Did Your Data See Its Shadow?
This morning, Punxsutawney Phil crept from his winter stronghold to answer the all-important question: Will winter persist? With a peek out of his nest, Phil can tell us if we’re in store for another 6 weeks of winter or if spring is in the air.
The annual tradition got our team thinking – if Phil can quickly take stock of whether the end of winter’s gloom is in sight, we should be able to quickly assess if our enterprise’s data strategy spells more gloom or a bright future.
To help get you started, we’ve come up with a few questions for you to ask:
- Who has access to information? It’s important to understand who in your organization can tap the power of data. If the answer is “just our leadership,” then your organization isn’t taking full advantage of its biggest asset. Take stock of who in your organization could benefit from more information to aid in their decision-making. You’ll find that nearly everyone – from front-line employees to customers, and partners – can leverage data’s rich insights to improve operations, enhance customer experience, or drive revenue.
- Is your organization operating on the same information? Organizations work at a breathtaking pace. To remain agile and competitive, organizations need to be assured that everyone is working from data that is accurate, complete and trustworthy. Operating on data of any other caliber can result in poor decisions and costly mistakes. By implementing solutions like Master Data Management that transform data into true corporate assets, companies can raise business performance and decision-making to a new level of speed, power, and incisiveness.
- Are you ignoring important data sources? Is your data strategy focused strictly on information in ERP and CRM applications? If so, you’re likely missing insights from valuable data. IDC estimates that as much as 90 percent of available content is unstructured, residing in various formats and places. Yet, studies show that unstructured data generated from sources, including machines, social channels and the web, remain an untapped resource, with only about one-third of it being properly used for strategic decision-making.
Of course, our furry friend didn’t give us the answer we wanted. We’ll have to wait another 6 weeks to enjoy spring air and warmer weather, but that doesn’t mean that your data strategy needs to stay in the shadows. Organizations that take the time now to course correct can look forward to a bright future.
To learn more about best practices for data strategy, business intelligence and analytics, check out our library of white papers.