.Data

How to leverage the benefits of data-centricity?

We’ll describe some of the crucial components that need to be in place to ensure that you can fully leverage the benefits of data-centricity.  

The ultimate goal of a solid data company is to create business value: 

• You create value by using data. Whether it is intelligent algorithms or publicly available dashboards, data supports better decisions in data-driven organisations. 
• All of the above can only be realised if there is a solid data foundation. In this way, companies ensure that data is made available in a timely and structured manner. 
• A crucial, but often underexposed domain is information management. These activities ensure that data is used correctly, is well documented and of high quality. 

The End Goal - creating value through better decisions 

• Improved strategic decisions: one of the benefits of investing in data is making better strategic decisions. To develop a good strategy, it is wise to build one on accurate data and solid insights. For example, data-driven segmentation can help an organisation improve its offering to strategic customer segments. 
  
  
• Faster and/or better tactical decisions: another advantage is that quick decisions can be made with great accuracy. Think of a bank that has to decide who is entitled to a loan. You can either use a small army of people to make this decision manually, or you can use an algorithm to do so. More and more companies are realising that algorithms are not only faster, but also less prone to cognitive bias, and thus lead to more accurate decisions (such as who gets a loan or who should be hired). When properly applied, these algorithms are implemented in smart automated processes that drive companies to make better and faster decisions at every step of their operations. 
  
  
• Exploration of new opportunities: recent research shows that data-driven companies not only outperform their competitors in their traditional business activities, but they also tend to set up completely different activities where they have a competitive advantage.