The TEKsystems Perspective: Shifting smartly with data
Data has evolved into a mission-critical component to success and the catalyst for change.
Change is constant. How organisations respond and adapt to it is the variable. Data fuels digital transformation strategies across the enterprise.
Whether responding to disruption or continuing business as usual, data is the competitive advantage if—and only if—leveraged appropriately. Think of it as a journey, not a single solution for a snapshot in time. The right data is going to provide insights—both predictive and prescriptive—that will help organisations plan and prepare for what’s next.
This can be a competitive advantage. You must have a vision for where your organisation intends to go in the next three to five years, and then continuously adjust by way of the insights and opportunities your modern data strategy generates. Data lets organisations shift smartly.
For example, data illustrates how an organisation is tracking toward their digital transformation goals. That insight can then be acted on to pivot and adjust accordingly. Organisations know data is critical, but what many don’t realise is what type of data is needed for their organisation. They’re always inward looking, but a huge opportunity is to look outward. Pairing internal analytics with external syndicated data, competitor data and social data is a more holistic approach to data strategy that can be extremely insightful and influence decisions.
TEKsystems’ Tips
Spend is constantly being scrutinised. A well-devised business data strategy can inform cost savings, increase revenue, mitigate risk and improve user experiences. To maximise the value of your enterprise data when applied to a well-defined data strategy:
Create clarity. Clearly define data platforms and get consensus on how data is defined and managed across the enterprise.
Identify opportunities to innovate and transform. Many companies have been forced to change business models, evolve the way they interact with customers and enhance existing services. Use data to do things differently, while engaging customers in meaningful ways. Make the data capture worth the investment.
Monitor the supply chain. Visibility across all layers of the supply chain is critical to forecasting needs and understanding where there are gaps (e.g., from warehouses, raw materials suppliers, assemblers, wholesalers, individual retailers/distributors).
Nurture talent. Finding a good cultural fit can be the hardest part. Upskill existing talent when possible. Think about how automation and machine learning tools can simplify your technology so a broader population of employees can derive value and insights from your analytics.
Cultivate a data-driven culture. Create a cultural mindset that sees and believes in the value of data, trusts and relies on it to pivot and make sound business decisions, with greater confidence.
Find out more about how TEKsystems can help your organisation with your data challenges.