Doing Business in a Data-Driven World
The modern company thrives on data, yet some are also drowning in it. The data that we find so precious could be holding us back rather than driving us forward for data must be managed and interpreted for it to be turned into actionable insights. Data management complexity increases as data sizes grow and as data is distributed across a multitude of devices and platforms.
The cloud and the mobility of work have created a data diaspora. Data is created and exists across a myriad of platforms, some on the corporate network, but increasingly, in the cloud. This makes it difficult for companies to understand what data they have and how to use it properly. Pockets of valuable data may not be on the corporate radar or copies of data may reside in places that no longer meet organizational security standards. The former presents a risk of operating with incomplete data while the later a risk of a data breach.
Those that do utilize their data may be stymied when trying to make decisions based on ever-changing data sets. Each moment provides new data for machine learning systems or complex data algorithms, which can potentially provide more accurate insights. However, there is a time to collect data and a time to act and business leaders need to know when to do both in order to succeed.
So how do we get from collecting data and organizing data to the point where it can be used for business success? Naturally, there are management concerns, but there is also a concern about trust. Companies must be able to trust the data that they have. Is the data being applied correctly to the task at hand? Was it collected properly and from trusted sources? We have seen the problems that fake news has created over social media and in election systems. Such is the same for businesses.
It so happens that I will be speaking on this with Neil McGovern, Senior Director of Marketing, at SAP America, Inc. in our webinar titled, “Creating Trust in the Age of Data Driven Business.” In our data-driven world data privacy, security, and management couldn’t be more imperative for corporate success and a thriving digital economy. Join us in the discussion so that you can begin to harness your data with confidence.
