Data has been around for as long as businesses have existed. What continues to change, is the volume and complexity of the data that exists; and the speed and sophistication of technologies that allow data to be collected, analysed and applied.
“The evolution of data has led to the creation of large volumes of complex, diverse and rapidly generated datasets, known as ‘big data’,” says Kester Guy-Briscoe, Associate Partner for Gerard Daniels. “Data on this scale holds considerable potential, as it offers organisations deeper insight into their operations, to understand where improvements can be made and to make better data-informed decisions.”
Big data also has particular value in process-driven environments, where insights can be extracted from the variation that occurs in highly repetitive tasks. “Industries like mining, energy and manufacturing, perform millions of repetitive tasks every day, from digging commodities out of the ground, to twisting bolts and drilling holes,” says Kester. “Collecting and analysing data from these tasks allows businesses to obtain and apply a range of insights that help to optimise supply chains; reduce equipment downtime and costs; and to improve operational efficiency, productivity and resource allocation.”
To harness the value of big data in any industry, organisational leaders must first understand its potential and limitations, and how it can help to deliver on strategic goals. Here Kester shares some considerations for leaders looking to deliver on the promise that big data brings.
Staying focused
With a great volume and diversity of data at your fingertips, it’s easy to lose sight of what you’re trying to achieve. “In any data-rich environment, leaders must be literate enough to understand data and to interrogate the key data points, without getting distracted or becoming too detail oriented – unless required.” says Kester. “Whether you’re looking at top-line data for revenue, quality or safety, it’s important to prioritise the areas with greatest potential to deliver on strategy and positively impact performance. Building a trusted team to support, guide and advise you, can be key to achieving this.”
Storing, managing and powering data
Many organisations face significant challenges around the cost and logistics of data management, storage, and analysis. Given the sheer volume of data that now exists, businesses are increasingly prioritising and investing in:
- Business intelligence tools to automate reports and analysis
- Digital data-warehouses to store a large and growing volume of data
- Cybersecurity technologies and expertise to keep data safe
- Lower cost and more sustainable energy solutions to power big data infrastructure into the future.
Investing equally in technology and talent
To optimise any aspect of organisational performance, the right combination of tools, technologies and talent must be deployed.
“You can have sophisticated tools, processes and technologies in place, but they become redundant without specialists that understand how to capture and utilise critical data effectively,”says Kester. “The right leaders then use these insights to shape organisational performance and ensure strategic alignment.”
“In addition to technical knowledge and skills, leaders of the data/digital function must also have highly developed communication and stakeholder skills,” Kester continues. “As big data is moving so fast, it is very important that those who lead it within the organisation have the capacity to communicate that value in a way that is easily understood.”
Building a culture that values and understands the purpose of data
To achieve buy-in at all levels, data must be valued and seen as an organisation-wide responsibility. It’s also important to build a culture of respect for data at all touchpoints, from inputting data to analysing and acting on it.
“Everyone in the organisation has a responsibility to advance and contribute to the data agenda – because even with strong leadership, if you’re not constantly and consistently recording low level data, you’re missing an opportunity to harness the insights and competitive advantage that it brings,” says Kester. “The fact that the right entry level professionals can have as much of an impact on the collection of data as senior executives who use it to shape high level strategy, makes data an unusual topic.”
What does it take to lead effectively in a modern data-driven environment?
While data related technologies are continuing to advance, there is still a very human requirement in driving data forward. “Strong leadership is critical for achieving competitive advantage and taking the lead on big data,” says Kester. “For organisations, this means appointing and developing leaders that can develop the right data strategies; invest effectively; understand the tools and technologies that are available; and use them to uncover meaningful insights.”
Utilising big data to make actionable insights, requires leaders with the skills and experience to:
- Ask the right questions and set clear objectives for the insights you aim to gather.
- Invest in and deploy the right tools to capture, safely store and analyse data.
- Understand the range of statistically meaningful data.
- Determine a clear investment strategy to achieve a return across people, process and technology.
- Invest in developing the right skills and experience at all levels – including data literacy; data interpretation and the use of analytical tools.
- Implement strong governance to ensure the security and accuracy of all data.
“Whether you need to achieve supply chain improvements, optimise productivity or achieve cost savings, extracting the right story from your data, is key,” says Kester. “In doing so, your role as a leader is less about deeply understanding the data and technologies that give you these insights, and more about setting the right strategy; building the right team and fostering a culture that allows your organisation to prioritise and put big data to work.”
To learn more about the impact that data literate leaders and specialists can have on your organisation, connect with Kester or reach out to your local Gerard Daniels team.
