Behind the scenes, almost every business is in the data business. It’s nothing new to be generating and capturing huge data volumes across your enterprise. But what organizations are beginning to realize is that the era of free data hoarding is coming to an end.
Storage can be complex and costly, a drain on energy and resources. And in the rush to collect all this data, it’s become all-to-common to sideline what you need it for. Focusing attention on where value lies, and how to harness it, is something we look at in the data ecosystems lens of our latest Looking Glass report.
Some people like to talk about the huge data stores they’ve amassed as if they’re an untapped oil reserve, just waiting to be mined. But unlike oil, data doesn’t carry any intrinsic value on its own. Its value relies on you having a purpose—and a process—for it. Leave it too long and the opportunities begin to wane.
So, you need to put your data to work. Like an airline using flight performance data to inform maintenance schedules. Or a telecommunications firm identifying latency issues at speed. Data insights can boost efficiency, drive better decision-making and unleash new opportunities for innovation. It can give you the answers you need, and raise questions you didn’t know you had.
Getting the foundations right
Maximizing the value of your data assets begins by identifying exactly what you need and where you can find it. As data volumes have grown, it’s become increasingly difficult to separate the signal from the noise; to identify what’s useful and what’s not. Add to this the technological challenges of processing, management, and governance — in a landscape where skilled data engineers are in short supply — and it’s little wonder that data continues to under-serve many enterprises.
Cue the data platform and the building blocks for an intelligent digital strategy. By making your data accessible, trustworthy and secure, data platforms transform data stores into strategic assets. They’re the foundation for gathering insights, creating reliable AI systems, and controlling risk.
Sharing is caring
We’re also seeing data platforms play a key role in our increasingly connected world. But for everyone to reap the rewards, there needs to a big shift towards data standardization and sharing. This is already emerging as a hot topic among industry movers, shakers, and policy-makers, with the EU’s Data Act aiming to set the standard for a fair, innovative, and sustainable data economy.
The opportunities here are exciting. Data sharing could help level the playing field and reduce monopolistic behavior. It could see private and public bodies work together towards solutions that benefit all. Meanwhile, greater efficiencies will reduce costs — both literally and environmentally. By breaking down internal silos, optimizing the links in supply chains and bridging gaps between enterprises, we can create a wider data ecosystem with the potential to positively impact industry, and society.
There will be ethical concerns to navigate. Customer expectations to consider. Security challenges to overcome. But it all begins with a robust data platform.
Read our 2024 Looking Glass report in which we explore the trends reshaping this landscape—and share actionable advice to future-proof your data and AI activity.
Disclaimer: The statements and opinions expressed in this article are those of the author(s) and do not necessarily reflect the positions of Thoughtworks.
