The concept of the information age has been discussed for longer than information technology has been a recognized part of business, but today we are at a point where that concept has become a reality. Data is the powerful change agent for digital transformation that is taking place across all sectors, adapting operational processes, driving strategic decisions, and enabling entirely new business models. Data has also become a primary source for competitive differentiation, and those organizations that fail to develop the capabilities to acquire, manage and process data effectively, and most importantly to take action on the insights generated, will be at a serious disadvantage in the market.
Insights to drive business
Although data processing and information management have been areas of IT investment for many years, the use of that insight has been limited – firstly to specialist data analysts, then to periodic decisions by senior executives, and more recently to a wider audience of managers and users for tactical applications. Over recent years we have seen a step change, as the volume and sources of available data have grown, and the time taken to process it has significantly reduced. The outcome is that data now is being used as a fundamental tool to drive the business, from enhancing the customer experience, optimizing the value of assets, shortening supply chains, and engaging the workforce, through to the detail of industry-specific business processes.
Create business value
The perspective of business data is no longer primarily inside the organization, since the democratization of data is shifting the balance of power in many business relationships. The empowered consumer is wielding considerable influence through social networks and other channels, whilst governments and other bodies are putting an increasing amount of data in the public domain, which can be leveraged to create business value. We believe that bold action and entrepreneurship on the part of business executives is required to take advantage of this change, together with a mandate to develop first-class capabilities for data processing, information management, and analytics.
Impact on the business
This requires an effective architecture and platform for BI and analytics, coupled with proficiency in the key processes of information management, including acquisition, integration, analysis, and presentation. There is rapid development of the supporting technologies, with the emergence of new databases and infrastructure for Big Data processing, in-memory technology to accelerate analytics, and visualization techniques to simplify assimilation. Organizations must evolve their BI architectures to incorporate these new approaches, but more importantly from a business perspective, must be prepared to re-examine the art of the possible, understanding the potential impact of these changes on their business, and implementing meaningful data-driven strategies.
Data is changing the game is the Ovum theme of the 13th edition of the BI & IM Symposium in the Netherlands. Tim Jennings, Chief Analyst and Research Fellow at Ovum, is keynote speaker at this symposium.
Do you want to know more about how data is changing the game? Register now for the free BI & IM Symposium.