This is a generation of reinvention due to the introduction of the cloud set. It’s hard for any organization to sustain success for a long time. Therefore, to stay relevant, organizations must periodically reinvent themselves.
Reinvention-minded leaders need to be relentless about getting to the truth. That means having the tools it takes to pivot when needed to act on opportunities and threats. To do this, you need to become data-driven.
Data drives the journey to reinvention
Organizations that are data-driven treat data as an asset, no longer the property of individual departments. They set up systems to collect, store, organize, and process valuable data and make it available in a secure way to the people and applications that need it.
Key challenges and considerations
The first challenge that organizations typically face is comprehending the sheer size and scale of the data they handle every day—and the exponential growth that continues every year.
Secondly, organizations need to easily access and analyze expanded types of data, including log files, clickstream data, voice, and video. These wide-ranging data types come from a variety of sources and are stored in silos across multiple data stores.
The third major challenge that organizations face is adapting with greater urgency to changing customer preferences and market dynamics.
The fourth challenge is making machine learning work. While ML is a disruptive technology that fuels innovation, organizations are struggling to make meaningful progress in scaling machine learning in their businesses.
Finally, in a world that is increasingly dependent on data security, privacy, and compliance regulations, organizations need to be able to carefully define, monitor and manage access to specific pieces of data through tried-and-tested data governance and security controls.
How to become data-driven
The three stages to achieving organizational reinvention
- Modernize your data infrastructure
- Liberate and put your data to work
- Innovate by inventing new experiences and reimagining old processes
Common traits of data-driven organizations
- Everyone has access to data, starting from the top
- Organizational capabilities support a data-driven culture
- Experimentation creates organizational improvements
- Analytics back transformation with AI and ML
- Silos break down while data transparency increases