My business school experience was fantastic, from what I can remember! I recall being surrounded by smart people and going to lots (and lots) of classes, but those hours spent sat learning about accounting and such famous theories and frameworks are but a distant memory.
What I do remember were the simulations and competitions against other members of my class. Competing in a fun and engaging experience around a real world challenge. These are the experiences that we remember whether at business school or any kind of life experience.
The way that organizations have been designed over the past thirty years through a matrix structure has resulted in the creation of information silos. These silos prevent business leaders from realizing the value of big data, as insights and knowledge are kept to the confines of teams across the business.
Big Data has no value unless it’s linked to a business metric. With all the hype and excitement surrounding Big Data, business leaders and teams have gotten lost as to where to start in order to achieve this critically important jump.
Throughout my consulting career, I have experienced a variety of different team meeting rituals. I will never forget standing in a Seattle hotel room, surrounded by a team of experienced executives, as they banged the desks in rhythm while shouting “WHO’S THE BOSS? ...THE CUSTOMER!” This type of cultural artifact is critical to staging an effective data meeting.
Growth is becoming more elusive for large CPG companies. According to an article from McKinsey, large food and beverage manufacturers grew only 0.3% per year for the last four years and accounted for only half of sales in that category. In comparison, medium-sized companies grew 3.8%, and small companies grew 10.2%. By intelligently leveraging data to gain SMB-like consumer insights, major players can shift this otherwise stagnant market.
Big Data presents huge opportunities for business if they know how to understand and share it.
A data-driven culture enables organizations to apply the data they collect to business decisions that matter.
The title “Chief Data Officer” has grown in popularity over the past few years, as more and more businesses seek to harness the power of big data. However, some companies throw data tasks under the responsibility of the CIO or even CEO, adding to that person’s already heavy workload.
So I have certainly had my fair share of involvements with business transformations - some successful, some ongoing, some well received, some not, all expensive, all taking longer than planned. And most, especially in recent years, coined with “here we go again!”
Data has become a critical corporate asset. Across industries, the potential value to be captured in the variety and volume of data that we are collecting is huge. Yet, according to extensive research, only a fraction of this value has been realised.
To find new sources of growth and innovation, leaders need to orient from "What do we need to DO" towards "What do we need to KNOW". The strategic intent or ambition must be clear for all to see, but act simply as a handrail for exploration.
Based on a survey of 2,719 respondents across the globe and interviews with 28 executives, MIT Sloan Review and SAS found that organisations achieving the greatest benefits from analytics are also much more likely to have a clear idea on how they recruit, develop and deploy key talent within their organisation.