BY SCOTT TAYLOR, ‘The Data Whisperer’
Since the dawn of time, innovations and tech trends have promised to change how we do things in our work and personal lives. From a better stone-age hand ax to sophisticated AI-determined algorithms, we’ve always looked to new technology to help us do things faster and get an advantage.
Whether it’s IoT, AI/ML, robotics, and blockchain on the tech side or self-serve kiosks, location-based marketing, and virtual try-on services on the business side—there is no shortage of new ideas and technologies to invest in. And let’s not forget the macro-est of all of today’s technology trends—digital transformation. I’m here to tell you that you need to pay attention to your core business data regardless of the macro trend.
DX—it’s where the money’s being spent
Digital transformation, or DX for short, is grabbing an increasing share of IT budgets globally, with IDC estimating that it will account for 51{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd} of worldwide IT budget allocations by 2024. That translates into a whopping $6.8 trillion in spending between 2020 and 2023. Is your company getting the best return for your DX investment? If you’re not also investing in a program to get trusted master data about your products, customers, suppliers, and other crucial business data across your systems—I very much doubt it.
Now, DX can mean a lot of different things to different people. Your DX initiative could focus on expanding your eCommerce presence, virtual try-on services via a mobile app, self-service customer kiosk, or anything in between. Regardless, you will never achieve optimal DX ROI if your master data isn’t accurate, complete, and available across the systems that power your internal systems and sales channels.
Investing in any macro tech trends or DX initiatives without investing in master data management (MDM)—the technology-enabled strategy to improve your core data for customers, partners, products, and so on—is akin to adding floors to your house without building a sturdy foundation. Sure, the house might not collapse, but you’ll spend a lot of time and money repairing cracks in the walls, and you will never maximize resale value. Why? Because the core business processes and relationships you aim to improve all rely on master data. And if you can’t trust the master data, it’s hard to produce reliable results.
Embracing the trend towards digital transformation can lead to significant changes and unimagined opportunities. But your organization’s ability to capitalize on these investments depends on the way you manage, master, and structure your data. Linking your data management efforts to major DX initiatives is an excellent way to drive this point home.
For more tips on establishing the value of data management in your organization, check out our eBook for deeper insights on this subject. You’ll learn how to position the value of your data program to the business and get strategies and practical tips on how to get from data silos to a connected ecosystem built on trusted data.
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Data Whisperer and master data expert, Scott Taylor, shares some hot technology trends to help you connect the dots between the initiatives your company is spending money on and your core product, customer, supplier, and other data. Whether you’re a business or data teams leader, you’ll understand the critical role your master data plays in maximising your ROI — regardless of the macro trend.
About the author
Scott Taylor
Scott Taylor, The Data Whisperer, has enlightening countless business executives to the strategic value of proper data management. He focuses on business alignment and the “strategic WHY” rather than system implementation and the “technical HOW.” As Principal Consultant for MetaMeta Consulting he helps Enterprises and Tech Brands tell their data story. An avid business evangelist and original thinker, he continually shares his passion for the strategic value of master data through industry events, public speaking opportunities, blogs, videos, whitepapers, podcasts, cartoons, puppets shows and all forms of thought leadership. His new book – TELLING YOUR DATA STORY: Data Storytelling for Data Management is available now. He lives in Bridgeport, CT where he often kayaks in Black Rock harbour. He can also juggle pins and blow a square bubble.
This article is sponsored by Winshuttle
