Data has the potential to be a strong growth driver for companies as it can deliver fresh market insights, quality employee experience, effective contingency measures, and strategic future plans. With today’s digital transformation in the workplace, many opportunities arise from handling and managing data.
For data expert, Ruben Ugarte, a company that aims to maximize and integrate data into its business should set clear and realistic goals. In his book “Data Mirage: Why Companies Fail to Actually Use their Data,” Ruben noted the significance of an outcomes-based approach in utilizing data as different organizations may have different needs and targets. For example, an e-commerce company may use data differently from a digital solutions company. Or different teams inside an organization may need different sets of data to perform better.
A competent data strategy entails appreciation for both quantitative and qualitative data. Ruben stressed that the true challenge in data is not its collection but on how to enable an organization’s workforce to utilize it more effectively. Data enablement can be done in various ways, such as documentation and data visualization (a step that can efficiently communicate quantitative data). Another way is to conduct cyclical training for employees so that they can be accustomed to proper data usage and analysis.
Another challenge in coming up with a data strategy is how to maximize it for artificial intelligence (AI). AI is considered as the future of data but there are still many nuances on how to use it to accelerate growth. One way to capitalize on data and AI is to develop products and services that can easily engage with customers. As a case study, Ruben talked about Spotify and its strategic use of AI by personalizing song and playlist choices.
Finally, companies have to be mindful of protecting data integrity to build consumer trust. This applies especially to businesses that place data at the center of their business operations, such as Google and Facebook. To ensure data integrity, companies need to invest in the right people, including data analysts and scientists. One strategy to hire the most competitive talents is to give them tangible paid projects to gauge their level of discipline and responsiveness.
A data-driven world is most likely the future for most industries. For company founders and entrepreneurs, this means challenging yet exciting times ahead. To establish a successful data strategy, organizations must build a strong support network of people across different industries. There should also be an investment in data proficiency and mass education projects to better understand technologies that produce data.
Abhii Dabas is an active member of the tech community, and through his companies (including Webpuppies), he conducts outreach programs across different universities with a focus on entrepreneurship. Over the past months, he has already trained over 1,000 university students to help them prepare to join the workforce.
Ruben Ugarte is a data expert who has helped over 75 medium-sized and large companies incorporate data in their decision-making processes. With over 10 years of industry experience, Ruben believes that an effective data strategy begins in identifying specific goals to assess how data can realistically help an organization grow. Aside from his book “Data Mirage: Why Companies Fail to Actually Use their Data,” he also maintains a blog that has already reached over 100,000 readers.