Ask any CEO what keeps them awake at night and most will point to their growth, profitability or staying ahead of the competition.
Exploiting data and technology appropriately can create that competitive advantage, especially with advancements in storage and computational power. But the reality is that organisations and leaders at the cusp of a data journey still rarely know where to begin and how to lead successfully.
A winning data strategy
A strategy is about choices – knowing what to do and crucially what not to and why. Understanding the ‘why’ behind data requires tough introspection, in addition to an understanding of the strategic context and business environment.
Firms embarking on this process must assess their ambitions for growth and the role data will play in it – lead or enable. Traditional businesses will often choose paths where different sources of data can enable their value propositions. Whether it is customer data to understand detailed segmentation and offer personalisation, or in-software telemetry used by product development teams to design and improve customer experience journeys.
However, the true opportunity lies in the ability to unlock new propositions and business models that enable the monetisation of data assets. Forex companies offering APIs so accounting software providers can access real-time data for travel and expenses submissions, for example.
Organisations looking further into the future to get ahead ought to consider how data will become core to their proposition, as opposed to simply enabling it.
Read the full insight on the Arca Blanca website