Data Strategy – the StarCraft of every business
Just last week, Google’s DeepMind beat humans at StarCraft. Every business, from a local bakery to a multibillion-dollar company is like StarCraft. It hinges on rapidly evolving technology, data and how stake holders interact with these two key components. At a bakery its important to keep track of operations and supply chain. Nobody likes the disappointment of not finding their favorite treat just because there weren’t enough. Or losing millions of dollars every year by using legacy data storage models and not taking advantage of cloud.
Since the internet revolution in the 80’s technology has taken a turn for the good. And over the last two years alone 90 percent of the data in the world was generated. That itself speaks to how both these elements work together and why it’s necessary to strategize data using the best technology.
Importance of this strategy is multifold:
- Digital Transformation: Undeniably the most important factor that can elevate any business, is transformation of digital assets to work with data being collected on all fronts.
- Fuels Research – The right data strategy will fuel knowledge exchange and drive conversations towards productive research.
- Improve Productivity – With the effective plan of action, teams work share goals and work cohesively.
- Momentum – Quick turn-around time is regarded highly in the higher chain of command.
- Analytics – It serves as a tool to separate noise from value in the data. A strategic approach lends itself to self-serve analytics.
And how can you take full advantage of something that brings this much to the table?
Simple – Understand the business, its goals and limitations, Plan a pathway and set reasonable timelines, take Action and implement them to the best of your knowledge and Reflect on the mistakes made.
By: Anshul Mittal