- Differentiate CIO and CDO duties
Although it is vital for employees to work together, the roles of each employee should be clearly stipulated to enhance efficiency and streamline operations. The Chief Information Officers (CIO) should focus on the core and legacy systems. At the same time, the Chief Data Officer (CDO), on the other hand, is tasked with digitizing data assets that include big data. Although separation of responsibilities can be critical, the businesses that manage to blend these two responsibilities will become successful. These two individuals must be allowed to work together if maximum benefit is to be derived from their operations.
- Use actionable data for accurate decision-making.
Actionable data is usually extracted from data records and can enable machine learning algorithms to work correctly. Such information is crucial because it helps decision-makers make intelligent decisions. For businesses, gathering massive amounts of data from varied sources does not amount to anything until it can be used appropriately by transforming it into actionable data that has real value to the business's operations. Therefore, businesses must find ways of sieving through transaction or investor data at their disposal, analyze it, and make decisions based on insights obtained.
- Link big data with your organization
Big data cannot work alone in a vacuum if it is not incorporated into the business. Therefore, you must ensure that there are impactful business cases that can be linked to the big data strategy to minimize costs, increase revenue and enhance operations. Unfortunately, many big data initiatives end when data has been digitized, leading to limited data leverage in the creation of value. This impacts key operations and the delivery of results. In 2021, you must identify the kind of data and analytics that can create value and ascertain their impact.
- Remove data silos
Data silos are a big disadvantage to big data projects. Therefore, you need to identify them and know where the data silos in your organization are. They are big data repositories and applications hidden in departments and cannot be accessed or shared throughout the organization. These silos affect decision-making and are therefore a risk since they can cause conflicts in organizations. A proper way to remove data silos is to collect all big data into a single repository and then extract and move it into a database that can be accessed all around the organization.
- Ensure visibility
Every system within an organization needs to be made visible. Without visibility, duplication can occur, and money will be wasted if systems are not working to their full potential. Data can also be hidden away from the potential uses without the knowledge of the users. Therefore, you should invest in asset management systems that detect new data, systems, and entry points to the corporate network. This will enhance the visibility of all assets and systems.
Data is a critical asset for any business today. This is why companies all over are all talking about this new awakening. Innovations in this area are likely to transform the global business landscape in the coming years, and businesses that will not take advantage of them will be left behind.