For more than two decades, we have been swayed by the famous Bill Gates phrase “Content is King”. While that might have been the case, with the recent rise in technology and application of data in areas such as Financial Technology, Digital marketing, Internet of Things, Share prices, etc. including our everyday life, it is safe to say, Data is the new king. The currency of today and most likely the future is information and this is not just in a financial context. Hence, it is imperative to know and understand how to deal with the volume, veracity, velocity, and variety of data management. For most businesses regardless of sector, size or type, data is essential, almost as important as the product or service. New age companies like Netflix recognized how vital it is to put a data strategy in place, not only has it helped recognize and shift technology trends and consumer behavior, it has redefined the content production and consumption industry.
Modern organizations now recognize how data is the key to competitive advantage and can revolutionize the operational strategy of a company. Developing a clear data strategy can help you avoid analysis paralysis or being overwhelmed due to the sheer volume of data available. Although data is important, comprehending a good data strategy is knowing what exactly you want your business to achieve and how data can help you. For data to be indeed useful to any company, data must address certain business needs and generate real value.
Therefore, defining key challenges, critical questions that relate to the organization before organizations
proceed to collect and analyze data that will help address them.
Below are more reasons why data is a strategic focus for modern organizations;
Understanding and applying important concepts of innovation. With the rate at which technology is developing, many small-medium sized companies are likely to struggle to catch up with the trends. In the case of big companies, some choose not to take action and ignore the potential of data revolution while some choose to go all out without carefully investing in what is right for their business. Hence, the importance of data strategy…