In a highly competitive market, it is necessary to ensure business survival through technology.
Want to know more about the Brazilian data maturity panorama and its stages ? Keep reading.
Data Maturity: An Overview of Brazilian Companies
It is no surprise to any company that data is currently australia whatsapp users of the most important assets of any business.
A study conducted by Forrester Consulting at the request of Dell Technologies revealed a rather paradoxical reality. This is because the vast majority of companies believe they live in a data-driven culture when this is not the reality.
There is a certain complexity in data maturity due to the large volume of data today and the implementation of increasingly advanced technologies arriving on the market.
The study revealed that in practice, few companies are able to actually process data correctly, extracting valuable insights about the business.
The paradoxes of study
Toto assessData maturity , the Data Paradox sought to investigate how companies are guiding and implementing actions based on data. As a result, it came across three corporate paradoxes:
those who believe they are driven by data, even though most do not treat it as an essential asset for the business;
those who say they need to collect more data, despite already having more than they can handle;
and those that recognize the advantages of consuming technologies as services. Even though few of them have adapted the business model to implement them.
In other words, even with the feeling of data maturity , the ability to transform it into powerful insights is not fully developed.
What we have, then, are Brazilian companies with many gaps in relation to data security and privacy. In addition to the overload of information to be analyzed and a data-driven culture still under construction.
The importance of being a data-driven company
On this subject, which is essential for data maturity , we have brought some indicators that reiterate the importance of developing a data-driven culture.
Although many managers do not give much importance to the topic, a data-driven company is capable of having:
More reliable decisions
In a competitive world like today, it is necessary to analyze changes in consumer and market behavior. And to do this, having concrete data is essential.
When this real data is extracted from the market, the company has reliable information to guide its own decision-making, safely and with lower risks.
Greater predictive ability
Furthermore, data maturity allows you to analyze and cross-reference a large volume of data to recognize and identify patterns and trends.
With this well structured, the company can develop a sharp prediction capacity, having more precision to anticipate market movements or even possible unexpected impacts.
The consequence of this is the improvement of an organization's strategic planning, thus directing actions assertively and reducing various costs.
More autonomy for employees
Data maturity is also capable of solving a common problem for companies: the lack of employee autonomy.
Without any concern that everyone is in tune and integrated with strategic information, what usually happens is a very high dependence on management.
In this way, management ends up depending on other superiors as well, making processes more bureaucratic and slow.
Data-driven companies are able to perceive more autonomy in carrying out tasks,optimizationemployee productivity. Also in saving time and making more assertive decisions, since they are based on concrete data.
Easier to determine ROI
Finally, as there is more control over internal processes and predictive capacity in the market, it is possible to better calculate the Return on Investment (ROI).
To understand how investments are really bringing returns, you need to have detailed information at hand. This is what happens when a data-driven culture is a priority.
This is because it is possible to be more certain about how much profit each action brought or not, better directing investments based on more concrete information.
What are the steps to a company's data maturity?
Now that you understand the panorama of Brazilian companies regarding data maturity and some advantages of a data-driven culture, understand the steps within this journey:
Step 1: Data
The first, of course, concerns the collection of data, which often comes from disintegrated sources. And, if not well organized, it is further divided across countless Excel spreadsheets.
All of this contributes to inconsistencies and discrepancies between them, further increasing the time to generate accurate reports, consequently affecting decision-making.
To overcome this, organization is your best ally to advance to the next stage and overcome a bad collection.
For this reason, many companies have implemented a Data Warehouse (DW), storing and centralizing information.
Step 2: Information
The second stage of data maturity is the evolution of data into information. With the implementation of a DW, there is more consistency to generate more accurate reports.
However, for this to happen, it is necessary to extract maximum value from this data and combine other technologies to increase management autonomy.
An example of this is the implementation of Business Intelligence (BI). It collects, organizes and analyzes thedata, bringing faster and more assertive results.
Step 3: Business Intelligence
Now that this data is information and everything is automated, reports can be prepared with more democratic access.
However, this stage of data maturity still needs to evolve to bring even better results and insights that are easier to obtain.
This is where advanced Analytics comes in. It paves the way for the complete maturation of a data-driven culture.
Step 4: Advanced Analytics
Even before reaching this last phase of data maturity , it is already possible to have quite significant results with BI.
However, Advanced Analytics emerges to provide predictions of future behaviors and recommendations based on broad scenarios, anticipating decision-making.
This is because it operates in an autonomous or semi-autonomous examination of data, combining other technologies such as big data, machine learning and artificial intelligence. And providing analysis of data, texts, voice, images and much more.
If you’re still in the BI phase of data maturity , don’t worry.Click hereand access the free e-book to understand how to reduce costs and prepare to evolve even faster.