3 things I learned about Data at MIT – Business Intelligence Info

Isalldatacreatedequal?

Whoownsthedata?

Whogetstodecidewhatit’svalueis?

Whoisinchargehere?

LastweekIfoundmyselfinthemostunlikelyplace。

Iwasbackintheclassroom,notebookspreadopen,vigorouslyscribingnotesandhangingontoeverywordofProfessorSandyPentland,oneofthemostcitedauthorsincomputerscienceandForbes’Top7mostpowerfuldatascientists!

TheoverfilledlecturehallattheprestigiousMassachusettsInstituteofTechnologyservedasthehomebaseforMIT’s10thAnnualInformationQualitySymposiumhostedbytheMITInformationQualityProgramatSSRC,theMITSloanSchoolofManagement,andtheInternationalConferenceonInformationQuality。

Over300attendees,19sponsors,andacclaimedguestspeakersfilledtheroom。

Thegoalwastocombinethebrightestminds,CDO’s,CIO’s,enterprisetechnologyleaders,andcross-industryspecialiststodeliberatedatastrategy,governance,andanswerburningquestionsaboutmoderndatadecision-making。

Companieshavebeenderivingbusinessvaluefromdatafordecades,butnow,accordingtoGartner,morethan30%oforganizationswillbedirectlyorindirectlymonetizingtheirinformationassets。

That’sright,monetizingdata,asindata=value=dollars!

AsasponsorandrepresentativeofSAP’sDataEnterprisePlatformGroup,Igottojointheconversationondatabestpractices,leveragingBigData,managingcultureinarapidchangeenvironments,andgettingaheadofthecurve。

Turnsout,alltheseniordataandinnovationexecutiveshavethesimilarchallengeswhenitcomestomanaginginformationqualityintheirrespectivefields。

Hereiswhatwelearned:

NotallDataiscreatedEqual:There’spersonaldata,demographicdata,geographicdata,behavioraldata,transactionaldata,transportationdata,militarydata,andmedicaldata。

There’shistoricaldataandreal-timedata。

There’sstructureddataandunstructureddata。

Itoftenseemsasifwearesurroundedbygrowingmountainsdata。

Also,there’sthesameexactdatapointsthatvarybasedon“point-in-time”versus“point-over-time”whichimpactsthequalityand“usefulness”ofdata?

So,whycare?

WellaccordingtotheMITgroupofChiefDataOfficers,“Thefailuretosegment,audit,categorize,andcleandatacanbeharmful-andveryveryveryexpensiveforyourorganization”。

OneinsuranceindustryCDOsaid,“lesscriticaldatafaroutnumbershighervaluedataandspendingthesameamountofmoneyprotectingallkindsofdata,regardlessofitsvaluehashighfinancialimplications”?

Whoisincharge?

TheBusiness:TheBusinessMUSTcontroltheDatastrategy,notIT。

AccordingtoSandhillConsulting,VPofArchitectureStrategy,DonaldSoulsby,“successmeansestablishingadatastrategybyfirstconsideringbusinessgoals,nottechnologysolutions。

Dataisthenthe“linguafranca”ofanygivenorganization。

”-it’sthecommonlanguageconnectingthebusiness。

Thebusinessisresponsibleforestablishingcriticaldataelements?

ITwilljustprovidethetools,stewardship,andmanagementofthecommonagreed?

languageacrosstheorganization。

Let’sconsidertheOncologyofWine(apersonalpassion)。

Ifthebusinesses’goalistodriveconsumerstosayanicePinotNoir,thecriticaldataelements?

setbythebusinesshavetomatchthesameresult。



Onepathcanbe:



RedLightPinotNoir



Anotherpathcanbe:



FrenchBurgundyRegionPinotNoir

ITwillincorporateallrelevantmetadata,yettheBusinessmustdefineallpossiblecriticaldataelementstoachievethedesiredimpact。

Dataisacorporateasset:No-brainer?

Welldatastilldoesnotshowuponthebalancesheetbut,it’scriticaltoyourbottom-line。



Morethan80%ofbusinessexecutivessurveyedbyGartnerbelievedataisonthebalancesheet,tuckedunderotherintangibleassets。

It,Imsorrytosay,is?

not,saidLaney(Gartner,DougLaney,VPDistinguishedAnalyst)。

Organizationsareusingdatatoincreaserevenues,reducecosts,improvecustomerserviceandloyalty,andimproveemployeesatisfaction。

Organizations?

liketheDepartmentofTransportation,DepartmentofDefense,USBureauofEconomicAnalysisandGEallinvestindata—includingthepeople?

processesandtechnologyrequiredtomanagedata—proportionallytoanyothercorporateasset,includingcash,securities,people,equipment,facilitiesandintellectualproperty(McKinseyCompany)。

Notanewfieldbut,themajorityoforganizationstillstruggletoproperlyassigneconomicsignificanceofinformation。



Whyisitimportanttoquantifyinformationvalue?

(D。

Laney,Gartner)

Youcanuseinformationascurrency

Productizeinformation

CollateralizeLoans

Assessingriskthatcontacts,judgments,insurersdenyinformationisproperty

ClaimingMAvaluationpremiums

Gaugingwhattospendoninformationsecurityandtools

ProjectingandconfirmingROIonIMinitiatives

Biggestlesson?

Youcan’tmanagewhatyoudon’tmeasure

Letsblockads!

(Why?

)

SCN:AllContentSAPBusinessTrends


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