Changing focus from data to insights can revolutionize the future of an enterprise
Big Data has changed the way businesses think in the twenty-first century. In fact, Big Data insights are considered to be the most important strategic resource for a modern business. As per a recent Forrester report, insights-driven businesses are expected to grow at an average of more than 30% annually and are expected to earn $1.8 trillion by 2021.
Improvement in technology has made it possible to capture granular, transaction-level data and many organizations have invested heavily in creating state-of-the-art data stores. But how many are really using that data for creating value for their business? There is a vast difference between being data-aware and being insights-driven. An insights-driven organization is one that builds an organization-wide culture where insights are used continuously, throughout the organization, to create competitive advantage using appropriate tools and technologies.
If you facing the classic case of a data swamp where you have data all around you but are not able to use it to improve your business, read this post to find out why you need to build an insights-driven enterprise this year.
Remain competitive, Stay ahead
Insights driven companies are growing exponentially. As per Forrester’s forecast for 2021, “insights-driven public companies will continue to grow an average of 27% annually, and the startups will grow 40% annually — much faster than the projected global 3.5% GDP growth”.
How do these companies outperform others?
An insights-driven organization embeds insights deep into its organization’s culture. It uses insights to drive each and every business decision that needs to be taken. This helps them in coming up with ideas and strategies before everyone else and stay ahead of their competition. And by the time their competition reacts to their strategy, they have another one ready to outpace others.
This proactive approach is supported by deep insights into their customer’s behavior and the market dynamics. They harness technology to get insights from their data, and then build processes in their organization to convert those insights into action.
So, whether you are a start-up or a market leader, you need to build an insights-ecosystem in your organization to remain competitive.
Build a future-ready business
An insights-driven company delves deep into data to understand market trends and predict the future. This enables it to get prepared in advance for changes expected in the future and build strategies to capitalize on future opportunities.
Data-driven insights are more evidence-based and help in building future-ready businesses.
Identify Problems and Improve Efficiency
When insights become a part of the organization culture and are easily available to everyone across the organization, every department and function uses them to improve their processes and operations. Insights at the operational level have helped companies detect bottlenecks, identify problems, take corrective actions and create interim metrics that can be used to streamline processes.
Insights-driven organizations do not limit data access to a select few, but allow controlled access to everyone to ensure high level of overall efficiency. They know that having the data is not enough, it needs to be consumed and utilized at all levels.
Justify your data-related investments
Collecting, processing and storing data needs huge investments in terms of time, resources and initiative. However, those investments can be justified only when an organization is able get business value from the efforts. In order to justify your investments and ensure more in future, it becomes important to put the data insights to the best possible use.
In another research report, “Predictions 2018: The Honeymoon For AI Is Over”, Forrester predicts that 33% of enterprises will take their data lakes off life support in 2018. This indicates that cases where data lake investments have not shown visible results tend to lose management sponsorship and in many cases they decide to stop making further investments.
If you want to ensure the sustainability of your data environment, you need to make sure that you build an insights-driven organization where there is a clear relation between your data and the business outcomes.
It’s not too late to build an insights-driven culture in your organization. Get the right tools and technologies, empower the users and build a data platform that ensure data is available to the right people, at the right time, in the right format.