Enterprises of today have to be data-driven organisations. Fundamental data, collected as it is measured and originated, eventually stacks up and becomes smarter as it gets correlated. As data gets more converged and accomplishes a higher degree of abstraction, it starts to become more semantic, more meaningful. Business or organisational leadership uses smart reports and data visualisation tools to make well-informed decisions. An organisation, particularly business organisations, including not-for-profit organizations, need smart data visualisation tools for effective decision making. The objective of any organisation and its leadership is to make decisions that help individuals, teams and other organisations accomplish sustainable goals, sustainable growth, and profits or true stakeholder benefits. The key leadership is also responsible for improved efficiencies and productivity, where the world is challenged by increased costs of operations.
Today, in every aspect of life, we generate exponentially increasing amounts of data year upon year. Thanks to advancing sciences, technology, measurements, connectivity and computing, in most areas we are handling truly ‘big data’. Raw data until analysed is not useful, and of course does not become “smart data”.
Organisations where good processes are implemented tend to collect accurate data at the origin, get it into the flow, have greater ‘data buoyancy’, and hence a faster use for such analysed data for decision making. ‘Data buoyancy’ is about how quickly the data can move to decision making levels and influence decision-making. If the duration from the origin of data to decision making is not quick enough, the data is worthless and the decision making could go wrong.
High speed internet, cloud, data science, data analytics, and data visualisation are the life and blood of new age businesses and organisations — big or small, one location or multi-location.
In fact, large multinational organisations are inevitably dependent on data to stay competitive and agile to be able to quickly understand market dynamics and paradigm shifts in the global market — all thanks to data sciences and the power of computing and networking.
Data does not lie.