During closing statements at the World Economic Forum Annual Meeting, Alibaba’s Jack Ma made the following recommendations:
- Focus on the next 30 years where the technology invented is going to help people
- Focus on people less than 30 (Internet Generation) since they will dominate the world
- Focus on companies less than 30 employees (small business)
This is a great advice. The message here is that the next generation is going to change the world economically, logically, and the way we do business. Data is playing a pivotal role in the digital economy in enabling that generation to rethink and reshape solutions. In addition, Jack Ma also mentioned that “IT Technology” and “Data Technology” are two different things. As he defined the term, Data Technology releases the strength of the human brain.
We have moved from specific business applications for enterprise data usage (data warehouse, supply chain, CRM, etc.) to data powering business models. Informatica labels this new wave in data transformation Data 3.0. Every project and program needs data, and every software utilized in a project or program collects, builds, and reports its own version of the data. But the foundational data governance elements remain the same:
- People
- Role: Manage, report, govern business processes; Get ahead of the competition by identifying new trends that will support businesses
- Impact: Bottom line revenue, New business models
- Process
- Role: Influence the usage of data in a centralized and controlled format. In addition, preserve the current culture and empower users to move to a hybrid, millennial culture.
- Impact: Foundational change management, Change in existing culture
- Technology
- Role: Cloud, hybrid, NoSQL, Big Data, streaming analytics, and self-service helps users to identify the “Art of the Possible” to facilitate thought leadership and get ahead of the curve.
- Impact: Plays a part in service businesses with appropriate data points to allow an organization to create new business models with bottom line impact.
- Data
- Role: Realize the potential of business outcomes and prove the possibility of changing business models.
- Impact: Creates new business models including Data as a Service (DaaS). Creates an opportunity for business and IT to partner within organization where IT can learn lines of business and business can learn data-driven decision making
Perficient’s Data & Analytical Insights (DAI) team has many use cases that weave Big Data and Business imperatives, ultimately helping in your journey to impact bottom line.
