Our Data Value Chain.
Companies are amassing data at an ever-increasing rate, and this will continue as the digital transformation has more and more of an impact in our everyday and working lives. Whilst companies are taking a step in the right direction collecting new data, the more data being collected, the more data is being left unused. When data isn’t used, its value is nominal. Our aim is to get companies using their data to optimise operational performance, drive innovation to achieve sustainable business growth.
To help businesses move forward and become data driven in their decision making, we have created a framework of services called “The Data Value Chain”. It is underpinned by the premise that the more you use your data the greater the benefit you will receive and its value will grow. The value growth is exponential. The more the data is used to improve everything and anything that your company does, the greater the positive effect on your business.
We would be delighted to work with you and deploy every step of our Data Value Chain in your business, but we recognise and respect that you may already be doing some of the things we prescribe. We can work with you and provide a bespoke service tailored to meet your specific needs.
We are passionate about the positive difference data can make for companies trying to grow their business, and we would love to share our ideas with you and explain how we can help harness the power of your data in more detail. No matter where you are in your data journey, our data value chain can take your business from where it is today to a more competitive position, where data isn’t just an advantage, it is an imperative to grow.
Every company has a vision; they know what they want to become within a pre-defined time period. Usually, it is to become bigger, better, and stronger, by achieving profitable and sustainable business growth. Future visions are underpinned by the company achieving aims, objectives, and goals and it is the success criteria that will determine what data needs to be collected and used. This approach puts data at the centre of how a company thinks and is used to determine how it operates and performs. We call this process the ‘Data Strategy’.
Our Data Strategy service includes:
- How data will help meet your business goals and objectives;
- What data related activities need to be carried out for the goals and objectives to be achieved;
- What operational changes will be required to support the new and revised data activities, and how will these be implemented;
- The milestones linked to achieving the desired outcomes; and
- The cost-benefit case attached to delivering the data strategy.
Having all of your data in one place, ready to use in a timely and efficient manner, is a popular theme. It might be stamped across article headlines telling companies how to use their data better, but achieving an enterprise view of data is easier said than done. It can only be possible if the company truly knows what it needs to achieve (see our Data Strategy) then it can outline what needs to be done and determine how it should go about it. We call this ‘Data Engineering’.
For business leaders to derive value from their data, they need to have the right data in the first place and they need to trust it. This starts with putting the mechanisms in place for collecting the data, processing it, assuring it’s quality, analysing it and sharing it to gain insight to support business decisions.
Our Data Engineering service includes:
- Identifying your data needs;
- Collecting the data required from each source across your company;
- Processing the data to provide a single trusted source;
- Analysing your data to gain insights;
- Sharing your data internally and externally (as required) to gain insight on which to base business decisions; and
- Further developing your data requirements to reflect changing business needs.
With an enterprise-wide view of your data, you can begin to analyse patterns and identify trends. Artificial Intelligence and data science allow us to support the implementation of processes, mechanisms and structures to gain valuable insights. This will determine the actions you take to achieve your business objectives.
Companies have used data to make pre-determined observations for many years, and they will continue to do so. Observations are an important first step – but they are limited. When we need to organise, analyse and interpret immense amounts of data, data science becomes necessary. Understanding data completely, being able to process and communicate how it can drive strategy into tangible results is what will put you ahead in the market.