By Rasmus Korsager Ørtoft, Principal Consultant at NNIT
Data equals opportunities, and large amount of data equals great opportunities. This is evident for everyone, everywhere, whether you deal with Digitalisation, IT Security or for that matter buying a new car. On the flipside, data can also constitute a risk for your business if you fail to manage it probably or if the data underpinning your decision making lacks validity or quality.
Unlocking the data treasure chest
Data Management is the key to unlocking the data treasure chest by harvesting the potentials of data and taking the first step towards a digital transformation of your business.
The importance of data management will, in my opinion, become even more significant in coming years concurrent with increased data availability and further utilisation of the opportunities this data bring. Companies, who do not know how to capture and exploit data face the risk of becoming the next ‘Kodak’ or ‘Nokia’, who failed to adapt to the technological development and were eclipsed by rivals who could.
A new way of thinking
The transition towards a Digital Business, where exploiting data, requires a new way of thinking for the CxO.
Data is often structured in silos with business applications grounded in data warehousing and business intelligence systems. These are primarily used for management reporting and basic data for exploration purposes.
In addition to this, companies should look at data as the fuel for decision making whether the data comes from inside or outside the enterprise. Data exists everywhere – at rest, in motion, on premise and in the cloud. Gartner predicts that by 2020, 95% of video/image content will never be viewed by humans; instead, it will be vetted by machines that provide some degree of automated analysis.
Big Data will continue to expand in volume, velocity and variety and therefore companies will need to think of Analytics as a key role of their Digital Business. Taking on a more active and flexible role in forward-looking management-reporting will enable a better foundation for decision making.
In my daily life as a Management Consultant, my colleagues and I help our customers exploring these opportunities and assist with the challenges encountered when striving to become a more Digital Business.
As some companies already benefit from the value of Digital Transformation, our notion is that the ability to embrace even more complex data will rapidly emerge and be highly lucrative for those who successfully manage to keep up with the development. Therefore, companies ignore data at their own peril. My recommendation is to focus on the customer experience when unlocking the value of your data. Whether your customer is an internal stakeholder or an external client, customer satisfaction is in my opinion essential in being successful. Therefore, I believe that focusing on your customers’ needs is key to locating the true treasure of your data and will build a solid foundation for exploiting Digital Transformation going forward.
Thank you for taking the time to read this article. Would you like to learn more on how to exploit the opportunities of data management or share any thoughts about this topic? Please feel free to contact me.
About the Author
Rasmus Korsager Ørtoft has five years of consultancy experience and creates value through the use of Analytics and Business Intelligence within the sectors of whole- & resale, pharma and life sciences.
About NNIT Digital Transformation Insights
NNIT Digital Transformation Insights is a regular column where prominent NNIT consultants share their thoughts on current and future digital transformation.
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