Drowning in data
But starving for insights
The step from big data to insights might be smaller than you think.
A Digital Supply Network that allows companies to harness and analyse data and information successfully is a powerful tool. While most organisations recognise the benefits of a well-functioning DSN, it may seem impossible and unaffordable to achieve, given the typical costs of replacing existing IT applications and assets. However, it may be a change in mindset rather than in systems that is needed.
Legacy systems not all bad
Moving from a system centric approach to a data and insight centric approach will show that legacy systems are often able to support more DSN capabilities than previously imagined, as the data they already generate often contains significant potential. This means an organisation does not need to invest massively in wholly new assets or systems before it can capture real value.
Drowning in data, but starving for insights
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Exploring what data you already have
Of course new technology can help uncover data, supporting the move towards a DSN, but organisations can start by understanding the data already available. To do this they must first explore what information they already have, where it lives and how this can be turned into meaningful insights to act upon.
Bringing all available data together is a key first step but is generally not sufficient. Big data is inherently unstructured and structure must be added to ensure data lakes do not become data swamps. With a minimal investment in new technologies and capabilities, companies can take a first step towards a connected, integrated network that manages their data more effectively, improves efficiency, generates insights, and may even monetise their data.
A Digital Supply Network for everyone
So, while the journey towards a DSN may feel intimidating, the reality is that it may be attainable by everyone, as most companies have more data on hand than they even realise. Deloitte can help you on your journey towards your digital supply network by leveraging these assets and systems, and locating, exposing, and analysing the data those systems are already generating.
Our report Drowning in data, but starving for insights: Starting the digital supply network journey with legacy systems provides you insight in the possibilities your current systems might already offer. Interested in what this could mean for your organisation? Feel free to get in touch with our expert team below!