Technology

Data Strategy in Business 2022: Bet on Valuation!

Data is at the heart of our economy and our digital society. Data, mass produced by all private companies and public bodies in all areas of activity, is now widely perceived as a lever for saving time, internal efficiency, creating new services and improving stakeholder relationships through transparency and information. Thus, organizations that choose to create data dissemination projects position themselves as strategic leaders due to their ability to better adapt to crises and anticipate challenges.

According to a study conducted by Opendatasoft on behalf of Digital Factory in November 2021, although most private and public organizations recognize the value of data (88% of decision makers consider the use of data important, and 51% consider it very important, especially in their daily decision making ), on the other hand, the barriers to creating data experiences are numerous: lack of resources and lack of training, difficulties in transferring data culture, technology solutions are only for experts… Only 50% of decision makers surveyed say that their organization committed to the data recovery process (especially large companies).

The health crisis has only exacerbated this phenomenon. For 49% of respondents, the Covid 19 pandemic impacted their organization’s strategy and accelerated the rollout of data projects.

Thus, in 2022, the challenge for all companies will be to scale up this improvement and data sharing strategy, an operation that requires building on three pillars: technology tools, talent, and dissemination of data to all employees of the company.

Data Centralization Platforms: Use Cases

Making quality data available to all enterprises, or even to their business partners or customers, is impossible without deploying specific platforms. This is how vaccination data can be shared, which in 2020 has chosen health insurance to deploy this type of tool. A beneficial strategy as many local actors can now access pandemic-related data such as infection rates, incidence rates of different variants, or vaccination center information. So much important data to control the spread of the virus.

Another example: Veolia. The company’s goal was to roll out a portal to provide local authorities with data related to detecting the presence of Covid in wastewater. By providing more complete information about the epidemiological evolution in the territories, these indicators allowed local actors to better predict the health situation in their region.

For its part, the Department of Agriculture has decided to roll out an application available to the general public from which they can access a wealth of data on local producers. Finally, since 2018, SFR has been providing its clients with geostatistical metrics through a data visualization interface. Presented in an understandable way, this data provides information about the behavior of new customers and users.

During the health crisis, so many projects have been developed that demonstrate the importance of opening up data in the process of adapting and predicting the actions to be taken. Because, whether it’s data on territories, energy, or even mobile operators, the information obtained is a goldmine for understanding facts or behavior caused by an exceptional situation, whatever the captures.

Engage the younger generation

In addition to hiring data expert profiles such as data scientists or data analysts, a company must also recruit business profiles with an appetite for data. Highlighting a company’s data-driven strategy allows these candidates, and in particular the younger generation, to be attracted as it guarantees them collaboration based on the transparency, sharing and test-and-learn principles that underpin digital culture. Because, in addition to wages, benefits, and benefits, the younger generation is primarily looking for value, trust, and added value from companies and managers. They don’t want “transactions” but interactions and meaning!

These consumables, like any other

Finally, data cannot be left to the attention of experts and the younger generation. Everyone should be able to consume it in everyday life without effort, like any other information, and on any medium. Organizations must help make data a consumable like any other and encourage the creation of simple, accessible, and memorable data experiences.

While the public sector has been a pioneer in the field of open data, more and more private companies are moving to it, realizing the importance of open data for solving economic, environmental and health problems. To meet this challenge, every organization must have access to a tool to discover and share data, in other words, a tool to democratize access to and use of data. Still rare in organizations, even if they are, for the most part, equipped with data lakes and other “data expert” tools.

This is one of the top challenges for data project leaders in 2022: by adding this data discovery brick to their technology stack, organizations will be able to modernize their use of data and execute innovative projects in record time. It is an important lever for daily value creation.

Back to top button