01.24.2022 Executive Data Bytes - Data as a Strategic Asset

Welcome to another edition of Executive Data Bytes! This week, join us as we delve into Data as a Strategic Asset.

Focus piece: “Data as a Strategic Asset”

Executive Summary

This piece responds to the perception that data is a “costly necessity” and simply a byproduct of business. Read the takeaways below for suggestions on how to utilize data strategically.

Key Takeaways

• Avoid creating a mesh of siloed, inconsistent data. Instead, create an environment where data powers growth and innovation, improves financial performance, and enhances the enterprise culture.
• In a 2021 Deloitte survey of CFOs, 85% reported a significant acceleration in digital transformation in the year ahead.
• Use a 4-part phase approach to using data as a strategic asset:?

- Phase 1 - foundation: set clear processes for data governance and identify technologies.?

- Phase 2 - productization: packaging data for known and potential use.

- Phase 3 - monetization: direct revenue (ex. selling data assets to 3rd parties as well as indirect revenue (ex. data packages that advance business).

- Phase 4 - strategic application: building on the first three phases, the final phase is to use data to drive enterprise goals, enhance productivity, and gain profitability.

Focus piece: “Putting Your Data To Work With A Modern Data Strategy”

Executive Summary

The amount of data created over the next three years will exceed all of the data created over the past 30. Organizational data may be the most valuable asset for any business, but putting that data to work takes additional training. This piece covers how to become a data-driven business, modernize your data infrastructure, unify data, and innovate with data.

Key Takeaways

• The greatest barriers to becoming a data-driven organization are: data and organizational silos, slow data, poor data quality, skill gaps, and lack of leadership support.
• It is essential to modernize data infrastructure. Running on-prem, legacy data infrastructure or self-managing in the cloud is time-consuming and difficult.?
• Unify your data by breaking down silos and bringing it together in one place with clearly defined governed data access.
• Use AI and machine learning to innovate with data.?

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