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The time to move away from instinctive decision making is now.
Today, a fact-based scientific approach, leveraging information derived from an organization’s data, is critical to navigating today’s business world.
So says Shakeel Jhazbhay, general manager of digital business solutions at high-performance and secure ICT solutions provider Datacentrix.
According to Deloitte’s 2020 report, ‘Navigating the New Normal with Data-Driven Decision Making’, the onset of the COVID-19 pandemic has had a profound effect on everything that could be considered ‘normal’.
The document says that “companies that survive the initial crisis will have to go through the recovery period, which according to some analysts will be even more difficult for balance sheets than closing.
“Organizations need to perform complex analyzes such as segmentation, eligibility, personalization, and trend and option analysis when providing customer and / or citizen services,” he continues.
“One surprising fact, however, is that to get through this time, organizations may not be able to rely on their well-established decision-making tools and models.
Tools like artificial intelligence (AI), machine learning, and predictive models won’t be able to work exactly as designed in this new normal.
Why? Because they will be based on historical precedents at a time when everything will be different in unprecedented ways.
“” The Deloitte report also states that if data-driven decision-making was critical for companies to remain competitive in the face of a pandemic, it is now an absolute ‘survival tool’, Jhazbhay explains.
Creating an effective data strategy “How, then, do companies step up and build an effective data strategy that helps them transform according to what is needed today?” he asks.
“The first step a company must take is to assess its current maturity.
Once they understand where they are, more broadly, the business will better understand where to go from a data management standpoint.
This involves looking at what the company wants to achieve through data management and analysis, and putting together a definitive strategy based on its specific needs.
After undergoing this evaluation process, a company may find that it does not need a ‘bells and whistles’ data management strategy at all, as there is no business requirement for this, and capabilities such as artificial intelligence are can be preserved for commercial applications.
How can the data be used for business advantage? Once a data management exercise has been completed, a critical step in this process is understanding exactly what the business hopes to gain from a data management strategy.
Business assessment helps identify how a company should leverage data within different areas of the business.
For example, a more complete view of the data can enable a deeper understanding of purchasing patterns for a consumer-facing business, enabling more targeted upsells, better management intelligence, and ultimately more revenue.
“Data classification comes into play next, once a business has a clearer understanding of what the business’s data needs are, what data is critical and what is not.
For example, data received through sensors within an automotive company’s manufacturing plant is important, but should not be pollinated with commercial data.
And, Jhazbhay argues, when developing data protection, governance and redundancy policies, certain principles must be taken into account.
These include the following: • Data must be processed in a legal, fair and transparent manner (legality, fairness and transparency); • Must be collected only for specific, explicit and legitimate purposes (purpose limitation); • It must be adequate, relevant and limited to what is necessary in relation to the purposes for which it is processed (data minimization); • It must be accurate and, where necessary, kept up to date (precision); • It must not be kept in a format that allows the identification of data subjects for longer than is necessary for the purposes for which the data is processed (storage limitation); and • It must be processed in a way that guarantees its security, using appropriate technical and organizational measures to protect against unauthorized or illegal processing and against accidental loss, destruction or damage (security, integrity and confidentiality).
Becoming a ‘data’ company Says Jhazbhay: “There are many technologies and systems that can add value to an organization, from business intelligence to predictive analytics.
However, what is critical when it comes to feeding these tools is current, clean data.
“Every business is now a ‘data’ business, it really comes down to using your insights to improve decision making and drive business value.
Data is king and this is where companies will find the key to successfully navigate the current crisis ”, he concludes.
About Datacentrix: Datacentrix enables successful digitization.
Our teams of specialists harness the combined power of information and communication technologies to connect, transform, enhance and future-proof business, supporting clients throughout their digital journey.
Datacentrix offers deep technical expertise in a mature offering, providing a proven ability to execute that is backed by the world’s leading technology partners.
With a strong African presence, the company is recognized for its agility, deep industry knowledge, ethical practices, and strong overall performance.
The company is a B-BBEE level one (AAA) contributor, with a 135 percent acquisition recognition.
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