Data is still the new oil

By Alchemmy’s Rishabh Gadodia

What percentage of your smart phone’s features do you use? For the average person, it’s below 30% despite spending over 3.25 hours / day on it! The rest are unused, probably because they don’t know about them or how to use them.

Data resources in many ways, are like the features of that smartphone – expensive, potentially useful but underutilised.

In 2006, Mathematician Clive Humby famously said, ‘Data is the new oil’, because it’s valuable, needs to be refined, can be very beneficial if used correctly and equally disastrous if misused….just like oil. However, if Mr Humby were to scan the landscape of corporations today, he’d find ‘oil spills’ all over.

This is because organisations, much like that average smartphone user, are better at obtaining resources than maximising value from them. Consider this – 81% of organisations agree data should be at the heart of decision making yet only 23.9% characterise themselves as being data driven. It’s clear there’s a disconnect across the data value chain, leading to reduced ROI, something we can’t afford with omnipresent budget pressures.

The Alchemmy Data Value Optimiser (ADVO) helps maximise value from existing data resources rather than building expensive, new ones – and in doing so, offers value for money and rapid benefits realisation. It does so through four steps.

Step 1: Understand the existing data assets by assessing the ‘left’ side (Analytics and IT side) of the value chain

Step 2: Measure your team’s ability to access, understand, utilise and continuously improve their adoption of the data resources defined in Step 1 and identify issues being faced by them

Step 3: Define a roadmap with an emphasis on quick wins, to improve your team’s access, understanding, utilisation and continuous improvement of data resources

Step 4: Make the changes stick by obtaining your team’s buy-in for interventions and appointing a data champion to drive ongoing data adoption

To deal with budget pressures, it’s vital we make the best of what we have, and ADVO allows us to start doing that in as little as five weeks.

Reach out to Rishabh via email rishabh.gadodia@alchemmy.com or LinkedIN

 

Written by

Sam Smitherman

Published on

30th May 2024

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