Unleashing the True Power of Data: Transforming Perspectives for Competitive Success

In the world we live in today, data is not just something to be careful with, but it's also a chance to gain an advantage over others. However, even in 2023, many companies find it difficult to fully embrace and make the most of the Data and Analytics (D&A) function. Let's explore some reasons why this happens and learn how organizations can change their perspective to unlock the true value of data.

Data Governance vs. Offensive Playbook:

One reason for the struggle is that some organizations see data as a defensive playbook rather than an offensive one. Imagine a football game where one team only focuses on protecting their goal without trying to score. That's how some companies view data—they're more concerned about rules and regulations, which makes it hard to use data to innovate and find new opportunities. To make the most of data, companies should think of it as a powerful weapon that can help them score goals and win the game.

Support System vs. Driver of Value:

Another challenge is that organizations often see the D&A function as a support system instead of a driver of value. It's like having a group of friends who are really good at coming up with cool ideas but never get a chance to show them to the world. If the D&A team doesn't get involved in creating new products, finding new customers, or contributing to marketing strategies, their potential to bring real value to the company remains untapped. Companies should empower the D&A team to be active participants in shaping the company's success.

De-Risking vs. Building:

The way the D&A organization is structured can also affect how it's perceived within the company. If the team doesn't have control over both the budget and the day-to-day operations, they might be seen as only focused on avoiding risks instead of actively building and improving the company. Think of it as having the ability to both save money and decide how it's spent. To change this perception, organizations should give the D&A team more power to make decisions and contribute to the company's growth.

Understanding Intent and Perspective:

To understand how an organization sees the D&A function, pay attention to the words they use and the things they talk about. If conversations mainly revolve around avoiding mistakes and playing it safe, it's a sign that the organization needs to shift its thinking. By listening carefully and understanding what people really want, leaders can help change their mindset and show them the exciting possibilities that data offers.

To summarize:

Data is a powerful tool that can give companies an advantage over their competitors. However, many organizations struggle to fully embrace and use the D&A function effectively. By changing the way we think about data—seeing it as an opportunity to score goals rather than just avoiding mistakes—and by giving the D&A team a chance to show their skills and contribute to the company's success, organizations can unleash the true power of data. Remember, data is like a secret weapon that can help you win the game of business by making smart decisions, finding new opportunities, and staying ahead of the competition.