Although governing data has always been important, there was a time when the topic was perhaps seen as quite dry and drab. But in the past couple of years, data has become a much more desirable and interesting topic area – with several organisations also starting to harness and sell data as a product in recent times. Data is an invaluable asset to all organisations – maybe even their most important one – but how can it be used to its’ full potential in the Technology, Media and Telecommunications sector?
In our recent event, ’Future of Data’ for the TMT sector, Nick Whitfeld, Partner, Data and Analytics, KPMG in the UK, and I discussed the multiple ways in which you can use data to understand your business, better understand your customers, make better decisions and even add a new product to your portfolio.
Why should you be utilising data?
When speaking to clients about their businesses, they often ask a lot of similar questions – such as, how should I be pricing my products? How should I be promoting them, and how much spend should I put into this market vs. that market? What skills am I going to need to know in the future? How can I predict my cashflow?
These are all questions that can be answered efficiently and effectively with data – and there are several steps that you can take to assess whether data management and utilisation is the best next step forward for your organisation. These are:
Realise and assess the business value of data
The first and the most critical step for any organisation is to carefully analyse and focus on the value addition it will bring to their business. Ask yourself – what is the business problem you are trying to solve with data? If you can’t articulate that clearly, then you need to revisit this idea and ask yourself what data could do for you, how it could change your business for the better and what the outcome will be.
Enterprise alignment and collaboration
The second thing is enterprise alignment. In any large organisation where there are different functions or different teams operating in different markets, internal alignment will be needed the achieve the correct end result. Company-wide investment will be critical. Is this something that your organisation can achieve?
Building out the foundation
To enable any large business decision to flourish, laying the right foundation is important. This must be considered thoroughly before you can make the most out of the data you hold.
For any data module to be successful, it must encompass the four C’s of data management, which are:
- Creation – entering the data
- Curate – curating the data into manageable sets which can be manipulated and exploited
- Consume the data
- Commercialise the data