Companies should be capable enough to handle new data systems, otherwise, it will be a waste to implement the strategy in such places. In fact, they should know how to control the system but also have the ability to think of solutions to critical problems of industries.
New technology is needed to enhance the traditional IT and system. The technology should be such that it aligns with the data-driven strategy and should generate value from data. Likewise, tools used for these technologies shouldn’t be so complex and tech-savvy that employees are unable to handle it. Also, training should be given prior to using such technology.
To extract the best result out of the data present, selecting the right combination is the most important thing. Internal data should be combined with external data to yield impactful analytics. First of all, data validation should be done. It is required to check if the data upon which all are dependent is accurate. Then the required amount of data is chosen to work upon.
Last but not least is data quality and security in a data-driven strategy. While implementing the strategy on a wide scale, all data and systems are open company-wide which leads to data quality and security issues. It should be ensured that the requirements of a company and also of individual business clients are fulfilled.
Data and analytics should not be left entirely to data scientists and IT departments - they require technical savvy and organizational coordination also. To succeed, businesses need to embed data and analytics deep into their organizations to ensure that information and insights are shared across business units and functions.
