It is true that the importance of data and AI is now widely recognised by business and many businesses collect a lot of promising data. But just as many fail to process and use this data in a targeted way for their specific use cases. That means they fail to systematically use data across all areas and functions of the business to gain competitive advantage. And they fail to base business decisions on tangible statistics and facts, i. e. on data and insights, rather than on experience and intuition. Or to put it another way: Companies are failing to transform into data-driven organisations. This is also one of the key learnings of our study "Data-driven Companies: On the Way to Strategic Use of Data".
Zühlke has been supporting companies on their data journey and their path to becoming a data-driven organisation for many years. In our projects, we have experienced that the data journey itself is changing. And therefore, we can tell from experience: If you want to deal with that change and lift the real treasure and monetise data successfully, you have to think further.
Because even if you succeed in using the painstakingly collected and elaborately processed data yourself, this is only the first step of value creation. The impact of data is becoming more and more important, and the real business case is not only using your own data yourself, but also selling and trading with it. Unfortunately, this is where most data success stories end – with the exception of a few negative examples and scandals. GDPR, ethics and other stumbling blocks say hello. Let's overcome these obstacles and think a few steps further.