Increasing Trends of Data centricity Adoption in Businesses
Emerging
trends reveal top management relies on data for their decision-making, and
hence, businesses need to realize the optimum methods of data centricity of
viable results.
Now,
let us understand the emerging trends heralding the data-centricity revolution.
Mr Ajay Khankhoje, CEO of Synergetics Consulting, a principal leader in data
management, states, ‘Artificial Intelligence is making leeways in every aspect
of business operations, especially in storing, analyzing business data and
analytics. I have seen immense potential in AI-based technology, and its
evolution is likely to emerge as a game-turner in driving businesses to achieve
their targets.’
At
the same time, data literacy is not restricted to data scientists as even the
top management needs to understand the data analytics and the actual picture
revealed from it. Hence, every employee or top official needs to understand
data and its insights for the best possible outcomes for their business growth.
Today,
decision-making does rely on data analytics, but are the decision-makers
capable enough to embed it whenever the data is applicable?
Data
is everywhere, but how to put it to use and through which channel is where the
challenge lies. Yes, bridging this gap of understanding and maximize on the
data insights.
Till
now, almost all businesses rely on or prefer to rely on gut instinct when
making crucial decisions. Still, they must reach out to the data to make
decisions and rely on customer insights and market dynamics to optimize their
growth potential. It is possible to implement data-based analysis across every
procedure, every department in the business.
Correlation
between Data and Decision making
The
availability of data and its role in decision-making has to be evaluated. Are
the data scientists, the top managers, and the CEOs relying on the relevant
datasets and their insights? Will they always be able to take the right
decision and be confident about them?
Across
our presence spanning more than two decades, we have encountered many instances
wherein the clients need critical guidance on storing relevant data and on-time
retrieval for analysis and insights.
When
working on data, the CEOs and data scientists need to follow a definitive
checklist, which can help them arrive at useful results which will serve their
purpose
•
The end users of the data
•
The need for data
•
Regular assessment of data
•
Fixing the process in case of bottlenecks in data delivery
•
The process of data collection, storage and retrieval
At
the CEO level, there is an impending need to implement the following processes.
Insight-driven decision-making process
Business
acumen is a product of gut instinct, a thing of the past. Today, most business
decisions rely on data. With so much at stake, especially in the fast-paced
business world, relying only on gut or only on data is a matter of high risk.
Hence, it makes sense to rely on data analytics, provided the data is well
embedded with the business system and process and is relevantly delivered.
Customer experience is the most important factor
Customer
experience is the crux of the data and its analytics; hence its collection is
critical and will help better decision-making by offering actionable insights.
These insights will allow businesses to provide enhanced experiences to their
customers. Depending upon the type of product or service offered, companies can
embed AI-driven solutions and strengthen their offerings to their customers. To
collect relevant data, it is necessary to have a well-integrated system of data
collection to derive insightful analytics.
Data and Internal Business Processes
Data
mining on internal business processes plays a pivotal role in business growth. Identifying
areas of improvement or redundancy in existing processes can help in the
optimal allocation and efficient use of resources and help in adopting better
work processes that enhance business growth.
Current Work Scenario
The
recently established hybrid work scenario is the best example we can give. Not
only did it boost the sale of hybrid work platforms and virtual meeting
applications. In this scenario, technology majors such as Microsoft, Amazon,
IBM and others witnessed increasing demand and could deliver the same.
Incidentally,
the growing trend of dynamically young and data-driven CEOs in their 40s,
especially in 2022 & 2023, compared to 2020- 2021. Also, we have come
across an emerging trend related to including chief data officers in decision-making
about business operations. Hence, along with chief information officers, the
opinions and insights of data officers are considered on a serious note.
Their
familiarity with data and the openness to accept data-based trends, forecasts,
and potential outcomes is definitely advantageous. These trends accelerate the
establishment of a conducive atmosphere for a data-based decision-making
process. Our customers at the CEO level have had a great deal of apprehensions
regarding their data collection and analysis.
Conclusion
During
our interactions with customers, we have helped them resolve many critical
data-related incisions in key departments, such as data quality, risk, fraud,
compliance, and so on, to establish a strong foothold in their operation and
amongst their competition. We are always available to help, guide and resolve
their data-related issues.
So,
if you, too, are keen to adopt a data-driven decision-making process or wish to
focus on streamlining your data management process are welcome to get in touch
with u.s
