Turning data into value: Are you close?
There are so many variables and external influences that can cloud our judgment and decision-making. That’s why, when you see someone who is truly confident in their decision, the reason is invariably: Data.
Data provides confidence because it is objective and backs up new ideas with solid evidence. It helps ensure that decisions rise above our biases and emotions.
Data allows people to do what they do best: be innovative and creative!
For this reason, data is one of the most valuable resources an organization has and its why data should be leveraged by all users – both business and IT alike – at all levels of the organization. How is your organization doing?
It’s time to step up and re-engineer your data culture
Despite data’s value, a strong, data-driven culture remains an elusive goal for many organizations.
Organizations need to go beyond simply talking about making data a part of decision-making to actually instilling data as an essential and almost automatic part of the process. This requires a shift in mindset and culture.
To help instill a new data-driven culture, data must be accessible to employees so they can explore new ideas and test their hypotheses with ease.
Employees should also be able to trust their data and embrace a collaborative relationship between IT and business.
So how can we shift an organization’s culture and help give data purpose?
2021 trends in data
It starts with a unified strategy!
In today’s world it’s integral that organizations unify their data and analytics strategy. Data is becoming more valuable, but it’s also becoming more complex – extracting this value and doing away with complexity is crucial.
There are 3 key trends that support the importance of a unified data and analytics strategy.
- Due to COVID, organizations are increasingly opting to move or extend to the cloud, this will continue in the coming years.
- According to dbInsights back in 2019, they already predicted that cloud will be the default for deploying enterprise-critical applications in 2025. It seems like this has only accelerated in recent times.
- Data warehouses and data lakes will start to gain some of the same qualities as the technology evolves and improves.
- More organizations will start to opt for a data supermarket to handle data consumption to simplify processes.
How can SAP help?
With SAP Business Technology Platform (SAP BTP): a platform that gives organizations powerful capabilities to build, integrate, and extend applications, as well as derive insights from data – with agility and speed.
These capabilities are taken from four technology categories:
- Database & Data Management
- Application Development & Integration
- Intelligent Technologies
SAP BTP enables customers to perform all necessary steps to make sense of data, combining SAP’s market leading data management and analytics with embedded intelligent technologies.
The data value formula illustrates how each piece of our product portfolio works together to give data purpose for our customers.
- Volume: SAP HANA Cloud is a powerful cloud-native database as a service that manages data volume by optimizing data storage, and processing data of any size in one single database.
- Companies today must manage increasingly high volumes of data – but much of it is duplicate data. IDC predicts a 1:10 ratio of unique to replicated data worldwide by 2024. SAP HANA Cloud allows you to work from a single source of truth that reduces data copies.
- Quality: SAP Data Intelligence Cloud and SAP Data Warehouse Cloud ensure data quality, and transform data of any kind to set a strong foundation for analytics and insights.
- A unified data and analytics approach is crucial to deal with many different types of data. In 2020, decision makers regularly used an average of seven different types of data to support business-critical initiatives (Forrester), this is bound to grow.
- Usage: SAP Analytics Cloud is a single cloud solution for business intelligence, planning and predictive. It makes data accessible to anyone through intuitive data analytics. This ensures organizations can use their data to make confident decisions.
- People are generally curious and creative if given the proper tools. Data can foster the curious and creative nature of your employees. Make sure everyone has easy access to the data they need!
With volume, quality, and usage combined, organizations will get more value from their data!
- Learn more about the Data Value Formula and how you can turn data into value.
- Watch our SAP Data and Analytics Virtual Forum, and hear directly from our customers, partners, and experts.
- Learn more about our Database and Data Management & Analytics
How is your organization doing? Are you data-driven, with all of the fresh, quality data you need?