Though data is invaluable, many organizations fail to appreciate it or harness its full potential, says data and analytics expert David Reed. According to Reed, data is the “operational DNA” that enables your organization to realize its vision. He explains how to embrace a data literacy framework and how to embark upon your organization’s data transformation. Reed shares meaningful insights that will empower you to navigate ambiguity and uncertainty, while embracing the change needed to thrive in a data-centric future.
To harness the power of your organizational data, start with a vision.
Data plays a crucial role in guiding decision-making, and many leaders see the need for dramatic transformation to unleash the potential of data at their organizations. Neglecting data can lead to major headaches – and expenses. Poor-quality data can cost a business a sizable portion of annual revenue – an average of 8.8% in 2020 – while putting the organization at risk of fines for violating regulations, such as the EU’s General Data Protection Regulation (GDPR). Addressing these problems – and going beyond, to realize the potential rewards of data literacy – requires more than just investing in tech tools: Leaders must craft a new corporate vision. Don’t confuse the notion of being data driven with having vision. Your vision should reflect the power of data to serve a strategic purpose.
The DataIQ Way provides a framework to guide leaders in creating data-driven organizations. This framework, which emerged from deep research and extensive practical experience, incorporates the following five dimensions:
- “Vision” – Data should ...
David Reed is the chief knowledge officer and evangelist at DataIQ, where he works to help brands embrace data literacy and derive value from data assets, processes and people.
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