John Randall DennisChief Strategy Officerwww.randasolutions.comwww.linkedin.com/in/johnrandalldennis@tech2learn
Big Data and High-Stakes Decisions1 Enterprises are drowning in a deluge of data.2 C-suite decision makers struggle to quantify their data quality.3 They lack confidence in high-stakes decisions based on their own data.4 C-level execs are anxious about ferocious data growth.5 Many oblivious to the coming “tsunami”.
Forces Driving the Big Data TsunamiMobile Web Use Growth Context-Aware Computing•Gartner Research: By 2013 more web access via •Context-aware is now positioned where searchmobile than from computers. engines were in the 90’s.•Forrester: 2012 the year of “mobile ascendency” •Marketers and consumers benefit first, but potentialmobile surpassing PC and mainframe markets. of context-aware computing is far reaching.•IDC: Worldwide IT spending will grow 6.9% in •Extended implications for process improvement,2012, driven by mobile devices and networks, immediate expertise sharing, and knowledgesocial media, and Big Data analytics. workers.
Big Data Offers Big Benefits1 Makes information transparent and usable at much higher frequency2 Creation and storage of transactional data in digital form acquires more accurate and detailed performance information - exposing variability and boosting performance.3 Clearer, narrower customer segmentation - providing customized products or services.4 Sophisticated analytics to improve high-stakes decision-making.5 Big data can be used to improve the development of the next generation of products.Source: McKinsey Global Institute “Big data: The next frontier…”
Sectors Most ImpactedAll types of enterprises will eventually be influenced by the surging wave of data.Those reliant on mobile devices for the customer experience, as well as sectorsdemanding more data driven decision-making, will be impacted most:• Retail specialty stores: increasing sales and operating margin•Healthcare: improving efficiency/cost controls, quality of care with evidence-basedmedicine processes, moving toward life quality healthcare• Manufacturing: improved efficiencies and better product roadmapping• Education: aligning data to provide reliable intelligence for high-stakes decisions• Personal location services• Finance and insurance
Don’t drown or swim.Prepare to ride!There are three clearly attainable steps to prepare to harness the power of the tsunami.These steps are simple, but not easy.They’re not free. But they are all essential. 1 Assess the quality of your existing data. 2 Implement incremental corrections. 3 Lead your organization into a position prepared to surf.
1 AssessGartner’s Data Quality Maturity Model is still relevant.Yet most organizations’ relevant data is scattered over a number ofdepartments, vendors and third parties. Each silo is probably at adifferent level of maturity and exhibit different levels of inaccuracy.Don’t be afraid to map and assess each silo, each process andidentify each information asset’s accuracy.Don’t be ashamed to face the findings.Only a few organizations have mature dataquality initiatives.Resources:“Gartner’s Data Quality Maturity Model” Andreas BittererGartner Research“Diagnosing an Effective Data Quality Initiative” Daniel Teacheywww.information-management.com
2 Implement Incremental ChangeMap a matrix of your silos with the revenue/cost savings eachcould provide if improved.Budget the cost of improving the data quality of each.Sort the list with the most expensive data improvement at the top.Then start at the bottom: the cheapest improvement that will havethe largest impact. Improve the data quality.Celebrate the improvements with your team. Apply the increasedrevenue or cost savings toward improving the next.
3 LeadYou can lead your organization into a position to surf the tsunami.Inspire. Focus on the thrill of surfing! When people in your organizationrealize your point in identifying weaknesses in processes andinaccuracies in data isn’t to shame, but to enjoy the thrill of surfing,they’ll want to be a part of it.Persevere. The larger your organization and the more pulverized yourdata, the slower this process will be. This will take time and discipline.Celebrate. Monitor and celebrate progress.What’s a major victory? When any silo attains Level 4 or Level 5, put iton a pedestal. Give props, salute, and publicly applaud the people whohelp you get there every stage of the way.You can do this!
Action Items1 Gartner’s Data Model Maturity Model: If you’ve got it, dust it off and read itagain. If not, you can order it at gartner.com2 Team with people in your organization who recognize the tsunami is coming.Build a consensus that now is the time to plan, prepare, act! (You shouldn’t trythis alone.)3 Review the state of every data silo in your organization – the additionalrevenue each could bring in if optimized, the expenses each would save ifimproved, the cost of optimizing/improving each.4 Identify easiest victories. Crush them. It will inspire your team, and probablyprovide you clear RIO justification for investing in the next battles.5 Build a recurring schedule of meetings to keep moving the ball downfield.Onward!
John Randall DennisRANDA Solutions | Chief Strategy Officerwww.randasolutions.comwww.linkedin.com/in/johnrandalldennis@tech2learn