The pace of technology growth we have experienced in even the last decade has been staggering. This has created a whole host of new opportunities and improvements to our home and work lives - and the explosion of data is revolutionising businesses.
Organisations of every type are now expecting their business decisions to be based upon robust data analytics to support intuition and experience. Data-led insight can add business value to every part of the value chain and every area of business decision-making. However, diving in without knowing what you are dealing with is a recipe for disaster. How do you ensure your processes are adequate and you get the best value from your investments?
Data drives key business decisions, and for confidence and trust in that data you need effective data governance. But complex organisational models and one-size-fits-all policies often fail to manage what’s important. What’s needed, is a clearer picture. Managing the risk in data is essential, but great data governance goes far beyond this, and develops an environment which realises the full potential data can have for your business.
We have more data now than ever before, and better tools for data analysis. Using data effectively can make the difference between success and failure in business. We all need to be thinking about data integrity and to be concerned about how we use data. Organisations which feel confident about the underlying data used by their systems are able to rely upon it to make decisions, highlight opportunities and identify and manage risks. They can be agile, because they feel comfortable with their data and know that it meets their business needs.
In today’s competitive environment, businesses are under pressure to reduce costs while improving the effectiveness of their operational delivery – usually through optimising demand and supply across their value chain. Globalised and interconnected value chains create a level of complexity that requires sophisticated real time decision making. However, many teams are not armed with the level of insight required to make these decisions.
As organisations of all types know, compliance with international privacy regulations has become increasingly challenging. Not to mention keeping up with the nonstop stream of changing technology and uses of data.
With the ability to transfer and exchange vast amounts of personal data across continents and around the globe in fractions of seconds, the need for legislative change is clear. The General Data Protection Regulation (“GDPR”) is the modern age answer to ensuring all organisations processing personal data are held accountable for ensuring our fundamental right to the protection of personal data is upheld.
"Most organisations are currently using data to look backwards and describe what happened and why. A quarter are predicting what will or could happen, and the most sophisticated companies (just 13%) are using prescriptive approaches to determine what should happen and why."
Our Data Assurance & Analytics team can help you by:
To get a clear understanding of how business leaders approach decision making in their organisations, we used special software and a narrative-led methodology to see experiences that otherwise wouldn’t be captured in standard survey instruments.
Since May 2015, we have been collecting micro stories and other signifying data from 2,100 executives and managers. 256 of these are based in the UK. We wanted to understand the degree to which they see themselves as data-driven; their reliance on machine learning versus human judgement; their needs around speed and sophistication; and the limitations they face.
The UK and the Isle of Man are both ‘dabbling with data’. The majority of organisations are “data focused but not data centric” as one respondent describes it. Executives understand the importance of data and are using it to inform decisions, but continue to base their strategic decision on human judgement rather than machine algorithms, even when it comes to their most important, high value decisions.