Published on October 29, 2023, 9:56 pm
Data is the lifeblood of any organization in today’s digital world. It has become the most important asset, driving decision-making and fueling innovation. The potential for data to support machine learning, artificial intelligence, and analytics is limitless. However, despite the abundance of data that enterprises capture and store, there are challenges when it comes to activating this data.
Donald Feinberg from Gartner emphasizes the need for organizations to embrace flexibility and agility in adapting to new challenges. He suggests that technical, operational, and process issues are the main hindrances to activating data effectively.
Deb Dutta, General Manager for Asia Pacific & Japan at DataStax, views data as an asset that needs to be mined. He believes it should be treated as a line item in organizations’ balance sheets. However, he acknowledges that while data may exist pervasively across an organization, it often resides in silos.
Dutta explains this condition by visualizing multiple applications built on different sets of APIs connected to various datasets. This fragmentation exists across many industries and prevents these datasets from interacting with each other.
To address this challenge, Dutta proposes creating an operational data store that can connect all the pieces of information within an organization. By integrating these silos into a common layer of data, organizations can gain a 360-degree view of their business.
Aligning data and analytics with business outcomes and digital acceleration requires two key points: internal agility and delivering exceptional customer experiences. Real-time data plays a crucial role in achieving both objectives regardless of industry segment.
Fostering cultural changes needed to make effective use of data involves top-down leadership from CEOs downward and ensuring every functional group understands the value proposition behind data-driven transformation.
Dion Hinchcliffe from Constellation Research highlights that the future belongs to real-time cloud-native data at scale. To move closer to this future, legacy enterprises must learn from born-in-the-cloud companies like Gojek, Tokopedia Grab, and Flipkart. These companies leverage disruptive technologies and harness the power of data to drive transformation.
For an organization wanting to become real-time data-driven, Dutta advises starting by building an operational data store that extracts data from application silos. Liberating data from these silos is crucial but not sufficient. The operational data store needs to capture changes in real-time and transfer them to downstream systems using suitable technology.
In summary, organizations face challenges in activating the vast amount of data they collect and store. Overcoming technical, operational, and process issues is key to ensuring data-driven decision-making. By fostering cultural changes and leveraging real-time cloud-native technologies, organizations can unlock the full potential of their data and drive digital transformation.
For more insights on activating data in real-time, you can listen to Deb Dutta’s perspective in the PodChats for FutureCIO episode linked here.