Are you suffering from data paradox?

"Data is the new oil" as the saying goes.

Data acquisition is becoming more popular in a wide range of industries and processes. Data is being collected in huge volumes, even without due consideration for its potential use. Perhaps in the hope that insights would come naturally from a simple stroke of genius or inspirations from simply looking at the data. Reality is often more complex.

Data is not the new oil, it’s much more!

While both oil and data can be used to help organizations increase productivity, data represents processes, customers, employees, factories, revenue and cost streams and so on. It's much more than just fuel to foster productivity!

Numerous individuals and teams are put in place to collect data and try to make it useful, and while businesses believe that data is critical for growth, the reality shows a struggle to keep up with the 'data-first, data-anywhere' challenges.

In fact, businesses report that they are gathering data faster than they can use it, and often get overburdened data teams as a result. On the other hand, gaining access to the necessary data is a daily battle.

This turns data into a burden! Handling large amounts of data – that is not being used – consumes resources, and all the while new data still needs to be acquired/collected.

Does it sound familiar to you?

So, what can be done to make data a true asset for growth?

One aspect of your digital transformation roadmap that should be considered is the mapping of your products, processes, stakeholder interactions, and how this can help your outcomes. Think about the digital density you have and the one you need to gain the desired insights.

Data is not the new oil, it’s so much more!