<img src="https://secure.leadforensics.com/133892.png" alt="" style="display:none;">

Are we throwing common sense and good business insights out with the data-driven bath water?

Karina Behr Andersen
Jan 24, 2020
Karina Behr Andersen
Home
  • EN-GB
  • Are we throwing common sense and good ...

Being a data-driven business is now to be expected. And rightly so. Here is a short truth… Either you make sure that your business is driven by data, or you will soon be overtaken by your competitors that are maximising the power of data...

Businesses and their teams today can only achieve growth by becoming data-driven.

So, what does it take to be data-driven? In my opinion, it is not rocket science, but a fundamental discipline that we – consciously or unconsciously – go on the journey towards being more data-driven, by implementing the fundamentals of good data management practices.

Business Intelligence (BI) has been stamped as old-fashioned, inflexible, costly, cumbersome and quite unnecessary as we have now got new exciting and agile technologies. With the advent of machine learning, AI, Big Data, advanced analytics, IoT, which can accelerate the company’s maturity on the data-driven curve.

How will your business be data-driven?

Here, I must be the one who destroys the good mood by telling a slightly longer version of the truth about what it takes for a business to be data-driven.

Machine learning, Artificial Intelligence (AI), Big Data, advanced analytics, Internet of Things (IoT) and similar technologies are fundamentally based on data - something as simple as zeros and ones. We can collect, leverage (existing!) and compile data in a sensible and meaningful way, which can be acted upon, which determines whether a business is data-driven or not.
Microsoft Power BI training from Columbus UK

The journey towards becoming data-driven is like building a rocket, but it starts with solid business intelligence craftsmanship and the ability to leverage and act on data – no matter how complex you plan your journey to be.

At the end of the day, anyone who wants to can build a rocket – you can even do it yourself. Perhaps you only need your ‘rocket’ to be fired once, but then it will become expensive and time consuming to take off on your data-driven journey the next time you are required.

The journey towards being data-driven

Therefore, you need to find a partner who is a professional rocket builder, a partner that has the expertise to pull knowledge and insights out of data, which you can act on helping you to create further business value.

The right partner is one that has a good method of building a solid rocket, that can be safely fired and which you can continue to build as your business develops and your needs change. Unsurprisingly, it doesn't make sense to be driven by data on the wrong basis and in the wrong direction, so to speak. Your partner will guide you here.

They will have the expertise, experience and proven ways to take you safely on the journey towards being data-driven and will consider key factors that help to determine whether you're achieving the expected return on investment.

You should also…

  • Find the right technical solution and architecture, that you can easily build on 
  • Choose the right method for conceptual modulation and visualization
  • Look for a solution with an intuitive and easy-to-understand dashboard, which ensures that you can analyse and act on the data it presents 
  • Take care of user adoption, it’s very important – make sure that it is useable in everyday life for your team
  • Select and put together your BI team and processes wisely – this must steer your journey in the right direction
  • Good data in, good data out – you should set up processes that ensure that your solution always runs with accurate data
  • Introduce an efficient and easy support setup for the solution, whether internal or with external assistance
So – to summarise, whether you are successful on the journey towards becoming data-driven, depends 100% on the ability to collect, utilise and act on your data.

The discipline has been the driver for business intelligence for years and it will continue to be the driver for all new technologies – whether they are called machine learning, AI, Big Data, advanced analytics, IoT, or something completely new.

In return – if you get the right rocket built from the start – you will have a strong base in place to take advantage of these new technologies, without having to start all over again, or make expensive and time-consuming backflow and stud shooters!

Microsoft Power BI training from Columbus UK
Topics
Karina Behr Andersen

Karina Behr Andersen

Karina Behr Andersen er Business Development Director i Columbus og beskæftiger sig med forretningsudvikling, Analytics samt Business Intelligence. Karina har over 20 års erfaring fra branchen samt med ledelse fra både branchen og fra produktions-, salg- og servicevirksomheder. Hendes særlige passion er, at sikre kunderne vækst og intelligent adfærd gennem det rette fokus i de daglige forretningsmæssige beslutninger og deres datadreven forretningsudvikling. Hun skriver primært blogs om brugen af data for at understøtte strategien, øge markedsdele og nye kerneforretningsområder.

Find me on:

Discuss this post

Recommended posts

How the right solution improves financial efficiency for manufacturers

Kevin Bull

Manufacturers have long been reducing waste and improving product yield and quality by rolling out lean and Six Sigma methodologies. However, due to the complexity and quantity of production activities for most manufacturers, it’s often challenging to identify where they can optimise their processes. This is where implementing new technology can help. Here, we explore five benefits of introducing manufacturing-specific solutions within your operations and how it’ll improve your financial efficiency.

Using IoT in retail to improve customer experience

Martin Clothier

The retail industry – like many others – has experienced rapid transformation over the last few years with solutions such as the Internet of Things (IoT) taking centre stage. IoT has many uses and benefits for retail, including the ability to offer more personalised shopping experiences, increase customer loyalty and satisfaction, boost sales and improve inventory management. It’s estimated that IoT in retail will grow to $94.44 billion through 2025. This increase emphasises how IoT adoption won’t only improve the customer experience directly, but the need for businesses to change the way they do business to meet the demands of today’s connected customer. Using IoT in retail doesn’t only improve the customer experience. It also drives the customer experience by giving businesses the opportunity to gain a better insight into their customer preferences and the opportunity to create a more personalised and interactive ‘shopping’ experience.

The anatomy of a data breach (plus 5 tips to prevent one)

Guest

A successful data breach can ruin a brand’s reputation in the competitive online world. Though some companies can salvage their reputation and remain relevant in their industry, many never recover from a data breach. You should never assume that your disaster recovery plan will be able to save your company if this type of disaster occurs. In fact, you should be tightening your cybersecurity measures across all online touchpoints and invest in preventive measures. This blog explores the anatomy of a data breach, what it can look like, and what you can do to keep your brand and your customers safe. Here’s what you need to know.

How consistent is your data management process?

Steve Weaver

Many companies don’t see anything wrong with their data quality, management and governance processes. But upon examination, this often isn’t the case. It’s easy to forget how big of a role humans play; your people are an important cog in the stream of data. They contribute to these streams and if they’re inconsistent in their approach, it can lead to issues further down the line. I talk about this topic in more depth on an episode of Migration Minded, a podcast series created by the D365 Migration Community. Hosted by Tom Wisniewski, Microsoft’s Global Product Marketing Manager for Dynamics 365, he asks me about cloud migrations, the importance of change management, data management and more. Listen to the episode below (or watch it here).

The dawn of the data economy: 3 ways businesses can unlock the full value of data monetisation

Ian Kingstone

Data has increasingly become an asset in its own right, capable of identifying and generating extensive business value in today’s digital-focused world. Data monetisation alone is a growing industry with an expected growth rate of 24% by 2027. There’s no doubt that it’s set to become more valuable this decade to those who fully embrace it.
right-arrow share search phone phone-filled menu filter envelope envelope-filled close checkmark caret-down arrow-up arrow-right arrow-left arrow-down