Data as a Core Competency Is Not Just an IT Issue

Big data should now be a core competency for everyone in your organization. While it’s easy to brush it off as an IT-only concern, it’s much more than that: the rise of big data is pervasive, and we have more information from more sources coming faster than ever. In fact, a McKinsey Global Institute report says data volume doubles every three years, and we now have tools that let us learn from and react to data in real time.

This data management, generation, and application cannot be viewed simply as a function of IT. The IT team may enable its use, but data as a core competency is necessary across your business.

Too many organizations struggle to unlock the value of their data—not because they don’t have the tools to use it, but because they haven’t made the cultural changes to support being a data-driven company. If a CEO announces, “We’re going to be a data-driven company,” what actions follow that statement? That commitment must be reflected in the strategic and operational goals of the company, and this is often where the disconnect occurs. The right words are spoken, but actions aren’t paired with them.

One of the first steps in changing business culture is to move away from gut-feel or bias-driven decisions. The redirection from bias-driven to data-driven decision making has a payoff: the McKinsey study says sectors such as U.S. retail, U.S. healthcare, and manufacturing have captured only 10 to 40 percent of the value found in their data and analytics. Obviously, there’s room for improvement. Companies that can drive those percentages up will benefit from increased revenue and profitability.

As the ones closest to the technology, IT teams often see the possibilities big data offers but struggle to persuade business leaders of the value. They find themselves serving as data evangelists who sit between management and lines of business.