For nearly a generation, managers have exhorted their organizations to “manage data as business assets.” But relatively little has happened, perhaps because the logical follow-up question, “what exactly should we do differently?” goes unanswered. This presentation answers that question. It makes three mutually-reinforcing “prescriptions” and shows how leading companies follow them. Specifically:
- Take care of the data: Focus on the data with the greatest market potential and improve by at least an order of magnitude.
- Put the data to work. Use them to make data-driven decisions, to enhance existing products and services, and to find and exploit previously-hidden insights (e.g., analytics and big data).
- Advance the management system. Today’s organizations can only be described as “unfit for data.” Getting the right people in the right jobs and having all who touch data contribute is essential.