Data strategy: Wasted potential?

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.