Data Driven Reinvention
Kiran Kere
Data & Analytics Leader - As a Data and Analytics leader, I'm passionate about harnessing disruptive data technologies to drive innovation and create competitive advantages
1.??????Introduction
Data driven approach is important and makes it easier for business to take decision. Data driven approach offers measurable advantages
Data driven analytics refers?to the information and sometimes to the tool one uses to gather the data and derive meaningful insights from the same. Data analysis is how you make sense of the data you've gathered through tools and analytics. Some of data analysis can be accomplished through the tools.
Data-driven leadership starts with a new mindset, an overall data strategy and an investment in an enterprise-wide data and analytics foundation. This includes sponsorship from the top and cultivating data literacy throughout the organization. By building a data driven culture with targeted awareness, training and upskilling across all levels of the organization, businesses can be able to ?accelerate the use of the right enterprise data asset and empower, attract the best talent within business, which in turn can drive business growth.
The only way you can actually manage a business is when you are data-driven. Otherwise, you are not managing, you are predicting
Today, the market disruption forces are multi-fold and data is increasingly important to help embrace these market disruptions and to help drive insights, foresights and help derive new business value. ?
2.??????Big Data Vs Critical Data
It is not about Big Data but about Right Critical Data. This is emerging trend. People who built big data lakes could not obtain the best value out of it, as they were unable to derive insights from the same.. Businesses first are required to focus on those critical data elements; really get a handle on governing that data, organizing that data and building data products around that data. These data products help manage the explosion of demand, technology & market needs, with the ability to create continual business value, and improved speed-to-market & scalability.
Businesses are looking towards how they can provide easy access to curated data which is governed by strong data governance through team of data owners and data stewards. They are working towards making data available which is fit for consumption across the entire?value chain and make it easy to consume by the entire user community like business users, superusers, end users and data scientists.
Lot of businesses ?also struggle with right process to get the right data across their landscape to meet the varying urgent critical business demands. This data driven approach of cloud analytics should be also focusing on and accompanied with right set of people, processes and set of technologies. I have been leading two datalake migration projects for one of the consumer goods client for same data lake where migration happened to two cloud platforms like Azure and Google cloud. The value realized and cost to maintain the platform are critical factors in making the decision choosing the right platform to run data lakes cost effectively and efficiently.
3.??????Data as a Product
Organizations should be thinking of data as a product, but this can be uncomfortable for some. In reality, they should be thinking about how the data on hand can fuel innovation that the company can then use to bring new products or services.
Many businesses already started thinking about data as product and start building their used cases around the same. They are also keeping in mind these data products might need to be nurtured from few months to few years where they can be build, tweak, enhance to help transform entire business?as per business goal to get right value, which can definitely pay them over long run with right returns on investment.
4.??????Business, culture and processes
The true power of data and AI comes when it is embraced on all fronts - business, culture and processes. When brought to bear on these three elements, AI drives the wholesale transformation of the enterprise. The very purpose of the business can be reconsidered and entirely new business models and routes to value uncovered.
This is not an easy thing to achieve. To get there, businesses need to invest in secure cloud computing platforms to help enable big data analytics at scale and provide the requisite operational agility. They must also come up with a robust enterprise data strategy that spans platforms, governance and management and which liberates and democratizes data so that it can be used freely by all who need it (subject to privacy controls as required). And, of course, machine learning and business intelligence tools are required to bring the data together and to turn it into information and insights.
With Covid19 situation in FY20 onwards we have seen there is lot of surge in the ecommerce and retail business. People started switching towards online shopping. The ability to shop both in-store and online, it should also serve as a timely reminder to retailers that they must configure their face-to-face and digital customer experiences to be successful.
There is a way to do this by embracing data driven digital innovation.
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5.??????Reinvention through data
Once the capability is in place, the process of business reinvention can take place. And this is reinvention in the true meaning of the world. We’re not talking about a cool use case here or a nice process efficiency there, we’re talking about the complete ?reinvention of a business’ purpose and activities.
One aspect of this reconstruction is what we call the ‘lean digital core’. Think of it as a business where everything that can be automated is automated, and where every human decision or machine action is fueled by AI-derived insights. In this business, large swathes of processes and operations can be run with little or no human intervention, allowing the business to move away from managing operations to driving innovation and differentiation.
6.??????Conclusion
Company culture is very important to drive the data strategy and data driven reinvention. When a company embraces data with right technology mix with scalable, secure, flexible & fast platforms that disentangle innovation at the edge of the business from the core transactional systems that can help to enable rapid deployment of advanced capabilities including AI/ML models to make better business decisions with better performance and outcomes. It is important to define right ways of working too, to embrace the explosion of demand, technology & market needs, with the ability to create continual business value, and improved speed-to-market & scalability.
There are many companies and examples which have received proven results by putting data at the heart of the business correlates into gaining higher business growth, profits, higher ROI and accelerated performance.
The data-driven reinvention of business won’t be easy. But the promise is fascinating. The very concept of what a business is, and how it functions, is up for their grabs & achievements. Enterprises /Businesses that can work through the implications of this change for their own organizations stand to gain the most. Data driven reinvention is something that all business should consider as a priority.
Credits :
siliconangle.com/2021/08/06/accenture-helps-drive-data-driven-reinvention-cloud-clouderatransform21/
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 674,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com
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Zonal Sales Manager at Haleon (Formarly GSK CH)
2 年Thank you for Sharing ??
SAP BW/BI/HANA Consultant | Project Manager | Developer | Educator | Speaker
2 年Congratulations for this article, Kiran, very accurate
SAP Analytics Consultant
2 年Very insightful! Totally agree with - Data Driven is the best way to manage a Business. Otherwise, you are not managing, you are predicting!
Managing Director and Lead - Data and AI Services North America, Advanced Technology Centers in India | AI Evangelist | Data Practitioner
2 年good one Kiran Kere. Very relevant and well articulated.