By Chelsea McDaniel
In a world increasingly reliant on and run by data, most businesses still struggle to use and comprehend their own data, leading them to miss out on a wealth of potential innovations. This is not due to any deficit of talent or ability within the companies themselves, but rather a lack of foundational infrastructure that is necessary for companies to be able to ingest, organize, and act upon this data.
While the four foundational pillars for any sustainable and efficient business model (Data, Customer, Analytics, and Technology) are all important, Data in particular tends to play an outsized role by supporting the other pillars themselves. For example, a report by McKinsey Analytics detailed that across industries “companies with the greatest overall growth in revenue and earnings receive a significant proportion of that boost from data and analytics” while companies that are slow to adopt the ability to analyze and utilize data are at risk of becoming uncompetitive as the gap between data leaders and data laggards continues to grow. A similar report by McKinsey furthered that data is the underpinning for reliable analytics, comprehension of consumer changes, and precise technological changes, finalizing that even “the best analytics are nothing with bad data.”
A lack of proper data infrastructure can create a multitude of problems for companies
- Isolated Solutions: Data solutions, customer solutions, analytics solutions, and technology solutions each become their own independent functions in any given business. The asynchrony of these solutions dilutes their importance as they each only serve to support one pillar of the company, rather than cohesively improving the broader enterprise. There is nothing currently available, aside from OneData.Plus, that addresses each of these functions through a single lens.
- Duplicating Processes: Insofar as these four functions (data, customer, analytics, and technology) are so intertwined, as well as similar in function, process, and implementation, having them operate separately on different planes from each other ends up causing companies to repeat the same processes multiple times. This repetition then acts as a drain on resources and effort.
- Abated Innovation: In a world that is constantly creating new technology, software, and solutions, a business is at a disadvantage if they aren’t able to adapt to new innovations in the market. Any decrease in market share or competitiveness with other companies can be quickly magnified as the competition quickly employs the resources it gained from its advantages to put distance between themselves and rival enterprises. Not being able to respond to market shifts therefore can put companies at a permanent disadvantage. The OneData.Plus platform allows for an enterprise to incorporate any new technology and connect it to their infrastructure immediately and without delay.
BDIPlus has crafted a solution that addresses these particular issues (Exhibit 1). OneData.Plus is a single, foundational platform that connects the varying pieces of an enterprise and maximizes efficiency. It helps businesses see the different facets of their company through a single enterprise lens.
Without Foundational Enterprise Capabilities, businesses get stuck in a cycle of duplicating processes, costing them time, money, and resources. Through its various benefits (Exhibit 2), companies with the proper Foundational Enterprise Capabilities are able to effortlessly gain competitive advantage over others in the industry. Moreover, not only does OneData.Plus enable better management of internal data, it expands the usable data pool altogether, connecting internal and external data platforms in order to present a uniformed view of data, enabling the synthetization of new insights on a grand scale.
Long gone are the days of keeping your Data, Customer, Analytics, and Technology functions in siloes. The communication and integration of these foundational pillars on an enterprise-wide level is pertinent to having an informed business model guided by accurate, data-driven decisions. While companies that are able to properly adopt and use data will assuredly see success, those that do not run the risk of falling behind and staying there. The future of business relies on data.