Data-driven companies: how to create value from data?

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The data economy proposes a context where businesses need to transform to create value from data and become truly data-driven companies.
In an increasingly digital world, the possibilities for innovating and creating value from data for organizations are enormous. The challenge lies in how to manage this data so that it is available and accessible to the entire organization, empowering teams to make data-driven decisions.





HubSpot BLOG

By 2023, organizations with shared ontology, semantics, governance and skype database management to enable data sharing across the enterprise will outnumber those that don’t.

Source : Gartner



However, only 32% of companies can extract measurable and tangible value from their data. The data economy no longer leaves room for businesses that turn their backs on data.

In a digital-first world, maturity is achieved with effective data management

Data and digital-first

Increasing digitalization means that the amount of data accumulated and stored somewhere is exorbitant. It is therefore essential to invest in initiatives that can identify and use it to make businesses more efficient and resilient.

Let's take a look at the evolution in the adoption of data-driven initiatives over the last few years.



PowerData - Data-driven companies, how to create value from data?

Source: Statista



There is no doubt that companies already understand the value of data. The question begins to be how to put data first, how to make all departments aware of the importance of this asset and how to achieve a true digital transformation requires data, and an evolution of the business as a whole.



The challenges: security, budget and lack of professionals


Implementing a project to meet data-driven expectations involves facing major challenges , and that is precisely why companies that are most aware of the importance of data are more patient when it comes to finding the ideal method for their organization.

Typically, implementation requires focusing on one area and then gradually extending the achievements to the rest of the organization.

Security, budget, and the lack of professionals to implement, execute, and analyze the continuous flow of data that a data analytics project entails, as well as integration with existing systems, are the main challenges identified by the study.

In short, leveraging the value of data for business is becoming increasingly essential to survive in the data economy. Achieving a true data-driven transformation at the level of strategy, culture, processes and technology should be the priority for companies that want to be leaders and generate real value from data.