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How Video Marketing Can Be A Powerful Tool for Chief Data Officers

 

As data continues to grow as a major asset, Chief Data Officers (CDO) occupy center stage in the management of data. The huge data volume without appropriate and adequate consumption can cost companies billions of dollars, starting with opportunity costs. Consequently, CDOs are pressured to make their business case almost every time they are expected to invest a dollar, whether it is for regulatory responses or indeed growth and innovation pursuits, such as cloud migrations, for example.

It Hurts To Be A CDO Who Cannot Tell Stories With Data

A recent survey indicates that the volume of data within an enterprise will expand by 33% within thenext one year. Faster and more accurate data analytics will be the major demands from CDOs in the digital era.

Value creation with data is a key pressure point for any CDOs. And then, both the Chief Operating Officers as well as Chief Financial Officers expect and demand. Of course, the rest of the C-Suite also expects the CDO to deliver. In this context, it is imperative that the CDO of the digital age knows how to convince their organisations, C-Suites and indeed the boardroom. Any inability to convince or effectively demonstrate the value of data is a certain disaster. Such failures translate into millions or even billions of dollars of losses which neither the company nor the CDO can afford to accept. This is usually through miss-spending or failed projects or programs. In ability to invest in innovation investments is also very expensive.

Traditionally the Chief Information Officer, the Chief Financial Officer or the Chief Operations Officer handled data management.  Regardless of which ‘x’ in the CxO – It is imperative that the leader know how to manage and create value with data.

CDO, for that matter any leader, needs to have the ability to influence his followers.  More so, is the case of a CDO, who needs to help his or her organisation ‘visualize’ and more importantly create value with it. Story telling is a mandatory skill for a CDO.

Use Of Video Marketing To Create & Sell Stories

In this context, video marketing can be a powerful tool to create data centric stories in a format that appeals to people’s emotions. Value cases for data usage can be created using video marketing effectively.

CDOs can communicate the business value of data better, through video marketing in the following ways:

  • Demonstrate the use of certain actionable analytics to improve the bottom line
  • Creating transparency of the data and technology landscapes through videos
  • Feature personal stories of staff and people involved in creating value with data for the organisation

Video marketing, potentially bridges the gaps between the boardroom, the C-Suites and the entire organisation as it is one of the best forms of communicating in this digital age. If done right, there is no reason, why this cannot become a part of the mainstream organisational process.

Get Rid of Poor Data Quality Once and for All

The impact of poor quality data is felt both in terms of revenue as well as the reputation for organisations. Data quality issues cost businesses $600 billion per year according to a report by TDWI (The Data Warehouse Institute). A 2016 report by IBM estimates that the losses caused by poor data quality are almost $3 trillion annually.

Organisations also incur damage to their reputation which can vary from minor to major. One example is the roll out of Maps by Apple in which most of the data was inaccurate and not usable. Reputation damage also has a direct impact on revenues.

Striking the balance

While many businesses realise the criticality of data quality, they are not effective in striking the right balance in allocating resources to address data issues. Although businesses respond to regulatory demands to invest in data management, return on investment is a subject that eludes CFOs and COOs.

According to a report by KPMG, 84% of CEOs are not confident about the quality of data they are basing their decisions on. Two out of three executives are overwhelmed by the quantity of data that need to be analysed. In the digital era, technologies including Internet of Things and automation are leading to exponential growth of data. To be able to stay ahead of the competition, managing the data quality is becoming increasingly important for businesses.

A 10% increase in data accessibility can boost the net income by $65m for Fortune 1000 companies. Simplifying the data deluge management process with the right tools, methods, people and processes is basic to solving data quality issues.

The solutions

The first step to getting rid of poor data quality is to understand the relative importance of data. Focusing on the most important person-centric data, followed by products and services is critical to managing data quality.

  • The person-centric data should be of the highest quality and also well managed to enable businesses to run efficiently. In this context, businesses should know the relationship between Business Strategy-Business Model-Business Process-Data.
  • The most critical data for the business needs to get 100% in terms of quality. Before getting into big data analytics, it is crucial to get the quality of person-centric data right. The cost of not managing the quality of person-centric data can run into billions or trillions for businesses.

The Data as an Asset (DAAS) Index is a tool that helps create transparency required to address and manage data quality.  Just like in the industrial age – ZERO DEFECTS – is a possibility.

Patience and discipline is the basic foundation, though.

In the midst of burgeoning technologies.

It does Matter: A Case for Making People Relevant in the Age of Machines

In the age of big data, machines and artificial intelligence the relevance of people can be questioned. And the question may be justified when viewed with certain lenses. After all, this is a world in pursuit of ‘profits’.

However, good leaders do realise that businesses are made up of people who have a stake in them. These stakeholders include the employees, shareholders, consumers, partners, and vendors. These individual stakeholders in fact, drive the economy as a whole.

People create value

Since every enterprise is an orchestration of people, processes and technologies – purposeful value creation is based on how well people come together along with processes and technologies. Value can only be created by people for people. Digital age companies can only succeed when they ask themselves, “Do we have the right people in the right place to steer this ship in this age of uncertainties using the tools and technologies available?”.

Investing in people is the right strategy for companies. A successful company is only possible when successful teams are put together. The right talent at the right place is still going to be the critical factor for digital age success. People who have the right competencies across the value chain drive the success of enterprises.

Decision making with empathy is critical in the digital era

Data is available from every channel imaginable and machines are becoming smarter by the minute. But without the right people, who can understand and channelize all that data – progress is just not possible. Data must not only be well organized but be in the hands of the right people so that it supports managerial and executive decisions, followed by subsequent outcomes.

All business outcomes are a result of decision making. Right and well timed decisions result in good outcomes while a series of systematically bad decisions result in failure of businesses.

The culture within an organization is also set by people, and people only. Certainly, not by machines or AI! Creating a strong and adaptive culture in an enterprise is critical to succeeding in the digital age. Going digital is not about things or machines, but about “how you do things better. More importantly – for a better world!” The “how” of doing things is always up to the right people who can make the right decisions based on the tools and technologies available to them.

The right capabilities can help companies keep pace with their customer needs as digitalization changes consumer behaviour rapidly. Technical capabilities such as big-data analytics, artificial intelligence, digital content management, etc are crucial for success in the Digital Age.

But nothing to replace what a human and only a human can do best, in any process.  And that is – to empathize!

Digital Age Leadership Books to Read

In the digital age, harnessing the power of data along with displaying entrepreneurial skills is key to creating value for enterprises. People who can combine leadership roles with their ability to analyze big data are the datapreneurs.

Skills digital age leaders need

Datapreneurs must be entrepreneurial in their use of data besides taking ownership of their responsibilities. Not only do they need to develop strategies based on data but be able to find innovative solutions to the task at hand.

In the digital age, a leader can be redefined as the one who can harness the power of data to make the right decisions. Data, processes, and technology must be used in a smart way by these leaders to create value.

Using the right resources will help fine-tune the abilities of digital age leaders. Being self-driven, taking initiatives, and knowing how to influence people and policies are some key skills of digital age leaders.

The books to read for digital age leaders

 Digital to the Core: The book written by Mark Raskino and Graham Waller talks about how business leaders must recognize the ‘impact of the digital revolution’ on industries and leadership practices and styles. The authors present a detailed insight into 30 top C-level executives from Ford, McDonald’s, GE, and Tory Burch.

The Case for the Chief Data Officer (CDO): Recasting the C-Suite to Leverage your most Valuable Asset:  Authors Peter Aiken and Michael Gorman discuss how to obtain a data advantage, the definition of a data chief in the digital age, and how data needs a dedicated focus as given to technology.

Digital Destiny: How the New Age of Data Will Transform the Way We Work, Live, and Communicate. Written by Shawn DuBravac with a foreword by Gary Shapiro, the book talks about a new era that has been ushered in by the digital ownership. The core of the book is dedicated to how the data will relate to the day-to-day lives of people and how every area of work, life, and communication will be impacted by data.

The Digital Transformation Playbook: Rethink Your Business for the Digital Age: Author David L. Rogers discusses how enterprises with a legacy of technology can transform into digital organizations. Also given is a step-by-step guide on the processes involved in such a transformation. The author believes no playbook exists for management to understand how to cope with the challenges

The One Resource to Master for Digital Age Success

Time, as they say, is of the essence. Intelligent management of time is something that eludes executives in top level management, but it is indeed the resource to master to be able to succeed in the digital age.

Time is the most valuable resource to master

Financial pressures from stakeholders and performance related issues are common issues that plague many leaders. If leaders understand how to better manage time to make better choices and decisions at the right time, drastic consequences would not need to be faced, such as the ones that led to the executive suicides in some companies.

Time is indeed of prime concern to the digital age leaders and without intelligent time management, leaders find themselves with not enough time for family, recreation, education or even health.

Working smart involves prioritizing tasks intelligently into compartments instead of working all the time without getting anywhere. Leaders also need to understand that data reflects the business processes which in turn impact the business model that reflects the overall business strategy and outcomes. Such clarity would lead to prioritizing and using time in a more efficient manner to make critical decisions in a timely manner that can save businesses as well as lives!

How can leaders manage time better?

When leaders focus on the priorities of the shareholder, customers, and employees, they have a better understanding of how to utilize their available time. The key to understanding these priorities is having a good data management strategy that saves huge amounts of time and is, in fact, the tool for succeeding in the digital age.  Data management tools such as Data As An Asset Index will assist in mastering time better and is a must have for company boards.

The DAAS Index tool is a resource that offers a standardized way of measuring the relative importance of data systems. Using the DAAS index tool, companies can measure the data that is relevant to their business.

Leaders are also in a better position to make informed decisions when it comes to investments in IT and this is more of a relevance to Fortune 500 companies that have expenditures to the tune of billions of dollars.  In such scenarios, even minor shortfalls in managing data systems can result in huge expenses that could easily be avoided with the efficient use of the DAAS Index.

Funds are mismanaged due to errors in estimating the value of data systems and further, this can lead to failure to create value for the business. Such mismanagement is a drain on time as well as money which leaders can avoid by using the DAAS Index tool.

The Importance of Having a Simple Data Strategy

The notion of an overarching enterprise data strategy can be quite overwhelming. You can start by having a clear vision of the desired business impact from data. Specifically, on how data will be sourced, how it will be utilised and how organizational transformation(s) will eventually be enabled. All this must be clearly understood. Many more questions could emerge as well. Such as the following:

– How will we identify, combine and manage multiple sources of data? Regardless of (your) industry or size, you can expect datasets to be large and complex.

– Do we have/How can we build the capability needed to utilize tools and/or build methods that optimize enterprise outcomes?

– What kind of leadership initiatives and attitudes can transform the organization so that the tools and methods actually facilitate better, more consistent as well as profitable decisions?

To make data a fabric of day-to-day operations, everyone must be aware of the data strategy being pursued by the enterprise, the value it is expected to deliver, and their role in solving problems and making the most of opportunities. In this scenario, simplicity, transparency and usability can help create a mind-set that is more accepting of data and helps adjust to a data-driven culture.

Why you need a data strategy blueprint

A strategic view of data in particular and technology in general is imperative to realize measurable business value. When framing the strategy, three parameters come to the forefront: commoditizing the data infrastructure, industrializing data integration, and ensuring organization-wide consumption of reporting, analytics and visualization capabilities that are both internal as well as external facing. With this line of thinking, you can bring your complete IT infrastructure together into a single blueprint.

A data strategy blueprint serves your enterprise as a compass to indicate the current location to where it should ideally be in the digital age. There are three steps involved:

  • Data serves the purpose
  • Data as a capability
  • Data as an asset

All three depict data at different stages of its value to the enterprise. In the first stage, data does what it was intended to do, nothing more. In the second, data starts driving results, impacting innovation and being valued across the organization as an integrated and a consistent capability. As an asset, data creates an environment of constant innovation and makes the organizational culture more purpose-oriented, whilst simultaneously creating massive economic value. The latter being the ‘holy grail’ for digital age success.

When operating with a strategic intent, the blueprint also offers the big picture on what must be done with data, describing how best to organize data across the enterprise landscape. The tactics and actions that must be followed through for each of the aforementioned strategic parameters can be more clearly understood with a blueprint. When the strategy is broken down into its constituent parts, it ceases to be complex. A ubiquitous strategy outlining the desired outcomes of collective activity is required to help datapreneurs and the people they lead understand the value of their contributions and empower them to excel, in the digital age.

Why Cloud Migration Needs a Sound Data Strategy

In our previous post, we discussed how the data value chain can be understood using the Fibonacci spiral. The data supply chain is important for planning security as it allows organizations to implement a security zoning model (more on that below) based around the relative importance as well as the data sensitivity of particular data systems. And security is a particularly important concern when planning a cloud migration as organizations need to strike the right balance between securing their data and at the same time, enabling the high value digital business models, which need data to be enabling democratic use, to serve the business eco-system. Creating economic value with data in the digital age, is a non-negotiable need. This is why there is a need to adequately secure and control data in the cloud. This is why, a fundamental step is to choose a cloud host who can ensure the security and reliability of sensitive, revenue-producing data – if at all you want to migrate it.

 

Security zoning model

Fig 1 : Inbound – Data Supply Chain

 

Fig 2 : Outbound – Information Supply Chain

In the images above, data is categorized by zone, which tells you about the data’s value and sensitivity based on its relative importance to the organization. Data that increases in value also becomes increasingly sensitive to a breach, and the closer it is to the center of the spiral. This relative value is demonstrated in the image below. The relative enterprise value of any application or data system can be accurately determined using tools such as the The Data As An Asset (DAAS) Index.

Fig 3 : Value VS Sensitivity to Data Breach

Data in Zone 0 is the most valuable to the organization and most susceptible to data breaches. As this data has the most value, it should be considered carefully during cloud migration. And if you want to make the move to the cloud, you will need to consider the following:

  • What’s critical and what can be migrated and when?
  • Some of your team’s day-to-day security tasks will be taken over by your cloud provider. Clearly defining security responsibilities and ensuring that your team continues adopting a proactive stance towards security becomes necessary. A detailed process flow complemented by a Responsible Accountable Consult Inform (RASCI) are practical tools available to most organizations.
  • To be on the safe side, you could consider migrating non-critical data and applications so that issues don’t have a major impact. For instance, you can start with your data archives first and move some of the more important data when you’re happy with the performance and security of your migration.

With a solid data strategy and a well-managed data value chain, organizations can confidently identify the most valuable and sensitive data. In today’s age of unabated digital disruption, it has become imperative for organizations to understand their data deeply and create a strategy compatible with their business model. As a digital disruptor, cloud migration can be successful only if a thoughtful, effective data strategy is in place. And the big data and business analytics of the organization can be aptly supported by making the most of a scalable, cost-effective cloud infrastructure.

Enjoy your cloud!

The One Skill That Makes A Fearless Digital Age Leader & A Digital Age Professional

Leadership has many definitions in different contexts. One definition is that “leadership involves the capacity and will to rally people to a common purpose together with the character that inspires confidence and trust“. Another definition of leadership, a process of social influence in which the “leader enlists the support of others to accomplish a common task”.

In the digital age or information age, the role of the leader remains the same while the approach slightly shifts to accommodate changes in technology in terms of Artificial Intelligence, Internet of Things, networking, open source technology, and smartphones.

The One Skill A Fearless Digital Age Leader Must Possess

With the knowledge society taking over, the one skill a fearless digital age leader or professional needs to nurture is that of openness to learn and adapt to the digital revolution.

A survey was conducted whose participants included about 1,293 millennial employees based in the U.S., U.K., India, France, Brazil, and China. The results published in Millennial Compass Report indicate that the participants highly admired those with knowledge and experience rather than power or authority. Now, keep in mind that the millennials constitute a majority of the workforce.

The benefits of openness to learning

  • Understanding technology to make intelligent use of data and processes to not only provide direction to the team but to guide the integration of trends across all sectors is secondary to this openness to learning.
  • Openness to learning the technological shifts in areas such as cloud computing, robotics, and automation will enable the digital age leader to be fearless in integrating these into the functions of the business organization.
  • Constant learning will also help the leaders cultivate a symbiotic interaction and relationship with technology.
  • It is important for digital age leaders to think like journalists and adapt investigative journalism. While the digital age leader is open to learning all that technology has on offer, he or she does not force conclusions but rather offers evidence based insights to be debated on.
  • With the openness to learn comes the willingness to constantly experiment and change as necessary as change is the only constant in the new digital age. When leaders are fearless in learning and understanding the information, thinking can become expansive and forward looking.
  • With these traits, it is easy for the digital age leaders to develop teams that are integrated with the technological advancements and think dynamically as well. Such adoption of expansive thinking allows teams to shed traditional and conventional thinking in lieu of the demands of the highly competitive digital era.
  • As data becomes more extensive and specialized skills are developed, informed leaders can better integrate processes with these hyper specialists.

Technology is constantly evolving. The only way to remain a “Leader” in this digital age is to embrace it!

The Relevance of Language in the Digital Age

The World Wide Web has transformed the way we communicate; yet it has been detrimental to the learning of languages and enhancement of language capabilities at the individual level. Where before, the spoken and written language required at least some attention to grammar and semantics, today it can be likened to a software code: enough if understood and gets the job done. In the digital age, there is greater emphasis on the pragmatic aspect of language as a driver of communication.

It is not difficult to imagine why. The world has become a smaller place and lives have become busier. Time is at a premium and ironically, the acceleration in work speed courtesy of computers has only increased pressure on humans to work at breakneck speed, trying to get as much done in as little time as possible. In this scenario, language has taken a backseat and the value of quantifiable data – numbers and statistics – has increased. Simultaneously and somewhat unfortunately, respect for the language, English or native, has diminished.

Social media imposes space limitations; text messages were never intended to be long to begin with; and emails too have gone the SMS way, with everyone wanting answers ASAP, seemingly having no time to say sorry and just enough to type SFLR (Sorry for Late Reply), and apparently not caring enough to appreciate another human with a heartfelt line or two, rather a generic YMMD (You Made My Day). You may not use these in your daily lingo but millions of internet users around the world do, and that can be pretty scary or amusing, depending on how you look at it.

Where before speed reading was about getting through the pages of books at a blindingly fast pace, today we ‘power skim’ online, picking up the essence of the story and giving little thought to the manner in which ideas have been expressed. The internet encourages us to read the headings, images, tables, graphs and bullet points in an article; whether or not we want to enjoy the writer’s prose is up to us. A long-form article, though appreciated, is expected to include captioned images, subheads, bulleted lists, statistics and tweetable quotes. And for readers who can spare less than a minute on an article, there’s always tl;dr (Too long; didn’t read).

 Language is still necessary for social interactions and critical for professional authors as well as the continuing existence of the publishing industry. What we’re witnessing is watered-down, filtered and sieved language. This is reflected in the general sentiment that learning ‘some’ English to land a job will do; in the process, we fail to become articulate at English and the approach often comes at the cost of our native language. Ultimately, we struggle to gain command over either language, missing out on its beauty and leading a colorless life on the internet.