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.
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.
Building a data capability requires an integrated approach
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.
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.
We are delighted to support the Rotterdam School of Management’s Executive Education programme, ‘Leadership challenges with big data’, helping leaders and organisations in their transformation towards becoming data-driven. The eight-day programme connects professionals in technical- and methodology-oriented data science with those engaged in business analytics, with a focus on action-based learning and real-life best practice examples. The programme is taught by internationally renowned top scientists from Erasmus University Rotterdam (Rotterdam School of Management and School of Economics), TU Delft, Leiden University and several guest speakers. Find out more and watch the video here.
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