Data strategy is an increasingly hot discussion topic. In this TV show Keith Hodlt gives his view on the evolution of data.
Data strategy development
The data that’s out there is growing by the day and I think everybody’s very aware of that and accepts the fact that there is a data and there is an information explosion that’s happening. If you think now, I think what, in the future, the competitive business will be or businesses will be those that are able to exploit the data that’s available the best, not those that have the data.
Well in the past I think businesses and organisations looked largely internally at the data or at external structured data sources in terms of understanding how the markets were changing and what was going on and how they should evolve and adapt and so on, whereas now I think that 80% of data is outside the organisation. And it’s exactly in sources and pools like Twitter
and Facebook and all of these unstructured areas that this is happening. And in Google’s book ‘Winning the Zero Moments of Truth
’ they talk about the whole idea of people doing more and more research and looking more and more at what other people are saying about products and services before they buy them than ever before. And when I talk about organisations needing to use, external data, we’re needing to look beyond the box or beyond themselves to what’s out there and how best to use it. That’s the sort of thing I’m talking about. I’m talking about learning and adapting to how they can actually bring that to bear when they make their own corporate decisions, when they understand more about their customers, when they understand more about how they should be evolving to be able to deal with the market challenges and how the markets evolve and how they need to fit within that.
Connected Economy TV
will continue to share insights and opinions on data strategy.