5 ways of realizing the full potential of your data
Data is growing at an exponential rate and doubling every two years. This means that customers in every industry have more data than ever at their fingertips. According to IDC, at least 50% of the global GDP (Gross Domestic Product) will be digitized in 2021. The question is how to make the most use of the data and the opportunities coming with digital transformation. How do you go from insights to action and maximize your data potential?
1. Position data insights to go beyond simply improving productivity
To make a tangible change in the culture around data and decision-making, leaders must ensure that every business decision is vetted and substantiated through analytics processes. It is imperative to bridge the relevant business units with the right analytics resources. Once the business performance metrics have been established as the basis for measurement, decisions will become more data-driven and demonstrating results will be a far more straightforward process at all levels.
2. Develop and hire the talent needed for data-driven decision-making
It is all about people. Data scientists are high in demand, and organizations need to go even further to develop internal experts to structure, manage and analyze data. As data forms the foundation in decision-making, there is no escaping it, and all employees will be exposed to data and analytics at some stage. To recruit the data scientists needed, and to develop internal resources, there needs to be a strategic and long-term corporate commitment and objective rather than limiting this to the confines of projects or departments.
3. Invest in purposeful analytics tools
Today, we have access to data across disciplines, ranging from Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems to sensor technology and Internet of Things (IoT). The array of analytics tools available today is vast and sophisticated, and offers brilliant visuals in the form of dashboards and graphic representations. Adopting the appropriate analytics tools is a necessity, and with more data being gathered by the second, the demand will increase at an equal rate. On top of that, the presence of new applications such as machine learning (ML) and artificial intelligence (AI) will help minimize manual and labor-intensive tasks, to free up time for in-depth analysis where human insight will be key.
4. Invest in the technology infrastructure (from data acquisition to visualization)
The gathering and structuring of data is the starting point, and with analytics in place paired with a team of talents, the opportunity to extract more value of your data is readily available. With real-time insights, visualization in a collaborative environment you will maximize your output. A typical decision-making process of today involves designated experts in the room, debating and drilling down to resolve complex problems, and they are often joined by offsite and ad-hoc resources. The ability to engage and interact with data from multiple sources and to collaborate across locations will help expedite decisions.
5. Make data insights an integral part of the digital transformation efforts (and measure the value created)
Only 38%  of traditional large enterprises have fully embarked on the digital transformation journey, indicating that there is room for acceleration. The opportunity will increase further as data volumes continue to grow and processing power is widely available. With the data at the core of your business, it will be fueling the transformation. The time has come for the business users to fully utilize the potential of digitization with data-driven decision-making and real-time analytics. The adoption of the above will help you drive digital transformation one step further and:
- Maximize the value of your investments (in software, tools and technology)
- Improve speed and accuracy of decisions
- Enable collaboration between multidisciplinary and dispersed teams
- Help you to strategically enhance the value of your data
TIBCO and Cyviz have joined forces to help customers fulfil their potential by using the power of data analytics and insights. The combination of powerful analytics software and designated spaces for collaboration and visualization of data will deliver value across the organization.
Cyviz is a global technology provider for multipurpose collaboration, meeting rooms, control rooms and operations centers. Cyviz empowers the digital workforce, organizations and employees to connect, visualize and collaborate on their critical data. Today, Cyviz serves the Fortune 500, global enterprises and government customers demanding seamless integration of leading-edge technologies that engage people, encourage greater collaboration, and accelerate decision-making. Find out more on www.cyviz.com or visit one of the Cyviz Experience Centers in Atlanta, Beijing, Dubai, Jakarta, Houston, London, Oslo, Riyadh, Singapore, Stavanger, or Washington DC.
TIBCO fuels digital business by enabling better decisions and faster, smarter actions through the TIBCO Connected Intelligence Cloud. From APIs and systems to devices and people, we interconnect everything, capture data in real time wherever it is, and augment the intelligence of your business through analytical insights. Thousands of customers around the globe rely on us to build compelling experiences, energize operations, and propel innovation. Learn how TIBCO makes digital smarter at www.tibco.com.
Engines of Insight: How leading CDOs deliver top and bottom line results, MIT Technology review
 IDC FutureScape: Worldwide IT Industry 2018 Predictions
 IDG 2018 Digital Business Survey https://www.idg.com/tools-for-marketers/2018-digital-business-research/