The race to unlock the potential of data is on. According to IDC, the volume of data created worldwide will increase tenfold by 2025. This means we will have even greater access to a wealth of information, enabling more powerful business insights than ever before. Most organisations already have metrics in place to understand their data. But many are merely scratching the surface and are yet to uncover true data-driven possibilities.
The idea of data creating business value is not new. Business leaders have been making decisions based on data reports for years. In today’s hyper-connected digital economy however, the ability to access data visualisation and intelligent analytics in real-time is vital to organisations looking to gain a competitive advantage. Data-driven enterprises that have access to information at their fingertips have been found to outperform their industry peers by up to 6%. For business leaders, data analytics and visualisation can make or break key conversations with potential investors, partners and shareholders.
What does the data-driven enterprise look like?
As with most enterprises, data resides across a broad ecosystem of sources. The enterprise that can leverage all data, irrespective of its source or location, will be best equipped to act on insights now and into the future.
Data-driven businesses provide a framework for users to see the whole story when it comes to data. They offer the ability for users to input and analyse all their data. Analysis is not limited to preconceived notions of how data should be structured. They recognise that it is often within combinations of seemingly disparate data that innovations occur in today’s digital era.
With most companies collecting vast amounts of data from their business operations, and the growth of publicly available data, the time is now to leverage data analytics to make better decisions and realise strategic goals. For example, e-commerce retailers, such as Lazada in South East Asia, are leveraging business intelligence to effectively compete against global online retail giants, optimise their supply chain, increase operational efficiency and better support merchant and…