In 2017, The Economist declared that the world’s most valuable resource is no longer oil but is instead data, said Lee Levitt, business strategist at Oracle, during a keynote at Data Summit 2019.
Information is driving huge advantage, said Levitt, noting that extensive use of customer analytics has a large impact on corporate performance, and successful companies outperform their competitors across the full customer lifecycle.
However, according to Harvard Business Review, 69% of companies have not created a data-driven organization, 53% don’t treat data as a business asset, and 52% are not competing on data and analytics.
In addition, according to IDC, only 30% are almost always successful in finding the data they’re looking for and only 20% are almost always successful in preparing data for analysis.
The answer is to focus on outcomes, build a culture of curiosity, and build bridges between data silos. Without this approach, Levitt said, there will be a lot of activity, but not successful outcomes.
Many presenters are making their slide decks available on the Data Summit 2019 website at www.dbta.com/DataSummit/2019/Presentations.aspx.