Democratizing Data – A Journey (Part 2)
In Part 1 of this blog, I talked about the journey toward better decisions, faster. Democratizing data is a scenic vista along the journey that needs to be encountered to appreciate. Learn more about the architectural aspects of democratizing data on our blog. In this, Part 2, some real-world experience is presented.
Recently, I had the pleasure of working with a company that sees the value of supporting decisions with data. We talked about their company, its industry, and how Internet-based services are affecting business. This company’s executives came to the correct conclusion that business is changing so quickly that expert “gut” decisions might not provide desired outcomes. Increasingly, competition is eroding profitability at the SKU level and on rack space at retail outlets. Investments in new product development, as compared to actual marketing andsales results, are not meeting company goals for return on investment. Distribution channel conflicts and E-commerce retail scenarios drive decisions that are new to the company’s executives.
This company recognizes that to succeed they need to embark on a journey to make better decisions, faster. And, that decisions need to be supported by data. Additionally, they want their people to get access to the data so they can perform analytics, all the time. They are assessing some of the more important tactical and operational decisions. Current systems are being assessed to determine the capabilities for providing to support the people that are analyzing these decisions. Processes that include IT-centric reporting are under consideration and managed self-service analytics is on the roadmap.
So, what’s happening with them now? They have a roadmap and are started on a journey. Their strategy indicates that to compete as a leader in their industry they need to:
Understand what decisions are of utmost importance
Recognize which of these decisions need to be supported by what types of data
Design KPIs to help monitor performance
Democratize data so that their people could access certified data to support decisions
Find opportunities across their lines of business for additional decisions that should be supported by certified data
The objective is to make better decisions, faster. Part of the roadmap to meet the objective is to democratize data.
This company is to be congratulated on their vision and strategy.
What is your company doing to make better decisions, faster? Share your story!