Companies today are awash in data and there are still not so many industry-specific solutions to increase effective data management and profit-orientation. The difference is evident: before “Big Data Age” employers were searching for experienced employees with solid business experience and background. Now are frequent such requirements that imply quantitative analysis tools experience, big data analytics experience etc.
We entered in digital era with huge amounts of information and data, being unable to determine the right data management framework for different industries and processes. There is still the same human mind that must bear the load of this data and to decide about relevance and applicability of this data.
This caused the boost of artificial intelligence and development of neural networks algorithms that should optimize big data processing, classification and usability. Right tools for right analytics became a strong competitive advantage for all companies. But for those businesses which are still using “old but proved” software and analytics, data management and data-driven business are still nice fancy words, irrelevant to daily activities of its managers.
One of the most relevant examples: huge amount of different scale businesses are still using isolated software programs for different management processes. The word “ERP” is still perceived in these companies as an expensive solution-revolution for big companies (that was true 15 years ago). Nowadays, there are plenty of accessible and effective ERP-solutions that significantly change management’s level of control, predictability and analytics possibilities.
The problem of managers to understand the urgency of – at least – basic digitalization for internal processes often leads to internal slumps and meltdowns, especially in the periods of increased demand for companies’ products or unexpected change in business activities. Actually, the strong managers’ motivation for corporate digitalization is an underlying key for continuous building of unique competitive advantage. It is about recognizing the power of analytics. [this link goes to “Power of Extended Analytics” article].
The core reason of successful worldwide digital marketplaces is a powerful analytics that revealed global perspectives of local tendencies. Globalization means nothing when you cannot connect different data with different variables and inputs on the solution that you are working on. Any scale company must build its own digital marketplace inside the company, when any manager has access to all comprehensive information instantly.
Indeed, this may be called “internal data market” when the effectiveness and value of the numbers are determined by the speed of accessibility of ratios, reports and other data necessary for an effective-decision making. More systems and disrupted programs are within your corporate data market, more precious time you spend for getting even basic analytical information.
The digitalization process must be a constantly streaming process with clear data strategy. People tend to revert to old ways of doing things and performance does not improve. Top-management must not only implement and explain the importance of data-driven management but also remove the obstacles for employees in getting new data and come with new digital initiatives.
High performance in digital era means higher awareness of – first of all – quality and dynamics of internal management data. This is an intrinsic element strictly necessary to be evaluated with other external data analytics. Together, correctly combined, they form a digital predictive knowledge that allow you to move faster and more efficient than your competition.
