New Data Infrastructure for the New Normal: Leveraging Businesses’ Data Appetite
“Leveraging upon the Businesses’ Data Appetite will be the deciding factor for the success of the new data infrastructure and emerging Data technologies.”
Data is a set of information, facts, and statistics numbers used by organizations to make business decisions.
Since the COVID-19 pandemic emerged, instances of data-driven decision-making have surged among organizations.
Earlier, when business decisions were dependent on intuitive decision-making, decisions these days depend on the power of data.
The times are different now. Pandemic has brought uncertainties with it; and hence, the data which was useful earlier tend to become of lesser use owing to the unprecedented business scenarios.
New data infrastructure is the need of the hour these days; which is possible by transforming data with an innovative approach to business decision-making.
Digital transformation is a result of the challenges posed by the pandemic.
To combat pandemic-driven challenges, businesses adopt digitized models, Big data methodologies, and emerging technologies.
As the redefined business models emerged, the need for more advanced data and data techniques also emerged. And, data technologies such as advanced scenario modeling and analytics in cloud platforms are even more critical now than ever before.
Data – The Deciding Factor:
Data was never lacking. In fact, it has been there for a long, and it will be there for decades to come. Moreover, data has been used as an essential tool by businesses to make their business decisions.
Be it analyzing the consumer behavior or be it analyzing the market trends to make a business strategy, data has played a crucial role in business decisions and remains an integral part of organizations’ businesses strategies.
The same data which used to follow the traditional business methods experienced a sudden shift in its usage once the pandemic hit the world.
Data and leveraging on the power of data acts as a deciding factor for fruitful business decisions.
Digitalization and Digitalization have been the talk of the market for a long.
Still, organizations remained susceptible to digital investments, but as every necessity creates new opportunities, the increased use of data for decision-making has also followed the same suit.
Business leaders these days are increasingly embracing advanced analytics and artificial intelligence (AI) for their business decisions.
According to one of the latest research conducted on the power of data in post-COVID-times, the overall profitability capabilities expected from the data ranges between USD 9.5 trillion and USD 15.4 trillion in its annual economic value.
New Data Infrastructure For New Normal – Leveraging Businesses’ Appetite:
Data and Business Analytics Alignment:
Achieving robust business decisions is not possible without considering data along with data analytics.
Emerging technologies such as AI, RPA, and IoT only foster the data and its value to derive meaningful insights that help organizations make business decisions.
Research reveals that only 30 percent of organizations align their analytics strategy with the data and corporate strategy.
THE organizations that leverage Big Data and Companies that have scaled AI effectively are nearly four times more likely than others to align Data and Data analytics to achieve critical business decisions.
Collaboration across Business Units:
To leverage a business’ data appetite, it becomes imperative to align the business practices across functions.
Collaborating with business leaders across the business units results in achieving business goals and objectives, working together on specific common business goals and objectives.
Implementing strong data practices:
Business decisions are data-dependent in the COVID and post COVID eras.
Implementing strong data practices results in achieving business goals more effectively.
The IT leaders take major data-related decisions in any organization that focuses on devising business strategies to deliver business decisions.
Embedding data practices into account the organizations’ risk factors and governance structure results in new data infrastructure.
Complying with Data protocols and standards:
Complying with Data protocols and standards is one of the most important aspects of embedding digital data into business practices.
Adopting standardized digital tools and practices aligned with the innovative set of rules leads to new data infrastructure transforming the overall business practices environment into digital.
Ensuring the rate of adoption:
Having digital data practices doesn’t ensure an effective business practice.
Business leaders and IT experts in organizations use data-driven insights to strategize business goals and objectives.
However, To achieve a profitable business environment, ensuring the rate of adoption of transformed business practices becomes essential.
Having the crucial KPIs in place and the data-driven findings results in achieving a new data infrastructure in the new normal.
Data is the new imperative.
The less the data significance of data was, the more it has become with its usefulness in this new digital world.
Above all, having data was never an issue for the IT and Business leaders. The sole reason for the effective decision-making was the ineffectiveness of the data.
In conclusion, with the rise in digital transformation; leveraging upon the businesses’ data appetite will be the critical deciding factor for the success of the new data infrastructure in the new normal.