By Balaji Rao Gaddam, Vice President of Center of Expertise, SAP America
The contradiction of possessing a large volume of data and deriving little intelligence from it is a reality that businesses must tackle to take on a hyper-digitalized marketplace. Otherwise, the knowledge and insight that Big Data promises are meaningless – making it more difficult to narrow down decisions quickly and fuel measurable growth and progress effectively.
Such poor data literacy is one of the biggest internal roadblocks to business success. In fact, the Gartner Annual Chief Data Officer Survey indicates that, by 2020, 50% percent of organizations will lack the sufficient data skills needed to achieve business value.
How can businesses bring intelligence to terabytes upon terabytes of data? The key is to reconsider how data is captured, consumed, and contextualized and create one point of access to enterprise data that is housed in many different systems and formats.
Data is important, but do you know its full potential?
Data comes in many forms and from a variety of sources – structured and unstructured, numbers and words, ERP applications and embedded devices. Due to the differences of each data point, deriving insight and putting it to good use is like finding a needle in a haystack that is mountainous and never stops growing.
To bring efficiency to the decision-making process, businesses need to pull together every data point that is strewn across volumes of spreadsheets, organizational applications, and legacy IT systems into a single data hub. Doing so accomplishes more than just accelerating the flow from data capture to insight and decision-making. Companies can also better scrutinize their data for usefulness, redundancies, and conflicts. Then, with support from the right data management and analytics tools, employees are empowered to not just react to a problem, but also predict and resolve those problems immediately.
Take, for example, PayPal. At its heart, online payments system provider is a technology company that prides itself on its innovative edge. The business is constantly on the search for better, faster, and more secure ways to fulfill its customers’ banking needs. When it wanted to connect its finance and development operations, PayPal decommissioned data and processes that were no longer relevant and roll up the ones it needed into a single bank analyzer application running on SAP HANA. This approach enabled substantial automation of its finance function with a rich analytics layer – reducing the time and effort necessary to acquire and reconcile information, analyze system performance, and lower regulatory burden. Plus, the company now has a platform that is agile, scalable, and stable enough to allow the finance organization to evolve as the provider innovates new products and services for its customers.
The power of real-time data integration and movement
As PayPal’s experience reminds us, the core of every business strategy is the effective and timely use of enterprise data. For many businesses, this realization is a critical turning point when seeking a competitive advantage in today’s data-driven economy.
The time is now to frame a strategy for consolidating this asset, exploiting the tremendous insight and opportunity it harbors, and safeguarding it from potential breaches. What are you waiting for?
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Learn about the SAP MaxAttention and ActiveAttention offerings SAP MaxAttention and take advantage of our Data Intelligence Expert Center at the Platform and Intelligent Technologies Pavilion to get the best practices, lessons learned, guidance, and support you need to get started. You can also learn from your peers, such as PayPal, by joining our ask-the-customer and ask-the-expert sessions.
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