Businesses have so much potential for possible victories when it comes to data innovation. Recent Cloudera corporate data cloud research showed that enterprises with mature data strategies for more than a year received a higher annual profit growth of five percent. In addition, 94 percent of decision-makers reported that their organization will have even more opportunities to pay income if they can manage their data more efficiently.
Despite these significant potential achievements, many organizations still face the challenge of realizing that their data is a valuable asset rather than a by-product of the organization’s work.
Businesses across the country are at different points in their path to data. No matter what we know, without a doubt, this is that data should become a central force in business, not just for IT, and that data strategies should live and breathe, constantly evolve with new information and technology, and shifts in business. environment.
Obstacles and painful moments: the truth about what holds back business
Talking to people about their way of transforming data seems to have some common problems in the game. Ultimately, Australian businesses want data strategies that use the full data lifecycle and also take advantage of advanced technologies such as machine learning. They also want to avoid blocking vendors by creating a modern infrastructure that helps boost delivery by actively using data in a hybrid data cloud environment rather than as a protection tool.
While this shows a great awareness that data takes business to the next level, organizations also have common data barriers that need to be addressed in the first place.
Many organizations are struggling to build a team with shared, data-driven thinking to ensure better data acquisition, accessibility, and overall strategy. Despite the high level of awareness of big data, many leaders and businesses still do not enjoy it, indicating a lack of strong leadership and buy-ins from all teams. To build a culture and implement an effective data strategy, connecting the entire organization is key. Decisions or strategies designed for an IT team or one part of a company can lead to most of the data being unused and stagnant.
In fact, a common pain point is that different business units often have isolated solutions for data. Such a structure leads to complex IT setup and a lack of centralization and collaboration. It also gives users and IT teams complex and constant frustrations around updates and management. This affects what was discovered by our corporate data cloud data life cycle study. Only 12% of Australian IT decision-makers say their organization is involved in all stages of the life cycle. Without full control and visibility over every aspect of the data, organizations lack everything they need to innovate, and employees of different teams cannot make full use of company data.
Overcoming barriers: creating a data culture and centralizing infrastructure
Having an inspiring common direction and open communication about it throughout the organization is key to building a data-driven culture. All employees need to know about the data strategy, and all teams need to understand its benefits and its role in succeeding for the organization as a whole.
Along with executives, appointing data champions to the organization can help ensure that retrieving and retrieving information from data is not “just an IT problem”. As a result, more employees can understand how to access and use data. Where data flows, ideas come, and data access is where we begin to make the impossible possible.
Centralization of data helps to create a culture of collaboration, but achieving this remains a challenge for many businesses. Our cloud survey of corporate data found that 71 per cent of Australian businesses did not democratize access to centralized analytics and support tools. The majority (79%) did not achieve a fully centralized and organization-wide big data infrastructure. Without this centralized approach, business units or departments will find it difficult to work together.
Having one source of truth for the data means implementing one integrated solution. Having a centralized source also makes it easier for teams to manage and access information. Often business units collect data that can also be useful to other teams, only in different ways. For example, one of our insurance clients recently completed data collection to address regulatory compliance. However, they were also able to use the same data to view the customer 360 ° to obtain valuable information about the behavior. They just took the same information that was already available, ran different queries and processes on it, and were able to use it in different ways.
Centralization also facilitates management and compliance, which is a very important aspect of any corporate data strategy. Cloudera’s multi-cloud hybrid vision has one management methodology, regardless of security level and where your data is stored. Our Shared Data Experience (SDX) solution is our overall control – we can monitor all of an organization’s data, no matter where it is located, and by enabling data access policies. In this way, SDX allows you to democratize while maintaining security, and directly responds to inquiries about how to avoid vendor locks without compromising security and management.
Become data driven now and in the future
Speaking recently to a group of data decision makers, it is very encouraging to hear that many Australian businesses are actively exploring ways to build more powerful data-based strategies in their organization. However, there is still a way and a change of mindset that needs to happen to create a culture of data. By doing this, businesses can start their own path to data.
No matter how strong the original data strategy is, it should always evolve to maintain regulatory compliance and ensure that the changing needs of users in each department of the company are met. If this approach is used, businesses can begin to develop a virtuous cycle in which data can be used to answer more questions, and data is democratized and shared across the organization.
The ability to span the entire data lifecycle and view data as a central business asset should happen today if companies want to become truly data-driven and successful tomorrow.