- 12th June, 2018
Is Your Organisation in Need of a Seismic Shift?
By Megan Yates
If you’re reading this, you already know that we’re living in a data economy. Data-driven companies have leapt ahead to become the world’s most valuable and report considerable EBIDTA gains by harnessing the power of data.
We’re seeing several companies jumping into data science, starting off with use cases that improve profits and save costs. Sadly, some organisations are getting left behind, stuck in a world where decision making is constrained by data access. They have a poor understanding of how to utilise data and model their business exclusively in Excel. (Now Excel is one of the most successful and widely-used business tools, but it’s not meant for machine learning and AI).
Before we go further, I’d like you to answer a few questions:
- Does your organisation rely on intuition and non-statistical methods to make forecasts and to model customer behaviour?
- Does your organisation hesitate to run small-scale tests and experiments?
- Is your data team overly protective over its data domain, avoiding to share data, models or code with other divisions?
- Does your organisation struggle with monitoring key performance indicators, regular business intelligence and reporting?
- Do your analysts tell the organisation they can only do advanced analytics and data science once all the data is cleaned and structured - and that this could take up to 3 years?
If you answered yes to any of the above questions, your organisation may be in need of a tough, but crucial, shift in how it thinks about data. If your organisation’s mindset isn’t where it should be, you can hire the best data scientists in the world but you still won’t get the business results you’re after.
Hoarding data and code, not understanding or using the right tools and skills to solve problems, poor data team structuring, an unwillingness to experiment, and flawed thinking around how to derive value from data, these are all serious threats to business success in the data economy.
At Ixio, we have a team of specialist advisory consultants who work with organisations to make the necessary adjustments before starting on the data science and AI journey. The landscape for hiring and retaining data talent is extremely competitive. It’s critical that a conducive environment is set up to ensure the success and sustainability of data teams, and ultimately to drive superior business results.
With customers hungry for personalised offerings and exceptional service, organisations can’t make the shift in thinking soon enough.