Data has become an integrated part of our world — both in terms of work and private life. And the mission to understand data and its context are having global ripple effects, not only on a macro-level but also on a micro-level.
Data has become a valuable currency
In our day-to-day, data is continuously used to drive attention, buying patterns, opinions, etc. Collecting and interpreting data thereby becomes a powerful asset for companies. For example, in London, transportation companies suddenly turn into a highly valuable source of data based on all their know-how about how people are moving.
Data control and ownership — a necessity
But as the value of the data increases, so does also the importance of control and ownership. Privately, this means that we need to be careful with how we share and act on. For organizations, it is very much about understanding the true value of the data as an integrated part of your business. To be in full control of your data and understand how it is connected can be a matter of survival — perhaps not today but in the near future. The only certain thing today is that the volume of data will continue to increase and the players that are can evolve their business accordingly will be the long-term winners.
In the world of IT solution providers, this has resulted in a global trend with the goal to own and control other companies’ data. More and more companies tend to put all or most of their data in the cloud. This might be a winning strategy based on cost and ability to scale, but it also brings about long-term risk.
How to get a leg up in the battle of data
Finally, some observations and tips to master the battle of data:
- Data is and should be an integrated part of your company strategy
- Ensure that you control the data and the long-term ownership — it is a part of your company
- Data should be an integrated part on a board- and management-level — it might be a matter of survival or increased success
- Just collecting data is not enough, you need to have the processes and tools to fully understand it
- To get the full value of your data, you must master how it is used and ensure that it is used in the correct way
The battle of the data is nowhere near a conclusion. As for all businesses, success is something everyone owns individually. Ensure that you are in the driver’s seat by having full control of all your assets.
Data, along with full control, understanding and correct adoption, is and will continue to be a critical part of long-term success.