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How To Identify The Data Opportunities For Every Business?

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How To Identify The Data Opportunities For Every Business?

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Today, what differentiates a market-leading company from an also-ran is often the way that it is using data. Data is often referred to as “the oil of the information age” as it powers revolutionary concepts such as artificial intelligence (AI) and the

Today, what differentiates a market-leading company from an also-ran is often the way that it is using data. Data is often referred to as “the oil of the information age” as it powers revolutionary concepts such as artificial intelligence (AI) and the

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How To Identify The Data Opportunities For Every Business?

  1. Opportunities For Every Business? How To Identify Data
  2. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved Today, what differentiates a market-leading company from an also-ran is often the way that it is using data. Data is often referred to as “the oil of the information age” as it powers revolutionary concepts such as artificial intelligence (AI) and the internet of things (IoT). Successful businesses use data to make decisions about their products and services, to streamline and create efficiencies in their internal processes, and to understand and their customers in more depth. Many even work out how to turn their data itself into new revenue streams, with transformative effects on the business. Every business leader knows they need to be working with data, but with so many potential efficiencies and exciting use cases, it can be difficult to know where to start.
  3. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved I have a straightforward process for this that I take my clients through when we sit down to consider how they could be using data more effectively. Of course, every business should already understand its strategic goals. What are the most important things that need to be done for the business to grow and succeed? Everyone in the organization should be aware of these. Are we looking for profits? Growth? A better understanding of our customers? To reduce customer churn or wastage in our processes? So when it comes to identifying data use cases, the best jumping-in point is to brainstorm initiatives that can help us meet one (or more) of these goals.
  4. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved High-level use cases At the top level, there are six areas where we can put data to use to help us hit our goals. are:  Improving decision making  Understanding customers and markets  Creating better products  Offering better services  Improving business operations  Monetizing data directly Netflix is often highlighted as a great example of a business that has pioneered intelligent usage, using data across all of these areas. Using the data it gathers as its customers use the service, it makes decisions about what movies and shows to recommend, as well as decisions about what content to commission or create itself. It monitors video playback quality to customers are receiving a good level of service, and it monetizes this information through its advertising partners.
  5. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved Tying these high-level use cases into a strategic goal or two is essential simply because the wealth of opportunities offered by data make it easy to get distracted or side-tracked into projects that aren’t of immediate importance. This can be particularly true if you’re in an industry where levels of data literacy are high, and there are shiny and exciting use cases appearing every day. Considering use cases without first considering how they help you achieve your strategic goals is a recipe for wasted time and money!
  6. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved Brainstorming Once this is understood, I recommend gathering all of the key stakeholders – those will have a part to play in your transition to becoming a data-driven business and those who will be affected – and brainstorming ideas. Keeping the strategic goals and high-level use cases in mind, come up with as many as you can for where data could help you to bring them together. For each idea, try to answer the questions: What is the objective? For example, are you trying to understand what age range your customers are in? To identify inefficiency in your design, manufacturing, logistics, sales after-sales processes? To stop customers leaving for another provider when their expires? Where to most efficiently spend your advertising budget to grow your and customer base?
  7. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved How will we measure success? Every idea should be tied to a metric or indicator that can be monitored to give feedback on how successful it is. There’s no point doing anything if we don’t know how to tell whether it’s working or not! What data will we need? Do we have everything we need to know already, or are we going to need to implement new data monitoring and gathering initiatives to find it? Will it be internal company data, or do we have “data that need to be plugged with external data bought in from a provider? Will it be structured or unstructured data?
  8. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved What technology and skills do we need? Is everything we need going to be available through cloud services, or if we have more specific needs or are dealing with very sensitive data, are we going to have to build bespoke infrastructure? Increasingly, the solution these days is a hybrid one. A basic understanding of the technology requirements is useful at this point, as, of course, is some insight into whether you have the capabilities to carry out your idea in-house or are going to have to look for or new recruits. What are the governance requirements? When you’re dealing with data – particularly sensitive personal data – you have to be certain you are complying with all necessary and regulations. This is for two reasons – firstly, to avoid the severe penalties that can incurred by misusing or misplacing data, and secondly, to maintain the trust of your customers. Being found in breach of the EU GDPR, for example, can potentially result in fine of two percent of global turnover, or 10 million Euros – enough to kill most businesses!
  9. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved Who will be the data customer? These are the end-users of the data you’ll be working with – they could be your actual customers, or they could be people within your organization who will take the insights you uncover and turn them into action. It’s important to have a clear idea of who this will be because it impacts the way that your data will be communicated – a critical element of any data strategy. Who will be the use case owner? This is the person who takes overall responsibility for implementing the idea and monitoring the outcome at a tactical level. Every data use case should have an owner, although an owner may end up with responsibility for more than one use case. It could be the person who conceived the use case, or someone an affinity for data, or someone who is close to where the data will end up being used. might be someone who ticks all of those boxes.
  10. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved Choosing your first use cases Brainstorm as many prospective use cases as you can – as long as they fit a strategy goal, a use case category, and you can answer the questions above, then they can go on the list. But once you have as many as you can think of, time to start thinking about which ones you want to start working on first. During the brainstorming, you may very well have come up with ideas that, realistically, are too difficult, too expensive, or too large-scale to work right away. Brainstorming them is still a very useful exercise, though, as it gets everyone thinking about the myriad of ways that data flows through an organization and how it could be put to better use.
  11. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved This is the point, though, where I recommend shortlisting around five realistic, achievable and worthwhile use cases to move forward with first. Any more than that, and they risk becoming unmanageable. These should fall into one of two categories – “majorly transformational” or “quick wins”. Majorly transformational initiatives are those that are likely to have a direct and long-lasting impact on your most important business goals, metrics, and KPIs. Quick wins are just as valuable, though, because they are easier to implement and should show a quick return – either in how they impact KPIs or, just as importantly at this stage, on how they impact data literacy and buy-in within your organization. These are projects that can speedily demonstrate the value of data and data-driven change and help develop an organization-wide appetite to move on to bigger and more transformative projects. Choosing the right use cases for your data strategy is just one of the topics covered in depth in the second (and completely updated) edition of my book ‘Data Strategy – How to Profit From a World of Big Data, Analytics and Artificial Intelligence. Click here to buy it!
  12. Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. He helps organisations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent contributor to the World Economic Forum and writes a regular column for Forbes. Every day Bernard actively engages his 1.5 million social media followers and shares content that reaches millions of readers. Visit The Website © 2020 Bernard Marr , Bernard Marr & Co. All rights reserved © 2017 Bernard Marr , Bernard Marr & Co. All rights reserved © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. He helps organisations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent contributor to the World Economic Forum and writes a regular column for Forbes. Every day Bernard actively engages his 1.5 million social media followers and shares content that reaches millions of readers. Visit The Website
  13. Title Subtitle Be the FIRST to receive news, articles, insights and event updates from Bernard Marr & Co straight to your inbox. Signing up is EASY! Simply fill out the online form and we’ll be in touch! © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved

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