View From the Top by Kevin Campbell, Syniti CEO
In 2017, The Economist published a story titled, “The world’s most valuable resource is no longer oil, but data.” Since its publication, this assertion is no longer controversial. “Data is the new oil” has become a common refrain, and there is abundant evidence supporting this.
So, it comes as no surprise that today’s enterprise organizations must go beyond viewing data as a technical responsibility. They must make it ubiquitously available and usable to grow revenue, reduce risk, and remain competitive in our digital world. There’s just one problem: only 5% of C-level executives across the Global 2000 claim their data is good enough today.
A survey of 1,000 CXOs at global enterprises found that while data is viewed as crucial to business viability, the majority are not currently prepared to capitalize on this opportunity. Certainly, it’s not because organizations don’t understand the need; most simply don’t personalize it. The cost of bad data is staggering, but it’s common to hear, “I have an inventory problem,” or “My supply chain has issues.” In reality, it’s a data problem.
As we continue down the digital path that 2020 set forth quickly, the consequences of ignoring data as a strategic company asset will become increasingly apparent. COVID-19 threw a massive challenge in the global economy’s data management journey, becoming an impediment for some
and an accelerant for others. How an enterprise prioritizes this will determine its survival, growth potential, and competitive advantage.