Adapt The Future | Time Is Now
Markets are experiencing rising gulf size gap in capabilities and business readiness.
75% of conversations at work will be recorded and analyzed by 2025 enabling the discovery of added organizational value.
Machines can make decisions, today. Our world is headed into a time and place where most business decisions will be made by machines operating and communicating with each other in a harmonious nexus. Technologies are mature and affordable. While companies have a higher acceptance to invest in emerging technologies, their maturity and readiness to contain and manage data fails them and impedes their ability to adapt.
We analyzed and examined companies on a ‘Scale of Adoption’, across industries and markets. The difference between leaders and laggards is based on the degree of business acumen flowing through the organization that is informed by data acumen.
Poor data acumen is THE root cause of poor business results.
Industry leaders inspire and drive business strategy that’s built on the backbone of strong data acumen; conversely business acumen among Laggards tends to be undisciplined.
Leaders by design and construct are ahead, always. The ‘Business Indicators’ tell their story. Speed to market. Share of Market. Product Market Fit. Product Development & Launch. Seamless Customer Experience. Customer Centricity. Customer Advocacy. Scale. Revenue Growth. Profitability. Return on Equity. Brand Reputation. They are consistently consistent at beating market expectations.
Laggards share common traits that explain their weak foundations. Their focus? Migrating data from legacy systems. Responding to audit queries on data integrity. Warehousing. Building data marts. Setting up a new data warehouse to serve analytics. Setting up an analytics wing. Integrating systems. Planning data security and governance. For over a decade these companies continue to bear the “we are migrating” flag. And the Outcomes? Poor results cause most companies to initiate another round of data migration and a systems integration investment.
And the Company? Product lines, Business Units, Functions, all have their own data cuts and versions of business performance. These keep growing, labelled as improvements, but none speak the language of business. Data versions increase as we move through the organization with the growing need and imperfect abilities to manage the different versions. Confidence in data integrity declines as the data footprint grows and countless attempts to improve data acumen fail.
Business stakeholders fail to identify root-causes of business non-performance. Inefficiency abounds. Business transformation investments and initiatives are questioned. Trust in the leadership team sinks. Business stakeholders fail to connect and have productive engagements. They fail to solve day-to-day operational problems. They are consistently consistent in failing to meet stakeholder and shareholder expectations.
Markets are experiencing rising gulf size gap in capabilities and business readiness.
50% reduced time in integrated data delivery by 2024 only by organizations that enrich and deliver a dynamic data fabric.
Leaders are driving efficiency and delivering higher productivity with investments in data quality and master data management solutions.
Among Laggard organizations, systems productivity is not usually tied to business performance. Business transformation is THE word that is heard the most in Board and C-suite conference rooms, across markets. There are big promises and publicity to bring about change. However, the discussions focus on details of data security and or privacy management, rather than on the best and most efficient approach towards data management.
Laggards are automating spreadsheets and hiring engineers to build data warehouses. Transformation approaches today are outdated and, by design, flawed.
Laggards are unaware of or unable to manage their rapidly growing data tsunamis. These companies neglect meta data management and enterprise data management principles, across markets.
Survival today begins by recognizing the need to adapt. Identifying people’s technology-acceptance level must address cross-functional engagement challenges, and actively analyze organization maturity and capability-readiness ~ essential for defining and building an effective learning organization. Budgets and people resources for meta data management and enterprise data management approaches must be designed to address business outcomes. Data transformation and management initiatives must be aligned to business performance and productivity. And, essential business intelligence and or insights that can be applied in day-to-day decision making must take center-stage because only applied intelligence can strengthen business strategy.
Resources are scarce.
Time is limited. This is THE second chance because there is no third chance.
Time Is Now. We must move forward and continue Rising Ahead.
Author | Rahul Arora
Stats | Gartner Predictions 2021
