How Are You Treating Your Organizational Data?

By: Anil Damodaran, Blueocean
Market Intelligence Assistant Vice President

Data fragmentation has existed for over 15 years and still does
today. However, the challenge has grown tremendously due to an increase in the
number of data sources and devices in use, at the workplace and home. Today,
data is generated and stored not only on office PCs and laptops, but on mobile
devices such as smartphones, tablets, online storage devices, and more.

Most of this data is generated in bits and pieces during
various activities like exchange of emails, feedbacks, chats, IoT feed
captures, and pilot surveys. It lies around in devices or unused drives, and
often treated as office stationery, until one day someone suddenly realizes the
cost implications of this recklessness. According to research from Salesforce,
about 53 percent of organizational data is left unanalyzed that could otherwise
have signified an opportunity for decision makers.[1]
The problem, at a grass-roots level, is leaving data unattended with disparate
sources and not implementing proper data governance.

So what can we do?

Data fragmentation can be addressed if you start considering
data generated within your organization as a corporate asset. By doing so, it
will become more instinctive to institute practices and processes of measuring
data. Once you can measure their data, it becomes easier to tag the data based
on business relevance and quality attributes.

For example, in almost all companies large and small, it is
common to take stock of infrastructure ' tangible and intangible ' and tag
them, such as company IP, laptops, mouse, and so on to the employee using it.
Similarly, are you then tagging your data generated within your organization to
its source, purpose, time, format and so on? It has been found that only 13
percent organizations have properly integrated data and predictive insights
extensively into their entire business operations.[2]
Companies that drive their businesses using data-driven strategies are five
percent more productive and realize six percent higher profits.[3]

Here are some of the traits of an organization that treat
data as an asset vs. those that do not.[4]

What kind of an organization are you and what is your
biggest challenge with the evolution? Share with us your experience and views.

Blueocean Market
Intelligence is a global analytics and insights provider that helps
corporations realize a 360-degree view of their customers through data
integration and a multi-disciplinary approach that enables sound, data-driven
business decision. To learn more, visit www.blueoceanmi.com.