My Company Has Data. Now What?
Now more than ever, organizations are set on gathering data. With the mindset that “more is better”, these organizations fall into a cycle of data collection without realizing the purpose for which they are collecting it. According to the Harvard Business Review, “using data to its full potential is more about management than it is about technology”1. With that in mind, how do you ensure the insights made from your data collection are used to their fullest potential?
Using Insights to their Fullest Potential
In a survey conducted by McKinsey & Company, business leaders revealed how to ensure data insights are implemented within organizations. In tandem with the Harvard Business Review stance, many of these methods pertain to management. Ruben Sigala, Chief Analytics Officer at Caesars Entertainment, suggests that the first step to optimizing your data is defining the function it should have2. Do you want your data to impact a function of your organization, or your organization on a broader scale? By creating a purpose and scope for your data, you will be able to leverage it to more effectively achieve its optimal value.
In the same survey, Murli Buluswar, the Chief Science Officer of AIG, suggests evolving your workplace;
from a knowing culture to a learning culture – from a culture that largely depends on heuristics in decision making to a culture that is much more objective and data driven and embraces the power of data and technology 2.
By embracing the power of data, your organization will be able to fuel innovation through the curation of a culture that will be more willing to test data-driven insights. Without this culture, insights will fall flat due to the absence of commitment to discovering what these insights can achieve.
Once you’ve established a purpose for your data and used your management position to fuel a learning culture, your data will be ready to make an impact in your organization.