They will be the given the absolute protagonists of the business logic of the future, their integration in decision-making processes to draw the line that separates successes from failures.
Speaking of a data-driven approach, however, does not mean reducing oneself to talking about numbers and statistics: rather than getting to the heart of a change of mentality which affects the organization in its entirety and the famous one transformation technological which presupposes the acquisition of ad hoc tools to exploit the potential of data to the maximum and use it to optimize business processes.
In this article, we will go into the merits of the matter.
Data qualities: the 10 fundamental attributes
The first step to see new business models materialized is to start from what are they and what do I define data, with characteristics that make them objectively interpretable even for a machine. Only after identifying the significant ones, their management can become the strategic pillar on which to build a successful business.
Among the fundamental attributes of a company data, the following 10 can be counted:
- Accuracy: the data should be the perfect correspondence of what it represents;
- Actuality: the data collected must make sense in the period considered and express a certain value over time;
- Consistency: no data should be contradicted by another;
- Completeness: the data must have all the attributes necessary to be interpreted in an objective and non-questionable manner;
- Credibility: the origin of the data must be clear and precise;
- Availability: the data must be available over time to the staff responsible for the interpretation;
- Measurability: each data must be measurable and have a clear and immediate meaning;
- Objectivity: the data must have an objective that corresponds to the measurement in the period of time considered;
- Portability: the data can migrate from one environment to another while maintaining the same meaning;
- Precision: data should be of the necessary level of measurement.
The technological tools necessary to collect and interpret them
In addition to the change of mentality, the other element enabling the data-driven approach is the technology infrastructure. In recent decades, momentous steps have been taken with the advent of advanced instruments to collect, manage and analyze data even in real time.
Analytics, next generation Data Platform and Cloud Native solutions, as NTT DATA experts suggest in Data Intelligence, are integrated in a combination of infinite potential, with Machine Learning, Neural Networks and Artificial Intelligence algorithms that open the doors to the adoption of business models capable of creating value even in much more competitive market contexts.
In fact, this is the time to accelerate and catch up with the times: in Italy, large companies have already initiated important investments, with small and medium-sized enterprises forced to move more slowly due to the difficulties encountered in finding and attract the right skills.
Still, the data hides a resource that can no longer be ignored. A quantity of useful information which contains all the answers on the present and the future of the company. Such as those relating to the customer experience and how to guarantee consumers much more than ‘simple’ quality products: a unique and unrepeatable experience. Because with data you create memorable experiences, value what you propose and personalize the offer, just as today’s customers require.
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