Data is the new oil. But it is a prerequisite to successfully manage data otherwise it is as good as garbage.
Companies are achieving digital transformation and are more inclined to be “AI-first,” but it is also important for the companies to evolve their culture in a more data-oriented administration and adjust their strategies to accentuate data and analytics.
The growth is slower, and the breakthrough in data-oriented goals is seen to be abating due to few reasons as follows:
(1) The company is yet to transcribe data culture
(2) The company has not created an efficient data-driven organization
(3) Data is not treated as a business asset
(4) Companies are actually not into data and analytics as it claims to be
(5) There is a sharp decline in funding & investments in Big Data and AI investments of the company
(6) Technological obstacles
(7) Non-adept skill sets and Process issues
(8) Cultural changes and inability to adapt
(9) Lack of organizational alignment
(10) Miscellaneous external and internal resistances
The amount of data is multiplying each day, and companies are trying hard to achieve transformational results from data initiatives. So the need for the companies to go all data-driven is never going out of fashion anytime soon.
A hard look at the company’s failures will help take action against cultural barriers and reduce them to adapt to the businesses. Heavily invested in tech is not the only answer; firms should also be serious and creative in addressing the human side of data if they truly want meaningful business profits.