Big data is the key to everything. Here are four ways to improve the way you use it

The past year has been a stark reminder to CIOs of the importance of data. In times of crisis, companies with a good command of their data have been able to embrace digital transformation more quickly than others.

CIOs, who are familiar with customer trends and preferences, have been able to effectively change the business models of their companies, for example by adopting e-commerce, offering e-learning and exploring new markets. Additionally, with the increasing use of emerging technologies like artificial intelligence (AI) and the internet of things (IoT), analyst Gartner says the demand to do more with data will only increase.

So how can CIOs help their business get the most out of their information in the post-Covid era? Four digital leaders share their advice on best practices.

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1. Focus on the inglorious part of big data first

Nitin Chaturvedi, chief digital and technology officer at KFC Global, says data has two key parts: the exciting part, which can include technologies like AI, VR and IoT, and the less exciting part, which includes infrastructure and standards.

If most companies want to focus on the exciting parts, it's the infrastructure that matters. “I think it's almost like a bamboo; unless your roots are strong, your tree will not rise. For me, therefore, it is very important to focus on the roots,” he explains.

When the foundation is right, then you can start exploring some of the interesting bits of data. Over the past 12 months, for example, KFC has bolstered its own digital channels in response to the coronavirus pandemic. Traffic to the web app increased significantly in 2020 as click & collect became more popular.

According to Nitin Chaturvedi, many of these innovations are expected to remain important in the post-Covid era. According to him, CIOs exploring new digital domains must ensure that the use of data is integrated, to create a consistent and single view of customers.

“They need to think about how they integrate data across all these different consumer touchpoints because touchpoints have proliferated to build a better view of the consumer. And to serve it better, you need to integrate data across all of these touchpoints,” says Nitin Chaturvedi.

2. Use real-time data to make tough decisions easier

Daniel Duran, CIO of global beverage giant Concha y Toro, explains that while his company's winemaking processes are rooted in 150 years of tradition, the company's future success is closely linked to the real-time exploitation of data. .

“When the grapes are cut in the vineyard, you don't have a lot of time to do the fermentation process, because the grapes spoil in the truck. So we have to move quickly,” he explains.

With brands such as Casillero del Diablo and Don Melchor, Concha y Toro is present in more than 140 countries, making it one of the largest wine companies in the world. The data is especially important at harvest time, when the company transports trucks loaded with grapes, from different regions of Chile, to its wineries.

“We monitor the number of tons of different varieties of grapes that we send to the different wineries. For some years now, we have been monitoring daily to find out how many tons have arrived in each cellar. Today, we are able to do it every hour,” explains Daniel Duran.

Concha y Toro processes huge amounts of data on its technology platform, Pure Storage. The vision that the company creates empowers employees to make smarter decisions. Daniel Duran explains that if there is a problem in a cellar, for example, employees are able to tell a truck driver to change his route and head to another destination.

“In terms of information, we understand that every improvement we make helps create a better process,” he says, suggesting that CIOs should focus on processing information as quickly as possible. “If every employee has the information in near real time, we think they'll make a better decision than if they were given that information later. »

3. Do the groundwork to integrate the different data sources

Warren Breakstone, managing director and product manager for data management solutions at S&P Global Market Intelligence, focuses on how his company can provide useful insights to its clients. According to him, integration is one of the key elements for the success of big data.

“One of the first things we do is recognize that decisions are rarely made with discrete data; decisions are made with data convergence or integration. Our clients apply their own added value, experience and analysis to make a decision,” he explains.

S&P Global Market Intelligence provides real-time data to a variety of businesses. According to Warren Breakstone, the company's customers range from investment management firms to insurance companies to blue-chip corporations, who want to use data to develop new business models to compete with newcomers.

The organization has partnered with technology company Snowflake to deliver datasets to financial industry clients through its cloud-hosted environment. According to Warren Breakstone, technology leaders who want to develop valuable information from multiple sources in the future must ensure that their information is accessible in a consistent way.

“When we think about integration, we think first and foremost about integrating our data, which is how we tie together disparate data sets, so customers can get additional value by using this data. If you are a consumer of one of our datasets and are now interested in another dataset, we have already done the hard work and linked the two datasets,” he says.

“So when you add that second set of data, your ability to take advantage of it is accelerated, because we've already done the linking work for you. So it all depends on how we define integration – and, from a data perspective, that's central. »

4. Focus on operating data in a safe and secure manner

Mark Gannon, director of information solutions at Sheffield City Council, believes that leveraging big data is essential to delivering excellent customer service in the future.

“It's about using business intelligence and data to help us be more effective and efficient,” he explains. “We have to do everything technical in a very fluid way, so that we can focus on consulting. »

Mark Gannon acknowledges that big data has proven its worth over the past 12 months. Working with his counterparts from other public sector organizations in the UK, he now wants to combine public data sources. “In two years, I think digital services will be an integral part of everything. »

However, he also recognizes that using data to respond quickly and effectively to a rapidly evolving pandemic has led to new ways of working. As economies emerge from lockdowns and large organizations seek to create new data-driven services, CIOs in all organizations will need to first and foremost ensure that data remains safe and secure.

“I think data is a big issue for CIOs, especially when it comes to its quality. With Covid, people had to move very quickly to remote working, so I'm worried about data loss and data leakage,” he says. “When we get back to some normality, whatever that may be, we will have to ask ourselves where this data is. I think it's not just a question for me, I think it's a question for all CIOs. »

Source: ZDNet.com