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Data strategy: Wasted potential?

To effectively exploit the full potential of data, companies need not only the right technologies and processes, but also professionals with the right skills.
Skillsoft
January 5, 2021
[shutterstock: 171049781, Sergey Nivens]
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This text has been automatically translated from German to English.

The discipline of Data Science opens up new opportunities to generate measurable insights and data-driven predictions. As a result, data science has positioned itself as an important lever that companies can use to ensure competitive advantage. In practice, however, many organizations simply collect as much information as possible in vast pools of data in the hope of becoming more data-driven.

Current studies show that this cannot work and what potential companies are giving away through inadequate evaluation of their data.

"While data science holds great potential for insights and efficiencies, without skilled people, methods, and processes, the use of data in many organizations is not truly purposeful"explains Andreas Rothkamp, VP DACH region at Skillsoft.

"Companies that are thinking with and ahead of the curve should therefore take the time to review their strategy for handling data so they don't put that potential at risk." Skillsoft explains how to evolve the data strategy.

Reduce data contamination. Today, nearly every employee contributes data to big data streams. To minimize data contamination, employees must be better informed about downstream data processes. To increase value, data must be better cleansed, relevant data defined, and freed from its silos and made accessible for analysis.

Leverage transformative technology. Insights from past business processes can provide a valuable basis for future business decisions if the relevant data is harnessed. An important step towards this is to use technologies such as machine learning and artificial intelligence for data analysis.

Diversify data roles. Due to the rapid pace of technological development and the mix of technical skills, business acumen and communication skills required of data professionals, it is a challenge to fill all the roles needed.

However, since specialists with many years of training are not required for every task, it makes sense to specify the tasks at an early stage in order to be able to build up appropriate skills internally as well and not to lose out.

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Working on the SAP basis is crucial for successful S/4 conversion. 

This gives the Competence Center strategic importance for existing SAP customers. Regardless of the S/4 Hana operating model, topics such as Automation, Monitoring, Security, Application Lifecycle Management and Data Management the basis for S/4 operations.

For the second time, E3 magazine is organizing a summit for the SAP community in Salzburg to provide comprehensive information on all aspects of S/4 Hana groundwork. All information about the event can be found here:

SAP Competence Center Summit 2024

Venue

Event Room, FourSide Hotel Salzburg,
At the exhibition center 2,
A-5020 Salzburg

Event date

June 5 and 6, 2024

Regular ticket:

€ 590 excl. VAT

Venue

Event Room, Hotel Hilton Heidelberg,
Kurfürstenanlage 1,
69115 Heidelberg

Event date

28 and 29 February 2024

Tickets

Regular ticket
EUR 590 excl. VAT
The organizer is the E3 magazine of the publishing house B4Bmedia.net AG. The presentations will be accompanied by an exhibition of selected SAP partners. The ticket price includes the attendance of all lectures of the Steampunk and BTP Summit 2024, the visit of the exhibition area, the participation in the evening event as well as the catering during the official program. The lecture program and the list of exhibitors and sponsors (SAP partners) will be published on this website in due time.