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What does it mean to be
insights-driven?
Is data the new bacon? The world’s most
valuable resource? The fuel that powers
the digital enterprise? Whatever metaphor
you choose, the point holds that the
most successful companies in the world
build their business around compelling
insights derived from data. The five
technology giants, known to investors
as FAANG (Facebook, Amazon, Apple,
Netflix, Google) use data to drive business
strategies that surprise and delight their
customers every day, and the market has
rewarded them handsomely. As of March
2019, the market capitalization of these
companies was equal to $3.1 trillion.
Being insight-driven isn’t just in the
domain of consumer tech. Banks rely
on data to prevent financial crimes and
reduce customer churn. The automotive
industry is investing heavily in data
and artificial intelligence to power
autonomous vehicles. Manufacturing
companies leverage data and analytics
to predict and prevent machine
downtime, speeding the route of new
products to market.
While putting data and analytics at the
center of your business strategy may
sound obvious, it’s easier said than done.
Digital transformation often requires a
change in company culture that includes
rethinking how people work with data,
where it’s stored, and the tools used to
access it. In fact, it can be such a struggle
that many enterprises wind up stalling
or abandoning their transformation
strategies altogether. ◊
14 Issue 15
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