Data is a resource that has been used by companies for years. But it's only been in the last few years that data has become a strategic business asset.
The use of data has changed from being an operational "technical" resource to a strategic business asset. With the growing demand for data-driven decision making, there is a need for more skilled professionals to extract value from data.
In this section, we will be looking at how data transformed from technical resource to strategic business asset and how it can be used as an effective tool for businesses today. .Transformation of data into a strategic business asset"Data is becoming the single most important strategic asset for any company." – Jeff Dallman, United Health Group CEOThe transformation of data into a strategic business asset can be seen from many different perspectives.
One perspective is that the amount of personal information provided online makes it easy for companies to convert data into profits.A second perspective is that many of these companies are exploiting the personal information provided online. One perspective is that it is easy for companies to convert online data into profits.
A second perspective is that these companies are exploiting the personal information provided online. by their users. This perspective is more prevalent among some business people, who argue that the companies are abusing their position by selling personal information to advertisers and other companies.
A third perspective is that these companies are violating privacy laws. and therefore should be broken up.Business people argue that the companies are abusing their position by selling personal information to advertisers and other companies.
Barely ten years ago, data was an IT resource that supported the business line. The department would build reports on how the company performed against their goals.
Predictive analytics significantly improved dashboards by analyzing what might happen if there were significant changes in regulations, dynamics, or company strategy.
As the transformation of predictive analytics into operational decisions is catching on in different sectors of the USA and China, Western European companies are taking notice. New regulations are being floated to help protect consumer data and allow for smoother adoption.
Transforming your data into an asset that can be used to strategize, is not an easy feat. Organizations with a more traditional mindset will struggle to make the change, especially when their strategies are already set in stone.
Data governance is a process that ensures data is organized and formatted appropriately so that the models and algorithms of data scientists can function.
Data is becoming increasingly hard to manage because of the huge number of different regulations. You'll need separate platforms for each continent or even country if you want to retain control.
Long story short, in less than a decade data has gone from being something that businesses use to evaluate performance to emphasizing and predicting.It will soon become a valuable resource for business operations and decision-making since it enables automation and improvements.