Tag Archives: Blueocean Market Intelligence

How Are You Treating Your Organizational Data?

By: Anil Damodaran, Blueocean
Market Intelligence Assistant Vice President

Data fragmentation has existed for over 15 years and still does
today. However, the challenge has grown tremendously due to an increase in the
number of data sources and devices in use, at the workplace and home. Today,
data is generated and stored not only on office PCs and laptops, but on mobile
devices such as smartphones, tablets, online storage devices, and more.
Most of this data is generated in bits and pieces during
various activities like exchange of emails, feedbacks, chats, IoT feed
captures, and pilot surveys. It lies around in devices or unused drives, and
often treated as office stationery, until one day someone suddenly realizes the
cost implications of this recklessness. According to research from Salesforce,
about 53 percent of organizational data is left unanalyzed that could otherwise
have signified an opportunity for decision makers.[1]
The problem, at a grass-roots level, is leaving data unattended with disparate
sources and not implementing proper data governance.
So what can we do?
Data fragmentation can be addressed if you start considering
data generated within your organization as a corporate asset. By doing so, it
will become more instinctive to institute practices and processes of measuring
data. Once you can measure their data, it becomes easier to tag the data based
on business relevance and quality attributes.
For example, in almost all companies large and small, it is
common to take stock of infrastructure ‘ tangible and intangible ‘ and tag
them, such as company IP, laptops, mouse, and so on to the employee using it.
Similarly, are you then tagging your data generated within your organization to
its source, purpose, time, format and so on? It has been found that only 13
percent organizations have properly integrated data and predictive insights
extensively into their entire business operations.[2]
Companies that drive their businesses using data-driven strategies are five
percent more productive and realize six percent higher profits.[3]
Here are some of the traits of an organization that treat
data as an asset vs. those that do not.[4]
Organization that treats data as an asset
Organization that does not treat data as an asset
Is more innovative
Less innovative and tends to become commoditized in the long run
Is more customer-centric
Pushes products to customers, instead of developing products based on
customer needs
Harbors a culture of openness and collaboration
Politics and hierarchy based system tend to keep data in silos
Business decisions are data-driven
Run on personal experience and intuitions
Business processes and performance are measured based on feedback and
analytical models
Practices age-old business processes; no system for measuring
business performance
Risk mitigation is proactive
Risk mitigation is reactive
What kind of an organization are you and what is your
biggest challenge with the evolution? Share with us your experience and views.
Blueocean Market
Intelligence is a global analytics and insights provider that helps
corporations realize a 360-degree view of their customers through data
integration and a multi-disciplinary approach that enables sound, data-driven
business decision. To learn more, visit www.blueoceanmi.com.

How Are You Treating Your Organizational Data?

By: Anil Damodaran, Blueocean
Market Intelligence Assistant Vice President

Data fragmentation has been a topic of conversation at
varying levels of intensity for many decades. However, the challenge has grown tremendously
due to an increase in the number of data sources and devices in use, at the
workplace and home. Today, data is generated and stored not only on office PCs
and laptops, but on mobile devices such as smartphones, tablets, online storage
devices, and more.
Most of this data is generated in bits and pieces during
various activities like exchange of emails, feedbacks, chats, IoT feed
captures, and pilot surveys. It lies around in devices or unused drives, and
often treated as office stationery, until one day someone suddenly realizes the
cost implications of this recklessness. According to research from Salesforce,
about 53 percent of organizational data is left unanalyzed that could otherwise
have signified an opportunity for decision makers.[1]
The problem, at a grass-roots level, is leaving data unattended with disparate
sources and not implementing proper data governance.
So what can we do?
Data fragmentation can be addressed if you start considering
data generated within your organization as a corporate asset. By doing so, it
will become more instinctive to institute practices and processes of measuring
data. Once you can measure their data, it becomes easier to tag the data based
on business relevance and quality attributes.
For example, in almost all companies large and small, it is
common to take stock of infrastructure ‘ tangible and intangible ‘ and tag
them, such as company IP, laptops, mouse, and so on to the employee using it.
Similarly, are you then tagging your data generated within your organization to
its source, purpose, time, format and so on? It has been found that only 13
percent organizations have properly integrated data and predictive insights
extensively into their entire business operations.[2]
Companies that drive their businesses using data-driven strategies are five
percent more productive and realize six percent higher profits.[3]
Here are some of the traits of an organization that treat
data as an asset vs. those that do not.[4]
Organization that treats data as an asset
Organization that does not treat data as an
asset
Is more innovative
Less
innovative and tends to become commoditized in the long run
Is more customer-centric
Pushes
products to customers, instead of
developing products based on customer needs
Harbors a culture of openness and collaboration
Politics
and hierarchy based system tend to keep
data in silos
Business
decisions are data-driven
Run on
personal experience and intuitions
Business
processes and performance are measured based on feedback and analytical
models
Practices age-old business processes; no system for
measuring business performance
Risk mitigation
is proactive
Risk
mitigation is reactive
What kind of an organization are you and what is your
biggest challenge with the evolution? Share with us your experience and views.
Blueocean Market Intelligence is
a global analytics and insights provider that helps corporations realize a
360-degree view of their customers through data integration and a
multi-disciplinary approach that enables sound, data-driven business decision.
To learn more, visit www.blueoceanmi.com.

Approaches and Trends in Data Visualization and Storytelling

By: Mike
Page, Blueocean Market Intelligence Vice President – Client Development and
Technology

As a data integration software and services firm we see a lot of
requests to deliver reports and presentations that are visually engaging and
tell a clear story for the user to understand what to do next. We also are
asked to provide dashboards and visuals that empower the user to take control
of the path they chose through direct engagement with the data. Often these
requests are mixed together – even though they are very different. There are
even awards for best infographic (story) or data visualization (democracy). So
how can these approaches be used together or should you choose one? Here are
some approach observations and best practices that we have learned from
experience.
Data Visualization

??        
Be clear. If the
desire is to empower the user to take control, then allow it. Often systems
designed to empower the user to engage with the data have so many controls the
result is too static or controlled to allow for that spark of creativity in
interpreting or deducing the insights from the data.
??        
Engage with
stakeholders.
Share concepts, and ideally working
prototypes, of any system as early as possible in the process to drive
engagement.
??        
Encourage collaboration. Systems of
this type work best when an element of communication and collaboration is built
in to encourage people to share what they are getting from the system and get
feedback from other users.
??        
Even better,
give awards
for best use of the system and share stories.
Storytelling

??        
Again, be
clear.
Even with infographic views, it is best to stick to reality. If
something is 5% bigger make it 5%, not an image twice the size. This cause
confusion and can create mistrust in the story being told.
??        
Communicate
only one key message
and show how the data backs up the
conclusion in a way that builds trust and strikes the right tone for the user. Translation
- don’t dumb it down or show things that are blindingly obvious.
The key to success is understanding that the two approaches have a
very different outcome and that when developing your strategy, you can use both
tools but not as one initiative. Using the approaches mentioned and with a full
understanding of each purpose, you can avoid a mixed message and ensure
whatever your project requirements, and whoever your stakeholders are, you have
a consistent approach to communicating and establishing the value and the
strategy for using research data within your business.

About
Blueocean Market Intelligence: Blueocean Market Intelligence is a global
analytics and insights provider that helps corporations realize a 360-degree
view of their customers through data integration and a multi-disciplinary
approach that enables sound, data-driven business decision. To learn more,
visit www.blueoceanmi.com
.