Most companies now understand the overriding role of data in their strategy. However, this will only benefit organizations that have managed to develop a truly mature data culture. While companies are collecting more data than ever before, most fail to optimize their use of it, or even use it at all.
However, data collection is nothing new! Companies have been working on it since the 1950s, and it wasn’t until very recently that we became aware of our interest in it, how to use it, and the need to develop data intelligence. A process that has already been adopted by some companies but remains challenging for others, especially when it comes to reaching a certain maturity.
The concept of data maturity itself defines the degree to which technologies, best practices and policies are adopted to control and meaningfully use data in making business decisions. Today, being aware of the available data and using it in the right way has become a sine qua non for the success of any company.
Why is data maturity so important?
Companies need to consider the maturity of their data for a simple reason: the more mature it is, the better the organization’s bottom line. In fact, company data maturity correlates closely with positive outcomes, according to the International Data Corporation’s Data Intelligence Index 2022.
The study shows that 7 out of 10 professionals believe data intelligence is essential to making informed strategic decisions and driving positive results for their companies. Organizations that benefit from greater maturity in data intelligence will get three times more positive results. Companies are also seeing better innovation, better adapting to applicable regulations, and bringing products and services to market more quickly.
Implementation is not enough, it must be adopted
The IDC study also tells us that the application of data intelligence appears to be widespread. On the other hand, its level of adoption is still much lower. However, this is the aspect that determines its success.
The long-term capabilities of data intelligence—including the use of data catalogs and data quality management—are among the least implemented and adopted. Indeed, adopting a sustainable vision of data technologies is not limited to simple adaptation of data storage and provisioning methods. To progress in this direction, it is necessary to change the associated culture.
from where we start ?
Achieving mature data intelligence is more complex than just mindset, processes, or team building. In the digital age, it is very difficult to deny the historical importance of data culture. The IDC study shows that nearly 9 out of 10 respondents have a team dedicated to data culture, building specialized documentation and integrating data usage into company routines. So why not do the same with data intelligence?
Despite having dedicated teams, companies fail to clearly identify a manager responsible for overseeing data intelligence adoption. Once someone is hired to fill that gap, the priority should be reviewing the company’s cloud solution. In most cases, a data intelligence platform can be essential to creating an environment that encourages effective use of data across an organization. Cloud solutions not only allow data optimization, but also allow you to take advantage of advanced analytical tools
such as artificial intelligence and machine learning.
Move towards data maturity
In order to develop data maturity, productivity, and innovation, companies need a specific and precise strategy. A goal generally achieved by investing in talent attraction and retention, but also by leveraging the right technology to unlock the potential of data. Companies must also dedicate themselves to improving the skills of their teams so that they can use data effectively in their daily lives. An essential step in improving productivity, a prerequisite for successful adoption of data intelligence.
Developing data maturity will inevitably transform the ability to solve the problems encountered. Thus, teams will begin to integrate existing data in order to develop a strong customer experience. When used in the right way, data can be an invaluable resource for business growth. The key is to recognize its potential, analyze it effectively, and build a data culture that will allow a company to make decisions using the vast amount of information that comes from it.
As companies move towards more data maturity, it is clear that there is still a long way to go before organizations can use data effectively. If there is a lesson to be learned from this, it may be that they need to be aware of the available data and that data intelligence is central to their growth. Just get it. With the right tools, the associated culture, and the willingness to embrace data intelligence, companies will be able to make better decisions and extract more value from their data in the long term.
Tribune By Laura Sellers, Product Manager at Collibra
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