Information: The Next Natural Resource, Part 3
In this third and final installment of my series (check out Part 1 and Part 2), I would like to discuss how the value of data demands that we capture its value in environments we control. “Let no data escape” must be the mantra of our systems development. However, we don’t need to store all data forever. We don’t even need to store every piece of data, but we do need to glean every possible value out of every data element possible.
For example, high-volume data can be used in a streaming sense of determining if it is useful to real-time applications of next-best-offer, fraud detection, account verification, etc. It doesn’t have to be stored anywhere. However, the analytic value of the transaction could be pulled into the profiles in master data management and the data could move on to the data warehouse for long-term storage for reporting.
Data can also be interesting from the third-party data marketplace. It is well past time to think of data as an asset and think about what data you could use to advantage. Chances are that data is available. Is your team?
This mantra implies that we must grow the data science of our organization to deal with the many and varied forms of data. While everyone will not be a degreed data scientist, the individuals in the organization that can deal with the greatest amount of information will be most successful. Gone are the days when a valued job gets the “data drop” monthly and proceeds without new information for a month or longer. Gone are the days when a valued job deals with only one type of information.
Those jobs exist, but they are being devalued. The degree that one can capitalize on the next natural resource of information is the degree to which one will be valued in the information revolution that is upon us.
All of this cannot be accomplished without an intense focus on the many and growing technical bases that can be used to store, view and manage data. There are many now, more than ever, that have merit in organizations today, which is why I advocate companies have a Chief Data Architect, or similar, position to govern the introduction of new data technologies.
The vendor market has kept up. As these systems continue to double their price-performance, bandwidth and storage capabilities annually, all things become possible.
For the rest of this article, please refer to Eckerson Group.