Data as a Strategic Enterprise Asset

Watch this video where I am interviewed by Syniti's head of product marketing on why organizations should be treating their data as a strategic enterprise asset vs. a tactical resource to make better business decisions. Below are the questions I'll address as well as a shout out for IBM's AI. You can also share this video on LinkedIn from my recent post here. I would appreciate your feedback and thoughts on this important topic as we explore the value of data and it's role in enterprise businesses today and in the future.

1.      What are the differences between a tactical view of data and a strategic view?

• a.      A tactical view of data means it is handled in a very reactive way – constantly fighting fires that require people to jump in and fix things
• b.      A strategic view of data means the consumers of that data understand it is critical to their operations and proactively manage its health. It also means that data is understood and can be trusted to deliver value back to the business.

2.      How much of a role does company culture play in making data more of a strategic asset?

• a.      Company culture is critical, and it starts at the top. If there is a lack of understanding of why data is important, and there is no executive sponsorship for data management initiatives, then data will never be treated as a strategic asset.
• b.      A company culture where data is seen as strategic means that the importance of data is understood at all operating levels of the company, not just the IT team.

3.      What types of technology do enterprises need to make data a more powerful strategic asset?

• a.      It depends on where a company is on its data journey towards treating data as a strategic asset.
• b.      Less mature businesses can start with software that helps them understand where their data lives and how it is used or data quality initiatives to improve the data that matters most to the business.
• c.       A mature data-centered business focuses on governance of strategic data to deliver the highest business value while also ensuring compliance with stringent regulatory requirements

4.      What are the benefits of a data conscious culture that generates trusted data consistently?

• a.      If everyone understands the importance of data, then data contributors will be more proactive about data quality at the point of creation as well as understanding how potential mistakes impact the business downstream. A true data conscious culture “cares” about data quality.

5.      What risks does it eliminate?

• a.      Typical risks such “business process failure” or inconsistent and erroneous reporting are obvious ones but maybe more important is what business outcomes can be achieved with a focus on data. For example, lowering inventory carry, increasing cash on hand or decreasing time to new product introduction. Creating the link between business outcomes and driving a strategic view of data is crucial to ongoing success.