How does the culture treat data? Is data accepted as valued asset, from top level down? Do they have processes in place to structure the data, keep tabs on the flow of data, who owns the data, how it proliferates throughout the business.
A Company that treats data as gold, that depends on data for decision making, reviewing trends, predicting probability in the future, will thrive.
Having a solid data strategy is not just good for business, it sets a foundation throughout the company. A company with internal structure can withstands the storms.
Orgs must leverage its data for better decision making. With the new rules coming down the pike, to ensure data privacy, having the structure in place will protect yourself and avoid costly fines and penalties, including jail time CEOs'.
So there are three things in play.
- Setting the stage for competitive advantage
- Fortifying your org for upcoming data regulations
- Protecting your customer's data
The companies that have strong data foundation will flourish, those that don't may go away. When evaluating the health of a company, look to the data. Strong data ecosystems indicate healthy organizations. The data framework is the underlying structure and will make or break going forward.