Countless times, organizations have believed they are ahead of the curve but find themselves ‘data rich and information poor.’ The phrase was introduced over 35 years ago and never before now has it been more meaningful. Today, the C-Suite wants to “exploit the data will zeal of the Captain shouting “dang the torpedoes” and “full steam ahead,” but finds itself resource poor. Challenges being faced are mostly regarding the lack of skills to operate the technology, setting, and adjusting expectations to unleash the Mensa level a-ha’s and culture. These are the main points we have witnessed firsthand. These are the sources that sabotage the effort. The more elegant projects have been those with vision but may have lacked the resources to carry through.
Data is functional for many organizations but not necessarily strategic. Aligning data to business needs is an art form. When done properly, data can empower the vision, drive the business strategies, or even adjust them. Data can support the people who are executing the deliverables. The problem does have its complexities particularly when the desire to have measurable impact to the bottom line is at the forefront.
The recipe for success is to start most data projects from the perceived end. Are we trying to:
improve inside or within the process?
improve our competitive position?
improved our product?
attract human talent for our resources?
plan for risk mitigation?
are we fixing something?
are we gaining a better understanding of customers?
improve our market knowledge?
improve the product or service effectiveness?
design a better vision of the future by determining present state versus future state based on history?
is it being regulated or mandated?
It’s called the information-age that leads us into the 4th Industrial Revolution, as Klaus Schwab, the founder of the World Economic Forum entitled his book. Larger companies with substantial R&D budgets are pushing the boundaries between the physical, digital, and biological worlds. It's a fusion of advances in artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, genetic engineering, quantum computing, blockchain and other technologies. Exciting and overwhelming at one time and for most, almost impossible to comprehend. Certainly for those who have not implemented the basic adaptions needed to align strategies and growth. So many tools are available today and offered at reachable budgets. The next step is to harness the education and learning systems that will advance our knowledge, ability and the workforce who will build the value with measurable impact.
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Centaur Strategies, LLC 551 Valley Road, Upper Montclair, New Jersey 07043