milestone where your point of concept becomes organisational reality. With IT and business strategy working together and changing the skills sets within your organisation your data strategy will be implemented across your business giving your company a new way of using its data to drive real-time insights and make key decisions across finance, sales, marketing and innovation to give it the competitive edge in the future.
Suddenly you will find that you are the company that everyone is looking at. By making the transformation to being a data-driven enterprise you are able to reap the benefits of the insights that your data can give you and with data science embedded in your organisation, with the infrastructure and data products to support this, you are the ones that will be catching everyone’s eye.
What INC are saying about technology to fuel your business success.
tags #insurance #claims #artificalintelligence #AI #bigdata