5 Ways to Be A Data Visionary
Data visionaries share these common traits as they align resources and unleash data’s full potential.
Mark Bregman 06/04/2017
- The world needs data visionaries.
- Business is moving fast toward 100% data-driven models.
- Find out how to seize data for your advantage.
The discussion about data in the enterprise is often short on actual data and long on fuzzy, hyperbolic adjectives. Think “massive,” “overwhelming,” and “oceanic.” (Even “huge.”)
So, here’s a data point that puts the current state of information technology in sharp numeric focus: Between 2014 and 2016, the number of Fortune 1000 firms planning to spend more than $50 million on data initiatives in the next year quintupled from 5 percent to 25 percent, according to a survey from NewVantage Partners.
Data is not only what drives the modern enterprise; data is becoming the enterprise. In this new world, data visionaries will have a leading role in transforming their organizations, creating and dominating new business models, and forging the new industries of tomorrow.
So how do you know whether you’re a data visionary, or on your way to becoming one? Here are some ways to measure your progress.
You think about data in new ways. In the early days of IT, most data was high-value transactional information. Because it had to be highly available and highly redundant, storing and managing it was expensive, and organizations could only keep the latest, most readily accessed data. Today, enterprises are collecting exponentially more data — much of which has an expiration date — so flexibility and agility are key.
You ask questions others don’t. Your deep knowledge of data technologies allows you to help your organization learn more about its customers, reduce costs, and boost efficiency. But you also push the envelope with questions like, “What if?” “What else could we do with this data?” “How could we achieve this?” and “How can I help?”
You see new business models. You’re brimming with ideas about turning data into revenue. For example, if you worked for a car company, you might think about how vehicle data could reduce driver insurance rates or maintenance costs while creating a new revenue stream for your company. Or you could envision using information about a customer’s driving patterns, to introduce them to just the right model of car, when their lease comes up for renewal.
You don’t trash legacy systems. You’re on top of advances like flash and solid-state drives, and cloud and hybrid environments. But you also know the legacy systems in your data center hold invaluable business data — the lifeblood of today’s enterprise — and can drive revenue and profit to power the business. Rather than scrap these legacy systems, you see them as another data asset to leverage.
You think outside the corporate walls. You’re skilled at lowering barriers to data sharing and breaking down silos. But you also take a broader view, imagining how you might use data from outside the enterprise, for instance, from a supplier, reseller, or government agency.
Data in the enterprise is only going to grow more “massive,” “overwhelming,” and “oceanic.” If you haven’t started thinking differently about the data you manage, now is the time.