There's been plenty of focus on the cyber risks associated with big data. It's time to focus on the upside that smart companies can exploit.
Based on what our clients are telling us, I can’t imagine that there are many boards of directors that haven’t recently talked about data. With everyone focusing on security issues and the risks inherent in not adequately plugging data vulnerabilities, every board has had its wake-up call.
Managing the downside is only one part of the issue. There is also great upside to be found in the data to drive strategic growth. Studies have shown that organizations that have already transformed themselves through data continue to get better at using data faster than others. The leaders are still increasing their leads. Where there is the opportunity for revolutionary data use, there is also the possibility of being left in the dust. For every WalMart and Uber, there’s a Sears and Yellow Cab company.
So, boards need to look at the upside and see data as the means to cross-enterprise improvement. For better market penetration, use your data. For greater operational efficiency, look to your data. For lower risk or reduced fraud or stronger service, create a data framework that will give you both utility and knowledge.
We are entering into an explosive period of data availability from outside the organization. If we use it well, it will yield insights that will make today’s decision-making look like the punch-card era.
Though these data conversations are started at the highest levels, they must be continued and fostered at every level. In coming weeks, we will be looking at the opportunities and consequences of data conversations — where to start, what to avoid, building a data culture and understanding data’s true value to your organization. I hope you’ll join the discussion.