Unleashing the Power of Big Data: A Guide to Creating Stakeholder Value in Today’s Modern Era
Creating stakeholder value in today’s modern era requires a focus on the challenge of utilizing data effectively. While the importance of “Big Data” cannot be overstated, it is essential to recognize that there is a risk of it being overlooked or dismissed as irrelevant. Chief Information Officers and digital executives must prioritize Big Data and ensure it gets the attention it deserves.
When faced with underutilization of data, it is crucial to reevaluate our approach to this issue. One effective method is conducting a mental model audit, which can help us analyze our perspective on data and identify areas for improvement. A recent study with senior executives revealed that very few identified as Hedgehogs, indicating a lack of a universally accepted framework for creating value with data.
Creating value from data often involves setting ambitious goals clearly and linking them to achievable projects with specific milestones. Simply incorporating data and analytic goals into strategic decision-making processes can lead to significant value creation for an enterprise. At the Gartner Data and Analytics Summit 2024, VP Analyst Ehtisham Zaidi emphasized that companies that have strategically integrated data, analytics, and AI into their operations have outperformed their peers 80% of the time in the last nine years.
