Harnessing the Power of Data in a Competitive Landscape
Building a Modern Data Organization
A Modern Data Org has defined and executed a clear and deliberate strategy to centralize their data, extract meaningful insights, and developed a culture where high quality analytics are available and actionable at all levels of the company.
The Concept of a Modern Data Organization
In a world where data is often termed as the ‘new oil,’ it’s not surprising to find businesses, large and small, striving to harness the potential of this invaluable resource. Central to this pursuit is the emergence of the Modern Data Organization (MDO) – a business entity that leverages data for driving growth, gaining a competitive edge, and excavating deep insights.
The concept of a Modern Data Organization (MDO) extends far beyond being simply a trendy term in the industry. This term was coined by OneSix, as part of our commitment to pushing the boundaries of data-driven innovation and helping businesses transform in the face of an increasingly digital landscape.
Unleashing the power of data
An MDO is a powerhouse of data collection and analysis. It collects voluminous data from various sources, including internal systems, external resources, and IoT devices. By employing advanced analytics and machine learning techniques, MDOs can generate insights from this vast array of data. But what sets an MDO apart is how it applies these insights.
Not stopping at insight generation, an MDO efficiently integrates these insights into its business processes. It uses data not just to understand the past or present, but to predict and shape the future, making more informed decisions and streamlining operations. It extends its data-driven offerings to its customers, delivering value and driving growth with the insights it generates.
Leading the way
At OneSix, we created the idea of the MDO because we believe that companies need to recognize the importance of continuously evolving data strategy and capabilities, adopting the latest technologies and techniques to stay competitive and ensure business success. An MDO doesn’t just adapt to change – it anticipates and drives it.
We’re proud to be at the forefront of this movement, leading the way in the development, training and implementation of the MDO model. We see it as the key to unlocking a more prosperous, sustainable, and data-driven future for all organizations.
Modern Data Orgs are successful across the following categories.
Enterprise Data Strategy
MDO’s have a well-defined strategy that outlines their data platform goals and the necessary roadmap to achieve them.
Data Infrastructure & Tools
They have the right infrastructure and tools in place to consolidate their data and have a mature analytics platform for better decision making.
Data Native Apps & Experiences
Highly relevant, outcome-centric insights are available at all levels of the organization, and automated workflows react to changes in their data with minimal human intervention.
AI & Advanced Analytics
They build outcome-based machine learning and artificial intelligence models to gain additional insights into complex data scenarios. These insights are measurable and iterated based upon real world results.
People and Process
Data is viewed as a reliable asset for decision making at all levels in the organization. Their business processes are a source of data analysis and, more importantly, are influenced by data insights.
Modern Data Organizations don’t leverage data for data’s sake. Companies that have embraced the strategy of building a Modern Data Org see tangible business benefits, substantiated by various studies. For instance:
Increased Revenue Growth
Perhaps the most compelling argument for building a data organization is the significant potential for revenue growth. According to a study by McKinsey Global Institute, data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain those customers, and a staggering 19 times more likely to be profitable. This isn’t surprising given that data helps businesses understand customer behavior, anticipate their needs, and deliver personalized experiences – all key ingredients in winning and retaining customers.
A data organization isn’t just about numbers and algorithms, it’s about making better decisions. A survey by PwC showed that 62% of executives from data-driven organizations reported a significant improvement in decision-making processes. This is largely due to the availability of real-time data, advanced analytics, and data-driven insights that provide a more accurate and holistic view of the business, enabling leaders to make well-informed, strategic decisions.
Enhanced Efficiency and Productivity
Efficiency and productivity are vital cogs in the machinery of any successful business. Deloitte reports that organizations using data and analytics effectively can achieve up to a 26% increase in operational efficiency and a 45% reduction in the time taken to make decisions. In essence, data not only helps in identifying bottlenecks and inefficiencies but also in streamlining operations and improving overall productivity.
Higher Customer Satisfaction
Data empowers businesses to put their customers at the heart of their operations. With data, businesses can personalize their offerings, enhance customer service, and engage with customers on a deeper level. A study by Forbes Insights and Treasure Data found that 49% of companies using data-driven marketing strategies experienced a significant increase in customer satisfaction. This goes to show that when you listen to your data, you’re essentially listening to your customers.
In a world where businesses are constantly vying for a larger share of the market, having a competitive edge can make all the difference. A study by MIT Sloan Management Review and SAS Institute found that 67% of data-driven organizations gained a competitive advantage in their market. This is possible as data allows businesses to identify trends, predict customer behavior, and adapt to changes in the industry quickly.
Distinguishing Modern from Legacy: A Comparative Analysis
A key distinction arises when comparing an MDO to a legacy data organization, particularly in terms of their focus. While MDOs are centered on leveraging data for business growth, legacy organizations are often found grappling with traditional data management and analytics methods.
MDOs thrive on advanced technologies like cloud computing, big data platforms, and machine learning. These technologies enable them to collect, store, and analyze data efficiently. On the contrary, legacy organizations, often bound by older, less advanced technologies, may struggle with handling large volumes of data and generating valuable insights.
In terms of data collection, MDOs cast a wide net, capturing data from a myriad of sources. This diversity allows them to garner rich, varied insights. Legacy organizations, however, might limit themselves to a few sources such as internal systems or customer interactions, thereby restricting their potential for insight generation.
MDOs bank on advanced analytics and machine learning techniques for data interpretation. They integrate the insights into their business processes and decision-making, thus creating an environment of informed and improved operations. On the other hand, legacy organizations may still rely on time-consuming traditional methods like manual analysis and reporting. Moreover, data in legacy organizations is often siloed in separate systems, preventing a unified, holistic understanding of the data.
Navigating the Challenges of Building an MDO
Despite the manifold benefits, the journey of building an MDO is not devoid of challenges.
- Managing and analyzing vast amounts of data, especially from diverse sources, can be complex and time-consuming. It calls for effective data management and analysis processes, along with stringent measures to ensure data accuracy, consistency, and security.
- The fast-paced technological evolution in the data field can be overwhelming. Choosing the right data platforms and tools, and keeping the organization’s data infrastructure updated becomes a critical task.
- The transition to an MDO entails substantial changes in an organization’s processes, systems, and culture. This disruptive phase demands significant investment in training and support to equip teams to handle new data management and analysis processes effectively.
Despite these challenges, the benefits of becoming an MDO far outweigh the hurdles. Businesses that invest in this transformation and navigate these challenges successfully will find themselves well-equipped to leverage data for strategic decision-making, customer value delivery, and overall business growth.
How OneSix Can Help
One Six is uniquely positioned to help companies navigate the challenges of building a Modern Data Organization. With a deep understanding of advanced data technologies and techniques, OneSix offers a comprehensive suite of services tailored to meet your organization’s specific needs.
Our expert team can help you manage and analyze your data effectively, choose the right data platforms and tools, and ensure that your data infrastructure is up to date. We also provide training and support to equip your teams to handle new data management and analysis processes, helping to facilitate a smooth transition.
By partnering with OneSix, your business can effectively harness the power of data, driving growth, delivering customer value, and gaining a competitive advantage in the market.
Enterprise Data Strategy
OneSix helps organizations develop a strategy to accelerate its path towards becoming a Data Driven Organization.
Data Platform & Tools
We implement the data platform and tools to ingest data from business applications into a consolidated modern data architecture.
Data Native Apps & Experiences
We enable highly relevant, outcome-centric insights to be available at all levels of an organization through data native apps and workflows.
AI & Advanced Analytics
We help deploy machine learning and artificial intelligence models to gain deeper insights into complex data scenarios.
Modern Data Process & Team
We help improve internal business processes to be more efficient, and automated, as well as create a culture of data driven decisions.