Having trusted and accessible information across your organization can help you navigate choppy waters successfully and create incredible possibilities with your customers, team members and partners.
But the torrent of information and proliferation of data types, sources and platforms makes it challenging to use data at its full potential. Success is achieved when organizations connect data, technology and decision making to drive better business outcomes.
Organizations that have become data-driven are seeing real results. Financial services firms that encourage a shift in data culture are managing regulatory compliance and accelerating new initiatives. Health Plans are improving quality of health through enhanced capabilities for population health and clinical engagement. And manufacturers are improving profitability by forecasting errors and enabling proactive repair scheduling.
Becoming data-driven is critical for real-time, insight-driven decisions and actions to accelerate time to market, reduce costs and support sustainable growth.
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When data is allowed to flow freely throughout the enterprise, it can help organizations truly flourish and become more productive. But where do you begin? Adopt these five characteristics:
Data and access to trusted information is changing business in profound and irreversible ways. Unfortunately, most organization’s data efforts continue to be siloed and sporadic, and leaders cannot trust their data fully or support automation initiatives wholeheartedly because they can’t trust their data.
But when organizations can foster a culture of data excellence, they encourage and enable data use across the enterprise and can use information to make decisions, inspire new possibilities and create new forms of value. Shifting the cultural mindset to be data driven, putting people at the heart of this new transformative mindset is critical and can help organizations unlock the true value of their data. And the change starts from the top.
Key benefits of a data-driven culture:
Almost 35% of organizations identify improving data quality as the biggest challenge in managing their data1. Poor data equates to inaccurate information, which results in higher processing costs and faulty analysis. This further undermines management confidence and leads to poor operational decisions, resulting in customer loss and revenue decline.
Organizations can break this vicious cycle by instilling data confidence; this stems from high quality, well-documented data that is syndicated across the organization quickly and efficiently, leading to positive outcomes across the organization.
Key benefits of instilling data confidence:
Accurate, transparent, consistent, complete, traceable and can enable trusted decisions.
Data is growing too big, changing too fast, and becoming hyper-distributed making it complex and challenging for organizations to manage it all. Traditional data integration methods do not have the scalability to keep pace with this rapid change and organizations are unable to integrate, analyze and share their data efficiently.
To syndicate data through the enterprise, organizations should create a data fabric. This emerging, end-to-end, management and architectural approach eliminates silos and helps you syndicate data across the organization, making data discoverable and easily usable across the network. The fabric connects any and all data sources, on-premise, on the cloud or hybrid, simplifies access, provides data consistency, while reducing governance and compliance, challenges and integration costs.
Key Benefits of the Data Fabric:
A design and data architecture concept that accelerates the linkage between new data sources and data consumers and drastically reduces the time to generating insights and data-driven actions.
In a seminal study, about half of executives said a failure to implement AI would cause them to lose customers to competitors and 41% of employees said AI would disrupt their industry2. Organizations are keen to adopt analytics, machine learning and AI solutions but continue to struggle with high cost of technology, complex tools and processes, lack of skills and more importantly barriers to data discovery.
However, by leveraging all relevant data points to ensure accuracy and traceability organizations can make data-fueled decisions. These can help organizations make personalization to improve customer experiences or automate particular tasks to improve their business process and help organizations go from incoherent information to accessible insights that yield true business value.
Benefits of Data-Fueled Decisions:
Humans are great creating and innovating. Machines are proficient at processing data and quick at learning. Blending human ingenuity with machine intelligence could create enterprise efficiency, reduce errors and costs and create true value for the organization.
44% of executives believe that failure to implement AI will adversely affect their bottom line in the years to come2.
“The sprawling range of possibilities associated with data management can be both positive and negative. While opportunities for business improvements abound, the complexity of connecting all the dots can create more questions than answers. For companies aspiring to become data driven, the value of an overarching vision and a well-defined, cohesive plan to achieve it can’t be overstated.”