‘Information is only growing in importance for companies. We thought it was pretty important fifty years ago, but now we're seeing its importance in the way organisations are aligned - or realigning themselves’. – William McKnight (Past Board Chairman at 3M)
5 Essential Truths
- Organisation are distracted by the hype, and are confused about where and how to apply Big Data analytics.
- Successful analytics is more than just using data and technology to generate insight.
- Insights communication is often marred by jargons and complicated tables. The results are often ‘lost in translation’.
- Implementation is restricted in silos. It lacks implementation vision or enterprise wide integration.
- Act now to gain a competitive advantage. Now is the time to generate greater insight – single view of business.
5 Immediate Check Points
- Do you know what approach is being followed? Is it top down or bottom up?
- Are you leading with foresight by knowing what questions you need answered – the data must be integrated and analysed to provide those insights?
- How you perform assessments of your Data Governance Steering Committees in terms of addressing business needs?
- How are you determining the maturity of this function and do you plan on ramping up before its too late?
- Do you focus on having a single view of your business that matters most to you (risk, customer, controls, people, deal making and technology)?