Five steps to creating a data-centric business
The volume and variety of data available for analysis by businesses is expanding exponentially, explains CIMA’s Peter Simons.
Meanwhile, increasingly powerful technologies have emerged to enable more sophisticated data management and analytics. These related trends, popularly summed up by the term ‘big data’, are combining to enable today’s organisations to unlock new sources of insight and value.
Inevitably, taking advantage of these opportunities with data will push accountancy professionals into new and unfamiliar areas, and require them to develop new skills and new ways of thinking.
For those who can manage that transition successfully, however, there are clear opportunities to play a decisive role in an area that will become an increasing source of competitive advantage for firms of all types and sizes in the coming years.
To make the most from these opportunities and start to create a data-centric business, finance professionals will need to heed the following five steps...
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- Ensure you understand what new data would be relevant to your business model and competitive position
- Assess what data initiatives are already in place within your business
- Assemble a team to help identify potential quick wins or small-scale proof of concept projects
- Conduct a formal data project to develop a related strategy
- Build on this initiative to start developing a data culture