Maximizing returns from your data is now key

We are now in the golden age of analytics, where recent advances in artificial intelligence, computing power and data storage have ushered in a new era for businesses as a whole.

Of course, companies are now hiring data leaders and experts at an exponential rate.

Unearthing valuable data that resides in discrete silos across the organizations and building the right plumbing to pipe them into powerful analytics is now becoming commonplace.

Businesses want powerful analytics that can deliver game-changing insights for decision makers to drive product and process innovation.

According to McKinsey & Co, the journey is still riddled with a lot of potholes along the way.

Data is still trapped in disparate applications, while sourcing and cleansing efforts are still largely manual processes that is very time consuming.

The architectural challenges slow the pace of change and require large up-front investments.

Evolving data privacy regulations such as GDPR are also forcing data leaders to discuss their complications with company legal officers as they tackle technical challenges.

McKinsey managed to gather 125 senior data executives from across industries gathered in New York City recently on their recommendations for digital transformation.

#1 Build a business-linked data strategy

Data executives need to focus on the nuts-and-bolts elements to make data work, including a robust governance and architecture, but not lose sight of the need to focus on business impact.

#2 Invest in new innovations to help accelerate data-to-value

Cloud-based software, machine learning tools and software such as Hadoop can reduce time spent on determining the relationship among data.

#3 Make cultural change and communication a top priority

Organizational mind-sets, including hackathons, data-visualization competitions and providing platforms for business leaders to share their data successes can go a long way to getting everyone on board.

As one data leader put it: “Data and technology are tools—ultimately, you’re doing a business transformation,” and getting critical business-owner support requires framing the effort in this way.

Many leaders also noted that data initiatives are a team sport—the business and data staff should work hand in hand, with “translators” serving as the connective tissue that holds the team together by bridging the communication gap that can exist between the business and technical experts.

Source: McKinsey & Co