Not too little, not too much - just right.

In a post-COVID-19 world, the need for better digital engagement with customers and employees is key for many sectors according to our research, and Gartner and McKinsey & Co.  Using data has never been more key to short-term recovery and long-term strategic earnings strength.  Yet, despite this, 69% of companies state their analytics governance models are siloed, their data strategies are siloed, their AI initiatives are siloed.  Furthermore, over ¾ of all companies surveyed need to modernize their basic tools and BI platforms.

This results in a lack of competitive competency.  It’s disturbingly common for mid-tier organizations to utilize outdated tools - like excel or basic BI visualization tools only.  – to create insights and make decisions. Often, the time it takes to crunch numbers, tease out interpretations, and communicate to relevant stakeholders makes the insights obsolete by the time they are able to influence decisions. 

Or worst yet, too much information that is NOT relevant to gaining competitive advantage.  In fact, our experience shows that visualization dashboards with more than 3-4 key metrics are ineffective for business leaders.

Organizations that focus on removing silos in data sharing and use governance to drive corporate results will achieve data-monetization goals.  Information into a product is real:

• ADP – built the ‘DataCloud’ for Payroll and HR services that allows their customers to now buy valuable insights and find connections that were previously unseen

• Kroger – the grocery store chain, applies precision marketing “by leveraging purchase data, to create relevant personalized experiences”

• Verizon – the telecommunications and media company, built ‘Smartplay’ an “end-to-end platform.. that gathers all the necessary insights to make smart decisions”

Doing things in traditional ways may work in ceremonies, but doesn’t scale up in today’s ever-changing marketplace.  A modern BI platform approach is needed, data silos must be removed, and governance must be embraced.

The first step to maturing your company is benchmarking your current processes, people, data modeling against your peers.  You must know where you are to be competitive.  At CAVU, we have opened up our proprietary maturity model to help our clients understand their current state vs their peers and get no-charge recommendations on what to focus on to build competitive analytics and AI organization.  

You can learn more by clicking here: CAVU GLOBAL RAPID ASSESSMENT