Fewer companies – from 46.9% four years ago to 39.5% today – are treating Data as an Asset. Say what
In a recent HBR article titled Has Progress on Data, Analytics, and AI Stalled at Your Company?, January 2023 by Randy Bean, the author shares some statistics which gives us pause. While everyone recognizes the importance of – no one I know says “I want to know less of what is going on” – of having more and better data to inject into decision systems, it seems progress is slowing down.
The numbers point to headwinds – only 20.6% of polled leaders say their organizations have a data and analytics centric culture.
To face this apparent slowdown and ensure organizations continue to be proactive about benefiting from the proven value of having more and better information upon which to base short and long-term decisions, both tactical and strategic, the author offers four recommendations to support the continued journey towards digitization.
Focus on Cultural Changes and its Business impact – cultural impediment and not technology is mentioned as an important obstacle to continued development of data and analytics culture among all worker levels.
Start small – demonstrate business value fast.
Build strong partnerships and sponsorship at every level – leaders need to blend into the organization, simplify terminology and engage in dialogue with departments to find solutions together.
and don’t forget about Data Ethics, because customers won’t – have clear policies in place of what can and cannot be done with data.