The need for data has never been greater than it is today.
Dynamic market economics, shifting consumer patterns, and new-age digital native companies have driven the demand for data and insights.
Increasingly, the data divide has taken on a new meaning between the haves and the have nots.
Organizations that are on the right side of the data maturity curve have recalibrated their supply lines, customer services, and cash flows by tapping into data insights.
The pandemic has further accelerated data and digital transformation. Grocery retailers for instance are tapping into data & analytics to discover new shopping behaviors, increase regional sourcing, adjusting store planograms, reducing SKU assortments while reorienting their workforce.
The story has however, been remarkably different for organizations that look to make decisions with limited visibility of the mostly uncharted data within enterprise silos. This leads to the principal question: How do you unlock the hidden potential of data assets?
Our customer interactions have resulted in some insights on this topic.
Business leaders unanimously agree on the need for organizations to:
They have, however, called out a few roadblocks for organizations to truly transform into intelligent enterprises. These start with defining a plan to:
Driving a mind shift toward a data-driven culture requires an appreciation of the multiple levels of consumption maturity within an organization.
These, typically, include the need for:
1. Fundamental visibility and intelligence on core business operations:
2. Finding the right question to ask using AI/ML
3. Monetizing data to build new revenue streams
Servicing the consumption needs within an enterprise requires setting up secure and robust data foundations that can scale. This has been the chief catalyst to move legacy enterprise databases, and on-premise data platforms to the cloud. Native platform-as-a-service capability of cloud platforms like Amazon Web Services begin to play a significant role here.
In summary, organizations need to consider building strong data foundations that can cater to multiple levels of consumption maturity while addressing traditional data ownership and stewardship challenges.
Dr. Manish Govil
Global AWS Practice Head at Wipro
Dr. Manish Govil is the Global AWS Practice Head at Wipro. He is responsible for driving go-to-market solutions, competency, offerings, center of excellence and delivery for AWS-related services globally.