Customer and employee activity is feeding the data byproduct of any average large enterprise, which is data that can be used to replace all assumptions, personal experiences, and other bias for making business decisions. Companies can leverage this data for their corporate and digital transformation strategies. This will help them in becoming successful in adapting to the digital age. The IT team becomes very important in this scenario because companies will have to develop the capacity to tap into the data utilize it to support their teams with analytics and other insights.
Evolving from Enterprise Data to Ecosystem DataIn today's world of digital connections, all the data being generated outside the company is equally important as compared to the company's data. This data helps businesses understand their business dynamics and provides them with the right insights for strategy formation. A lot of this enterprise data comes in the form of unstructured data. All the CIOs and IT leaders need keep this in mind when they work on establishing a strong understanding of their ecosystem. This strong understanding is crucial to drive high quality analytics.
What Does It Take to Drive Ecosystem Analytics?There are a lot of layers of capabilities which are needed for companies to be able to create strong and real-time analytics capabilities. The first step begins with the creation of a strong foundation of data that comprises of the following:
- Master data management (MDM)
- Data governance
- Automated integration
- Efficient storage that includes covering both structured as well as unstructured data from all existing corners of the ecosystem
- Companies need to leverage acquired data for their corporate and digital transformation strategies
- Companies need strong IT Teams to develop the capacity to tap into the data and utilize it to support their teams with analytics and other insights