When I started to write my first book – The Billion Dollar Byte, I was conscious of the fact that every enterprise had data. And a lot of it.
Some knew exactly what to do with it, while some just did not. Interestingly, enterprises that knew what to do with their data were higher in financial valuations as compared to, companies that didn’t. As a matter of fact, companies that managed their data better turned out to be far more efficient than their peers and they even managed to serve the involved people in the business, better than their peers.
Needless to say, some sectors and industries are better than others. However, the one critical factor that drove this phenomenon is the organisation’s ability to ‘act on data’.
Clearly, organisations that are able to ‘act on data’, make faster and frequent decisions.
Of course, some, decisions could be good while some may not be. But, there is always ‘momentum’ and this makes all the difference.
Getting to “Yes” on matters related to efficiency, safety and compliance are crucial for success in the digital age. Data enables this decision making process. But, ultimately it is depended on individuals to use the data to make decisions. However, this is easier said than done.
My big idea is “Getting to Yes, Now!”
“Yes” – on matters that are most important to us. I am convinced and 100% confident that we can tackle our biggest challenges through the combination of people and data. The good news is that every organisation is equipped with both. The only difference is that new digital age competencies will need to be developed. And I call this competency as ‘datapreneurship’.
‘The Datapreneur’ – is a competent digital age leader, who knows how to create value through the use of data. These leaders are adept at creating value with data, whilst ensuring efficiency, safety and compliance.
Today, more than ever, our world needs ‘datapreneur’.
Whether it is fighting cybercrime, natural disasters or economic disasters. ‘The datapreneur’ is a leader of hope. And they should be developed at every level in an organisation, including in the boardrooms.
In early 2018, I had written an article in Scientific American. This was to address the $4.59 trillion American infrastructure issue, through the use of data and related technology. It was clear to me that while we have made significant progress in developing technologies, it is now time to take a deep breath and make sure the every organisation ups their game by developing people for the digital age. And this starts with developing the ‘datapreneurship’ competency and the best part is, that they will start to become your alchemist by converting your organisation’s data into gold.
The Billion Dollar Byte provides leaders with concepts, tools and methods to embark on this journey of alchemy.