We want to be a data driven company
You could have been on retreat on a mountain, cut-off from all communication for the last four years, but that would be about the only excuse I can think of for you not knowing the new mantra: “data is the next hot thing”.
Most likely, your management wants to get into the BIG data space wants to hire a bunch of data scientist. Failing to do so would create such a BIG (capitalisation intended) competitive disadvantage we would all be out of a job pretty soon.
So what are you waiting for to wheel an elephant into the IT-room?
Is that really the first thing to do in order to achieve quickly a competitive advantage?
Any rom-com screenwriter may tell you that the pretty girl has always been under your nose, but you simply didn’t notice her until the end of the movie.In reality there is a huge untapped potential in many companies to get better insights and improve operational efficiency without bringing in exotic datasets or going into the uncharted waters of data lakes.
Being data driven is in the first place a mindset, and not a box of tools.
Obviously the new capabilities will allow you to push the envelope, but you would be surprised how much you can get out of your current envelope without having to push it too hard.
A simple approach would be to look at it from two angles:
what processes are not capturing transactional data, and
what transactional data is not being linked to a process?
In many cases there is far more available than what is being analysed. The bottles of water that are already available on your companies table, but remaining unopened, could prove to be more valuable in the short term, than having to run to a lake to stop your data thrust.
You only need to ask: “what data will bring me closer to reaching my targets?
Having an eCommerce site, but not acting upon dropped baskets? Making a next best offer has a high probability to turn into a sale. For sure, a quick route to an increased net profit.
There are plenty of similar examples that will help you reach your objectives and they might be closer than you would think.
So who has been under your nose, but has remained unnoticed till now?
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