While data has been a business reality for many years, only recently has it moved from the IT department to the C-Suite. AI, machine learning, IoT and other advancements have not only changed the way we gather and manage data. Our approach to data must now be focused on measure value and driving business benefit at every level of the organization.
Is your organization data-driven or data-centric?
Organizations that adopt a data-centric strategy view data as the primary asset. Therefore, they let applications be introduced, maintained, and retired as needed. Although, this revolution of data product management can be challenging for organizations to shift to. Even so, data-centric organizations understand that the true value lies in placing data at the center of every new strategy.
Data is an appreciating organizational asset that opens up new channels of revenue, products, services, and business models. Not only do truly data-centric organizations build a strategic data operating model to optimize on customer value, but they also build technologies, processes, and people around data. In addition, being data-centric is a key business strategy that executive leadership leads and owns. While few organizations have truly made the transition to data centricity, the results of a data product management mindshift are extraordinary.