This is the last of the Data as an Asset series and what better way to wrap up the theme than with a view to the future. As stated by Thomas Redman, author of Data Driven, “Your company’s data is a key business asset, and you need to manage it aggressively and professionally.” The future vision then is around Agile Data-Driven Enterprises.
Data is a critical business asset. It used to be that physical assets—equipment, land, inventory—determined the value of an organization. Now, as we have moved into the “information age”, most organizations have come to realize that their data and information are also critical assets. But few have set themselves up to make sure they are managing and utilizing their data in an optimal way to really impact how they run their business. This includes the people, processes and technology needed to know where the data resides, to understand it, to clean it and keep it clean, to get it to where it is needed, when and how it is needed.
What is the value of data to an organization? More specifically, what is the value of effectively managing and utilizing that data? Armed with data that is timely and data that they can trust, organizations can rapidly uncover new markets, attract and retain valuable customers, eliminate costly operational errors and delays, deliver products faster and make smarter business decisions. In short, they can consistently outperform their competitors. These enterprises are data-driven.
Data-driven enterprises maximize the business value of their data by establishing the organization, processes and infrastructure necessary to manage their data as a strategic asset, ensuring that relevant, trusted data can be delivered quickly when, where and how needed to support the changing needs of the business. These firms will be referred to as Agile Data-Driven Enterprises.
To accomplish this vision, organizations will adopt formal management disciplines such as Lean Integration and data valuation accounting. At the present time, these practices appear to be leading edge – or even bleeding edge. In a few years they will be commonplace. To quote Erwin Drahl from Informatica, “Lean Integration is a discovery not an invention. That is why everyone will eventually be doing it.”
For the record, here is the complete list of postings on this series: