Until recently, data in organizations was being accessed only when required to meet a specific business requirement. It is hence understandable that most organizations today have legacy systems with applications and data platforms with data silos and duplicated capabilities across departments and functions.
By leveraging structured and unstructured data and using technologies like AI and ML, it is possible to address these challenges. With data being continuously used to provide insights into businesses, it is converted from an enabler of business to a driver of business – a business asset.
Building the data infrastructure and data flows, together with advanced analytics engines and necessary talent is fundamental to any data-driven transformation effort which must also be accompanied by organization-wide data literacy and talent transformation initiatives that inform on how to derive meaningful information from data and how to develop the right capabilities to leverage the new data.
Deploying data capital
To survive and thrive in a data-driven digital age, enterprises must become data-driven. Becoming a data-driven organization necessitates an enterprise-wide data and analytics strategy. Businesses must invest in data platforms and data governance and management processes and promote a culture of data literacy, trust, and engagement. Following are some steps for organizations to incorporate:
- Develop an enterprise-wide strategy connected to all business functions and accompanied by an IT strategy
- Invest in a data & analytics platform to get access to connected and contextual data to get better organizational insights
- Ensure data quality and veracity for better data governance & management
- Build and nurture a data-dependent culture throughout the organization and commit to becoming data-driven in day-to-day work
By connecting the data value chain and harnessing the power of data at a strategic level, enterprises can cut through the chaos of using multiple point solutions and gain a competitive edge by developing new data-based agile business strategies.
At iOPEX Technologies, we help you harness the full potential of data by combining our deep industry knowledge and a unique AI and ML-led approach to discover, access, classify, quantify and consolidate data that is precise and reliable, and prepare it for analytics to derive actionable insights.