Rich Wagner, president and CEO of Prevedere, shares six guidelines he’s developed based on his own experiences seeing good data left to waste at major enterprises, including the Fortune 500 chemical company where he once worked.
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Smart leaders realize they need to look behind the curtain to fully understand the implications of words like “big data” and “data driven” as well as ensure their expectations match the capabilities of their systems and structures.
Our insatiable demand for instant, finger-tip information has spawned these words that are sometimes uttered with more mystique than meaning. Yet, many corporations are headed toward the buzz.
The Economist Intelligence Unit (EIU) found data-driven companies rate themselves substantially higher than others in terms of financial success, but the path to get there may not be easy.
Wagner observes, “In my experience, this new data-driven mantra is easier said than done. Executives often don’t realize what they are asking of us in IT. That’s assuming they know to ask the right questions at all. In fact, another EIU study found 35% of executives lack an understanding of how to apply big data, and 62% of CIOs report big data buzz has resulted in unrealistic expectations among executives.”