The “data moat”: what is it and how to avoid it?

The “data moat”: what is it and how to avoid it?

More and more companies are investing in the maturity of their data in order to use it more meaningfully and comprehensively.

But many come across the “data ditch” (Editor’s note: literally the “data gap” in French).

A metaphorical vacuum that affects companies that have mastered data collection but are not yet able to use that data to support all of their decisions.

A recent study found that more than half of SMEs and companies in Europe and North America are now stuck in this data moat…

How do you recognize the “data moat”?

Data is at the heart of every business decision. When data isn’t fully leveraged, every aspect of the business is impacted.

The Telltale Signs A company’s presence in the data ditch can also be found in all departments and aspects of business operations:

1. Data governance belongs to nobodydata management is not aligned with business strategy.

2. The company has ethics and privacy initiatives, but There is no standardized framework.

3. The IT architecture is centralized however, the planning remains project-related or intervenes reactively.

4. Data analysts cannot do that Not yet reaping the benefits of automation, artificial intelligence (AI), and machine learning.

It’s important for leaders to have meaningful conversations about these areas and use the tools at their disposal to identify inefficiencies in their operations so they can make the changes needed to mitigate them.

How do you get out of the data ditch?

It’s clear that while most companies have invested in technology and processes to turn data into a competitive advantage, they still aren’t getting enough bang for their buck.

The good news is they are on the last mile, where even small process improvements can catalyze data-driven innovation and increased profitability.

To become fully data-driven, these organizations need to focus more on the following key areas:

data office:

Establish data managers who can ensure data is structured and protected so everyone in the organization can rely on the data to make decisions.

The most mature and data-driven organizations have formalized and automated data management processes that are fully aligned with overall business performance.

Data ethics:

It is important for organizations to have a detailed understanding of each source and type of data, workflow and purpose.

Organizations that want to make headway here must systematically consider data ethics and privacy in all their data processing initiatives.

IT security :

The richer the data sources, the more organizations can be exposed to security threats.

In fact, many companies have found working from home a challenge as employees access large amounts of data from home and on personal devices that are more difficult to ensure security.

Establishing security committees to ensure correct processes and continually reviewing them helps organizations stay alert and secure in the face of new threats.

IT architecture:

The IT architecture is placed at the heart of their organizational strategy to better plan their goals.

Planning and allocating funds on a case-by-case basis slows business growth and limits its ability to adapt to long-term changes.

Proactively planning and deploying technology resources that support ambitious uses of data—safely and efficiently—will enable organizations to continue growing.

data knowledge:

To make data insights available to all employees, companies must democratize access by breaking down information silos and removing the burden of manually maintaining the data pipeline currently costs businesses more than $500,000 per year.

By automating the data integration process, data professionals can focus on value-adding tasks and maximize the potential of AI and machine learning.

What is the next step ?

Businesses often see themselves as digitally mature because of their investments in technology, but money alone won’t get them out of the data ditch – It is about careful data architecture, robust data protection and security processes and appropriate accessibility at all levels of the company.

It has never been more important to have a solid and secure strategy that invites employees from all departments to maximize the potential of data.

It’s time to be proactive and take those crucial first steps to becoming a data-driven business…

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