Capitalize on data’s near limitless value to exploit its power
Data is now the most significant asset any organization possesses.
Businesses worldwide are investing billions in an effort to unlock its secrets and enormous disruptive potential.
It’s at the heart of new business models, technologies, and an ecosystem of companies providing almost anything as a service. And over the next three to five years, the IT function’s success will depend on how effectively it enables the organization to unleash the power of data.
The promise of 5G driving explosive growth in the number of connected devices, the rise of vast sensory networks feeding rich visualization, and rapidly evolving methods of using and analyzing data have ushered in a new age of enlightenment, driven by insights gained from connecting customer, strategic, and operational data.
At the same time, data storage costs have fallen to near-zero, and data transfer and processing costs are also declining. This sheer amount of data and sources creates near-limitless opportunities to uncover actionable insights into customer and employee experience, product pricing and cost dynamics, operational performance, risk modeling, and more. In the age of the customer, refining data into an asset is the key to unlocking new business models and thriving in a highly volatile market.
Many understand that data is the new gold—yet despite massive investments, many companies struggle to mine and refine it successfully. The reasons are many, including data fluency, complex and siloed system architectures, access controls and policies, cultural issues, and interoperability issues across the business. However, leading organizations are fundamentally reimagining their relationship with data and, as a result, transforming IT’s role to materially impact business outcomes. Over the next three to five years, leading companies will adopt four key data principles into their operating models: