What better way to learn about the current environment, sentiments, and strategies of data digitization than from highly-qualified, cross-sector executives, all sharing their experiences and discussing the best practices of data management? Keep reading for an overview of the highlights, speakers, and takeaways from two roundtable discussions: the first, regarding successful data management innovations and techniques, and the second, the best practices for monetizing data.
Here’s What’s Happening: Trends, Challenges, and Change
In recent decades, we’ve seen a data explosion. Businesses are harnessing real-time data and using it to understand consumer behavior and drive value at a much higher rate than ever before.
According to IDC’s Data Age: The Global Datasphere, “30 percent of all data will be available real-time in 2025,” and “the global datasphere will grow from 33 zettabytes in 2018 to 175 zettabytes in 2025.”
So, how can enterprises begin to manage this influx of data?
According to Quah Siew Heng, Amptree Advisor’s managing consultant and NUS professor, “With so much data, if you cannot manage it, then you cannot monetize it.”
Part One: Achieve Business Impact With Data
An ideal starting place for data management is with the overall outcome. When utilizing a “value chain perspective,” you’re forced to consider the value you’re gaining from the data that has already been collected from both technical and business foundations. By incorporating this strategy into your business, you’re changing the operating model and how you can use data. The overarching framework of the insights value chain is strong, but it also forces you to be a well-rounded enterprise. If your IT is lacking in cloud sourcing, data virtualization, or its tech stack, then the strength of the chain decreases (since it can only be as strong as its weakest link), and the value captured is hindered.
Quah states, “The value chain is multiplicative, meaning that, for the five elements in the value chain (supporting the technical and business foundations together: data, analytics, IT, people, and processes), if one element or component is zero, the impact can be zero. So, it’s not just the data—it’s the analytics, IT, and supporting areas.”
Creating Value From Digital Ecosystems
In recent years, we’ve seen accelerated digitization where consumers have shopped online for everything from grocery to medical services and have made the digital marketplace the new normal. Enterprises will need to adopt this digital-ecosystem model to further accelerate their offerings to consumers as well as a cohesive cloud data ecosystem to help integrate and improve their data efficiency.
The best thing businesses can do is be highly adaptive, leverage new sources of innovation, decrease the dependency on human resources, and move to AI automation. By doing these three things, you can increase value and move to a more sustainable approach toward data management of all types.
According to Tho Yeong Chien, regional VP, ASEAN & GCH at TIBCO, “Today the competition is getting data in seconds and minutes. So how can we move those kinds of data sources to the hands of the users in a way to help them make meaningful decision processes.”
Part Two: Further Monetize Your Data
Your overall data monetization objective should focus on increasing revenue, improving your operating margin, growing your workforce, enhancing the customer experience, and amplifying asset utilization. The steps you can take to achieve these objectives are plentiful, but the bottom line of data monetization consists of having a lean overhead to reduce costs, digital channels to provide connected experiences, and transactional analytics to better forecast and track operations.
Learn More About Data Monetization
The takeaway from these discussions is that achieving data management and data monetization takes buy-in. Culturally, there needs to be more conversation around the direct benefits, experiences, mistakes, and best practices so implementing these innovations becomes customary instead of confusing.
We would like to thank our moderators, panelists, and event organizers for helping facilitate growth and furthering our understanding of the capabilities of well-managed data.
To learn more about TIBCO data management solutions, check out our master and reference data solutions.