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Conclusion: Most organisations have vast pools of data (a. k.a. information assets) lying underutilised, as many IT and business professionals are unsure where it is stored and are unaware of its value. To turn the situation around organisations must strive for data mastery1, which is the ability to embed the data into products and services to increase efficiency, revenue growth and customer engagement.
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Too often, information communications technology (ICT) and business analytics groups focus on business intelligence and analytics architectures and do not explore the organisational behaviours that are required to take full advantage of such solutions. There is a growing recognition that data literacy (a subset of digital workforce maturity1) is just as important, if not more important, than the solutions being deployed. This is especially true for organisations embracing self-service analytics2.
The trend is to give self-service analytics platforms to management that are making critical business decisions. However, this trend also requires managers to be trained in not just the tools and platforms, but in understanding how to ask meaningful questions, select appropriate data (avoiding bias and cherry-picking), and how to apply the principles of scientific thinking to analysis.
Minimising risks from systems specification errors and cyber risks from network intrusions when an enterprise-wide digital transformation is underway is a daunting task, as many stakeholders could be impacted. Depending on the severity of the error or network intrusion, an incident could damage a brand’s image and shareholder confidence in the board. In the public sector, a cyber incident could result in the leaking of citizens’ private data and put an unwelcome spotlight on ministers and bureaucrats.
While boards are ultimately responsible for monitoring and minimising risks, they must ensure management creates a risk abatement framework and strategy, and executes it. The problem is compounded when the organisation’s aim is to transform or reshape its business model and the changes proposed are resisted by staff concerned at possible job losses or fear of failure – risks which must be addressed in the strategy.
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