Democratizing Data: The Key to Business Success
Digital transformation is disrupting the business world, forcing companies like yours to strategize and transform your operations. Data volumes are large – and growing – and your company must run at the speed of the data, which seems to be outpacing what most people can manage. The emergence of big data poses the challenge of trying to convert large quantities of data into revenue-driving activities.
Many companies know the importance of making data-driven decisions, but finding methods to make sense of collected data remains difficult. With a focus on data democratization and data literacy, your company can expand the range of users to make fast, accurate data-driven decisions. Maximizing the business impact of data is a never-ending process, with experience unveiling helpful shortcuts.
Benefits of Data Democratization
Data democratization is the ability for everyone in your company to access data, know what it means, and what to do with it. It’s an important building block to successful projects. However, it’s up to product managers to have a keen knowledge of users’ data literacy levels when developing products.
In the end, employees that look at the data and notice something should say something. Data democratization means every worker is now on the path to becoming a possible data champion, though that will take time, training, and practice.
A company hesitant to utilize data democratization means it’s difficult to make critical, data-driven decisions immediately. Relying on data scientists or specifically-trained workers with access to data before taking actions that impact your business isn’t very practical.
The growing number of connected devices, able to collect information at tremendous rates, only puts more emphasis on the importance of analytics.
There are so many customizations available per dedicated use case, which in turn, creates potential data access points for even more workers. A one-size-fits-all data strategy doesn’t make sense when each employee has a different working knowledge of using analytics to analyze data.
Data at Work
As noted by Logi Spark 2021 keynote speaker Kirk Borne, a well-known data scientist and Chief Science Officer at DataPrime: “We’re entering an age of context… where an outside insight gives us more value from our data. Those additional insights could lead to prescriptive analytics modeling – we can determine some causal factors from this contextual data.”
Kirk offered a unique example of how data can lead to positive customer experiences based on simply knowing the little details that can have a positive impact.
The flight crew of an airline noticed that a frequent flyer’s daughter was celebrating a birthday on the day of the flight. The flight attendants purchased a small cake and sang happy birthday to the girl mid-flight. Passengers enjoyed the experience, shared pictures and videos on social media, and boosted the airline’s reputation. It may seem like a small gesture but the passengers’ online posts and storytelling may mean additional ticket purchases and other extra perks.
It’s difficult to successfully adapt to unknown future trends which prove to be disruptive to current industries. In the mid-1800s, sending messages across the vast United States was a logistical nightmare that took a long time. The Pony Express, seen as a game-changer at the time, operated for less than two years because the emerging service was quickly replaced by a disruptive technology – the telegraph. What looked to be a ground-breaking service was rendered obsolete because of a newer, better communication method.
As demonstrated by these examples, being able to adapt to changes requires current efforts paired with a forward-thinking approach regarding what could happen in the future. There is no magic crystal ball, but it’s up to companies to be prepared to modify their business capability based on the assets available.
Final Thoughts
Data is everywhere, so it’s time to make sure your business turns every employee into a data analyst. Even what initially seems like trivial data points could lead to new potential revenue channels in the future.
However, data democratization requires serious leg work involving changes to company culture and the need to establish stakeholders.
We are here to help demonstrate how embedded analytics can help you and your company on the path to data democratization.
Democratizing Analytics for Business Value Acceleration
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