Unlocking data value through understanding
Data, like technology, has no value if it's not understood. Data provides valuable information, which can be used profitably - if you know what you're looking for.
This is according to Richard Mullins, MD, MEA, Acceleration, who says that data, for most organisations, provides insight into particular areas that could grow the business and help identify specific customer needs, proving valuable to both the business and the customer.
Mullins notes that many local organisations do not know how to get the information they want, or which technologies are available to help them obtain it. Organisations are simply not aware of where to go and what questions to ask, which would enable them to establish what solutions and technologies exist to help them achieve specific outcomes, Mullins says.
Organisations are still using many procedures to achieve their goals, while their international counterparts have noted that there are organisations that, at a premium, will provide them with the information they require to achieve specific, and not general, outcomes; this is where the value of business intelligence (BI) and data as a commodity lie, according to Mullins.
This is especially true in the publishing industry, for example, where most publishers are struggling to monetise online operations; current advertising revenues are under pressure; and audiences are reluctant to pay for content, he notes. However, with the right BI tools, they would be able to track user activity and streamline operations, increasing efficiency, he says.
“Organisations need to re-evaluate both their business models and technology infrastructure in order to capitalise on the opportunities that exist in this area,” he says.
Mullins is a speaker at the ITWeb Business Intelligence Summit and Awards, taking place at The Forum, in Bryanston, on 28 and 29 February. He will address ways in which various industries can unlock the hidden value of their data.
To find out more about the event, click here. Award winners join the likes of last year's winners, Engen and SARS; and nominations close on 30 January.