Data in the digital age
To unlock the value of data, businesses must radically re-think how they operate
To unlock the value of data, businesses must radically re-think how they operate. With many organisations embarking on building digital and data analytics capabilities, it is from our experience that starting small whilst thinking big delivers the best results.
By 2020, the size of the European internet economy is expected to triple to 11% of GDP.
Data transactions through connected devices are estimated to grow by 78% a year. In 2016, there will be 12 exabyte data transactions a day – in other words the equivalent of 66 billion pictures sent a day!
Find out more in PA’s report ‘Introducing the Digital Connectome’.
Insurance companies increasingly use data to drive business, to identify cross/up-sell targets or to detect fraud. They also use data to innovate internally, for example predicting risk on assets.
Supermarkets now use data to get to know customers better and tailor offers, suggest new products, product variants, etc. Through this use of data they can decide on company-wide offers, store-specific offers, or even offers tailored to individual customers.
Ecommerce platforms increasingly use data to dynamically adapt their websites to the customer, to ensure that the customer gets a personalised experience and to boost cross-selling between product categories.
End assumption-based decision making
Average increase in profit at selected US banks, owing to analysis of client behaviours
Reduction in cost, owing to better detection of fraud
A big retailer reduced the time between ordering and delivery, a critical timeframe for retail companies, from six to four hours owing to real-time online logistics information
Break through the organisational silos and focus on the end goal
Establish leadership that facilitates a data-driven way of working
Go beyond recruiting data scientists and buying big data platforms
Building a data capability requires an integrated approach
- The skills and knowledge of data scientists are precious
- Analytical methods have not evolved as quickly as technology
- Risk of mis-using oversimplified analytical software
- New platforms challenge the way corporations look at IT
Manage the conflicting demands between security and opportunity
Accompanying the digital revolution are multiple security and privacy concerns.
Cyber criminals in search of financial gain (representing 60% of cyber crime) and intellectual property spies (about 25%) give cause for concern. Companies have to be aware of the security, moral and legal choices they make regarding data protection.
Start by identifying an internal sponsor and carry out short experiments to prove the value of the data and create successes.
Data insight projects typically follow a proven five-step approach:
Embed your organisation´s data capability in the businesses operating model to become a successful data-driven organisation.
Organise data capabilities into an enterprise-wide, cross-functional intelligence hub to share and develop resources.
This will enable the organisation to innovate with data more effectively, to create genuine customer insights and gain a competitive advantage.
Create a community of all stakeholders, grow incrementally and start now.
Our data-driven organisation scan helps you to determine how data driven your organisation is and to start developing a strategy to become a truly data-driven organisation.
The scan assesses your organisation’s current maturity level in five key areas: organisation, data management, security, people and technology. It also highlights the capabilities your organisation needs to develop to overcome its data challenges and make better use of data to create value for customers and other stakeholders.
Begin the data driven organisation scan
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- Martin Gill, Zia DaniellWigder, Michael O'Grady, Douglas Roberge: European Online Retail Forecast, 2012 To 2017
- Google Analytics: ZMOT Handbook Ways to win shoppers at the zero moment of truth
- Data equity, Unlocking the value of big data, April 2012, CEBR
- Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update 2014–2019 White Paper
- Ortec Supermarket chain checks out with big efficiency gains