This is not the new normal, it’s the normal, and organisations need to be prepared.
It’s impossible to avoid it. The pandemic, the conversations that swirl around it, and the belief that the changing landscapes of work and interaction are the ‘new normal’, but this is no longer new. It is the normal.
This world of work is being defined by the pandemic and redefined by organisations as they innovate over challenges and refine business parameters. As everything continues to change, it will be those organisations that pay attention to technology and invest in its ubiquity that will be most likely to do more than just survive in these turbulent times, they will thrive…
“It may seem counterintuitive to consider spending money on new technology in the face of complex market and economic conditions,” says Enlin Neveling from Atvance Intellect. “But it’s the opposite. If we look back at economic crashes and global crises in the past, those are the times that defined invention and reshaped convention. The same can be said about what’s happening today which is why technology is a solid foundation upon which to build a business that’s agile enough to cope with what lies ahead.”
But what should the business be doing? What are the strategic and essential steps that can be taken to futureproof the organisation and enable its sustainability? Where should it start. The answer lies in the data.
Define a clear plan for the data
“Establishing a data-driven culture within an organisation isn’t easy, but it can offer immense value to the business over both the long and the short term,” says Neveling. “Start with a well-defined plan that’s aligned to key business objectives. This will ensure that you have a clear understanding of the foundational components you need to deliver on this strategy.”
Strategy and business objectives are two of the pillars that hold up a data-driven business, the third is an understanding of the data itself. Define what data you plan to analyse so you understand both its potential and its limitations. This will allow for you to scale your investment horizontally, to become more innovative, and to remain focused on your goals. Solutions such as Splunk Enterprise are designed to make this process simple. This platform collects and analyses the data that’s being generated by your existing technology infrastructure so you can more accurately drive performance and get more focused business results.
Establish ownership
There’s a saying that goes, “Data is only as good as business accountability.” To get the most from any data investment, you need to create centres of excellence within the organisation so that there are definitive pathways of accountability and ownership. This will embed a rich culture of data into the business across teams and the executive, and it will align the organisation towards common goals.
This approach will also ensure that the business remains the owner of the data – there has been more than one failure for data to thrive due to bureaucracy and a lack of commitment from the leaders in the organisation.
Recognise the importance of Volume, Velocity and Variety
These are the three Vs of data and the characteristics that will ultimately determine the skills and technology you’ll need to deliver on your business objectives. The Volume of data can vary from a few kilobytes (KB) to enormous zettabytes (ZB) and beyond. Volume will play a significant role in determining what technologies your business will use to manage the data. Just remember, data doesn’t have to be big to be valuable.
Velocity is the characteristic that will determine the speed at which your data will be made available for analysis. This can be anything from one batch per day to real-time data collection. Finally, Variety is the format or medium that your data lives in. Dependent on your business and use case, your data can come from multiple sources in different formats and can be structured, unstructured or semi-structured. The right data analytics platform will meet the criteria defined by your unique three Vs in ways that are optimal for your business.
“There’s no such thing as the perfect platform that can capture each of the Vs with ease, but there is the right platform that can address both your immediate needs and your future needs with intelligence and relevance,” adds Neveling.
Listen to your data
You’ve invested into the right tools, you’ve got buy-in throughout the organisation, you’ve trained your people and you’ve established controls and data quality, but none of this will mean anything unless you listen to your data.
“Have faith in your investment and in what the data is telling you,” concludes Neveling. “Ensure that there are key metrics that focus on various key indicators to business performance and that these are embedded in daily, weekly and monthly team meetings. Use these insights to drive decision making and ensure the company is working towards a common goal.”
Once your business has achieved a certain level of data maturity, it will be capable of taking the data into automation and artificial intelligence solutions. This will further your return on investment and deliver even more value throughout the company. It will also put your organisation on a solid foundation that’s not built on cement, not like in the past, but on pivots that are agile and prepared for whatever lies ahead.