in ,

Three Goals For Every Data-Driven Organization

Three Goals For Every Data-Driven Organization

Thomas Hazel is the Founder/CTO of ChaosSearch, focused on information and computational science innovation.

The global migration to digital channels in the face of the pandemic created a data boom, but converting that data into actionable insights is no easy feat. According to NewVantage Partners, even with major investments in data, only 29% of Fortune 1000 businesses reported positive business outcomes related to their digital transformation efforts in 2021.

This glut of data presents new opportunities for organizations, but the current infrastructure—coupled with the data scientist shortage—has made it challenging for companies to extract value from data to inform business decisions.

Fortunately, with challenges come new opportunities for companies to fix things that weren’t working and set goals that can empower them to become truly data-driven.

Here are three critical goals every organization should set if they want to start leveraging data to generate more valuable business insights that can improve bottom lines and accelerate growth.

Stop Wasting Your IT Talent

In a recent survey, we found that IT teams spend almost as much time prepping data (6.6 hours per week) as they do analyzing it (7.2 hours per week). That’s a waste of resources because this process can be fully automated.

Further, such a failure to adopt cutting-edge data tools may harm an organization’s ability to attract and retain top tech talent, which is already in short supply. According to an IEEE Global Study, 73% of organizations indicated that recruiting technologists will be at least somewhat challenging in 2022.

Aside from the obvious benefit of making it easier for everyone to interact with an organization’s data, solving these data challenges with technology can help alleviate the talent shortage. You can pivot high-skilled workers from focusing on running queries and modeling data off user requests to becoming teachers and technology architects.

Increase Data Retention and Access

When organizations more effectively retain and increase access to data, they’re able to drive greater business value from that data. Data provides not only a historical representation of an organization but is also the key to future growth; the more data your organization can leverage, the more it can innovate.

However, our survey revealed that only a quarter of companies are retaining data indefinitely, which is a huge missed opportunity. Storing a large breadth of data long-term can improve security by enabling organizations to spot vulnerabilities in their systems, as well as proactively identifying growth opportunities. Organizations may find that saving data for only a limited duration increases security risks and hinders growth.

In order to support a strong data retention strategy, organizations need sufficient resilient infrastructure. That means an increasing reliance on data lakes.

Activate Your Cloud Data For Analysis

Public cloud services like AWS provide cost-effective solutions for retaining data at scale, but most enterprises need better technology to efficiently analyze the vast amounts of data they’re generating from launching new applications, services and devices in the cloud. Before they can use all of this data, it needs to be aggregated and stored—which can become costly.

Modern data lakes can house limitless amounts of data through a cloud-based infrastructure that enables users to scale as their needs grow. Our survey found that 69% of organizations have already implemented a data lake—and 87% indicate that the data lake has improved their ability to make decisions.

It’s important to keep in mind that simply having a data lake doesn’t guarantee insights, so companies should focus on solutions that can activate their lakes to derive valuable data analysis.

Capitalizing On New Opportunities

Smart organizations are poised to maximize the opportunities available in their data. It starts with putting the right people, processes and technology in place. Then, up-level your teams by automating data prep and cleansing as well as implementing transformation projects so your highly skilled IT workers can become enablers and architects.

While data lakes have become increasingly popular, the environments lack the necessary analytic capabilities to activate them. It is critical that companies couple data lakes with other cloud-based offerings and downstream tools to help deliver, index, transform, query and analyze data at scale. This strategy can activate low-cost cloud object storage to allow teams to ingest and analyze their data without moving it.

Integrating new technologies must be strategic and prioritized through cost optimization. Start small by identifying a few use cases that can benefit from data lake architectures like governance and compliance challenges. Once the tool is deployed, companies can start to think about how to expand their use cases, growing beyond traditional data lake applications to optimize operations and enhance user experience. To do this, companies must increase data retention and access to not only reduce future business risks but also help identify new growth opportunities.

Companies that can transform their data lake into an analytic platform, converting data into actionable insights quickly, can inform more business decisions and find themselves ahead of their less innovative competitors.


Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?


What do you think?

Today’s ‘Quordle’ Answers And Clues For Saturday, June 18

Today’s ‘Quordle’ Answers And Clues For Saturday, June 18

Mining company adopts electric trains that never need recharging

Mining company adopts electric trains that never need recharging