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Data is the new gold that can propel the growth of intelligent enterprises across the business ecosystem. The massive volumes of data being produced, collected, stored, and analyzed have the potential to fuel a new era of innovations backed by data science.

With the pandemic creating severe economic and social impact, there has been an unprecedented acceleration of digital transformation and digitalization as trends like remote working, remote learning, eCommerce, and adoption of cloud services, amongst others, can be seen emerging in the post-pandemic world. The new normal is experiencing a data-driven culture with organizations looking at the democratization of Artificial Intelligence (AI), the convergence of AI and Business Intelligence (BI), accelerated need for data literacy and data governance becoming an imperative.

For the decade of 2010 - 2020, the amount of data created, captured, copied, and consumed in the world increased from 1.2 trillion gigabytes to 59 trillion gigabytes, an almost 5,000% growth. Research by Gartner suggests that by 2024, 30% of organizations will invest in data and analytics governance platforms, thus increasing the business impact of trusted insights and new efficiencies.

Most organizations can be seen increasingly adopting data-driven strategies to build operational agility and business continuity, with investments in new-age technologies, shift to process automation, smart supply-chain networks, rapid migration to the cloud, and investments in analytical talent. However, for many, a robust, data-driven culture remains elusive, and data is seldom the universal basis for strategic decision-making.

Creating a data-driven work culture – an imperative

While it is relatively easy to inject data into a business decision-making process, there is an urgent need for major transformation in the mindset of every individual within the organizational hierarchy – from leaders and managers to the entire workforce – to acquire requisite knowledge, skills, and strategies, enabling them to become data-fluent and data-confident and carry out data-driven decisions across levels effectively.

One of the major transformations in the business environment seen recently has been transition to the cloud space due to the various advantages that cloud-enabled services have to offer. However, many cloud migrations fail due to the short-sightedness by the organizations in terms of creating a robust internal cloud-skilled workforce. In fact, as per Gartner, through 2022, insufficient cloud IaaS skills will delay half of enterprise IT organizations’ migration to the cloud by two years or more. In addition to this, a recent Amdocs study also found that ~ 60% of the respondents believe that upskilling and reskilling are going to be crucial to shifting work patterns.

Therefore, in order to establish a strong data-driven culture where everyone is on-board using data to make all kinds of business decisions, showcase necessary technical skills such as cloud computing, digital technologies, and so on, it is highly essential to create a highly porous IT and data analytics function for effective collaboration between non-technical business functions and analytics teams. By doing so, business leaders would be able to ensure that the value derived from data fulfils business needs, aids in achieving the organizational goals, and keeps the business competitive.

With data being all pervasive and organizations moving towards a data-driven culture at a fast pace, there is a need for a cultural framework that facilitates all employees to be actively involved in data initiatives – from the ones producing or sourcing the data to the ones building the models, writing the software or the applications, to those analysing it, to those employees who use that data in their job processes. This paradigm shift in the work culture is driving the need for data-led jobs, such as those of data scientists, data engineers, data analysts, amongst others. Such jobs are increasing in demand that would continue in the future as well, thereby fostering growth. Therefore, it is vital for organizations to relook at their existing talent profile and, as per their requirements, either hire those skillsets or upskill their in-house workforce to be equipped to deal with these organizational changes.

Way forward

The new post-pandemic world has seen exponential growth in data. To manage the data for organizations, the need for a resilient and future-thinking work culture is non-negotiable. Thus, to become a successful data-driven organization, every employee within the company must always use data to begin, continue, and conclude every single business decision, irrespective of whether it is minor or major.

Samit Banerjee, Division President, Amdocs
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Samit Banerjee, Division President, Amdocs

This article has been authored by Samit Banerjee, Division President, Amdocs

 

 

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