Happy Independence Day, Finland! The 100 Days of Data Economy is now ready for the last couple of posts. We each decided to make three key takeaways of the series. Concentrating on just three items was challenging, but in the end, it was also important for my personal learning and piling up thoughts.
I have worked past 20 years in my working career mainly in technical roles and my expertise is especially focused on data processing, building and developing data services and products. The business aspect has been more emphasized in my work in recent years and has become a particular area of interest to me. I want to focus on how data creates true strategical impact and business value, such as competitive advantage and productivity to companies. Writing this series only confirmed my thinking. Most of all, I got excited about writing and look forward to our book project.
Here are my top three takeaways from writing this series
1. Good enough data quality
Good data quality is the foundation of business but the responsibility for example determining good enough data quality lies primarily with the business operations, not so much with data management. Resources should not be wasted is a nominal quality work that does not have a value-creating business goal and impact.
When planning data maintenance, it is worth remembering that, if the data is not constantly maintained it becomes irrelevant and flawed. Good (enough) data quality should be involved in supporting and reinforcing business and its reputation a chance to grow and thrive. Data should preferably be an ongoing (life-cycle) process, similar to building a product.
2. Start Breaking down silos
The greatest obstacle is the same eternal even today; access to data. If data utilization has been identified as a necessary competitive advantage for today’s business, then why is it so darn difficult to access the data we need? Digital transformation should start by focusing on breaking down your data silos.
A progressive and practical approach to removing barriers to silos is the most effective way. You should select data that is critical to your business and then start systematically breaking data silos.
Complex operational models, rather than simple, phased, and practical ”playbook” and efficient data supply chains, don´t solve and change things. Things must be above all pragmatic. Transformation starts when there are clear business objectives and motivation of the people. In most cases, they both go hand by hand.
3. Transparency is the key pillar of Customer trusT
Transparency is the key thing when building customer trust. People should be given control over what data is collected from them and told transparently how their data is being used and by who.
In addition, it is essential that the data collector demonstrates its commitment to data and privacy protection. Data should not be shared without permission and asking for permission should be apprehensible, so that people understand what they are giving permission for. Fostering trust is the new business imperative.