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It’s no secret that data is the new oil. But while many organizations realize the potential of data, they face challenges in delivering on its promise. Without the right tools, people and strategies, businesses struggle to make the most of their data assets, whether to drive competitive advantage or to create personalised customer experiences.
The good news is, there are a number of ways to tackle these challenges. First, businesses must focus on building a culture of data-driven decision making. To do so, they must align their business objectives with data requirements and develop a data governance framework. This will ensure that data is used effectively across the organisation.
Second, they must build the right infrastructure to store, process and analyse data. This includes implementing a data lake, an analytics platform and machine learning algorithms to enable them to quickly access, extract and transform raw data into actionable insights. Finally, they must invest in the right talent to manage and exploit their data assets. This is not an easy task, but it’s a critical one that is needed to deliver on the value of data.
The benefits of exploiting data are numerous, from enhanced innovation and optimised value chains to faster market penetration and more personalised customer relationships. However, the data landscape is rapidly changing and the resulting complexity has created barriers to achieving business objectives. In the absence of the right resources, data-driven decisions will not be effective and organisations may risk falling behind their competitors.