How can companies keep abreast to data?
As companies started shifting from data-generating to data-powering phase, the value of data analytics becomes more and more essential. How can companies, nowadays, keep pace with the revolutionary change? Here are the major 4 approaches:
1. Make data valuable.
While companies storage tons of data, investing a huge amount of capital for, the question comes down to its value. It’s time for them to figure out how to make good use of those data.
2. Bring CDO (Chief Digital Officer) onboard.
The emerging trend of data-driven business is casting a message that companies need an incumbent dealing with “digitals”. Together with resources and skills, CDOs will generate the most successful accomplishments for their organizations.
3. Traffic “police” come into the center of data.
As different departments playings roles, they will be using different systems which generate different data all the time. Who will be directing them? And who will be organizing them? The answer is Data Curator. By conducting and dealing with data related activities, data curators will ensure the whole process perform as it supposed to be.
4. Data governance.
European Union has passed General Data Protection Regulation (GDPR) which directly influences on all the companies that have business with EU residents. A company which breaches the regulation will face a fine up to 20 million Euros. Therefore, for those company, the governance over their data is going to impact on their fates. And the U.S. companies are the very first likely victim of this regulation according to Zachery Bosin, director of solution marketing at Veritas Technologies.
Among those 4 approaches, which you think is the most impending crisis a company needs to deal with? For small companies, is data the key to success or the impact can only be prominent for big companies? Will GDPR instigate such tremendous movement toward the world, and other organizations or governments will respond?