The new Information Management
Management: Data as Strategic Assets
“Any company that has data has a gold mine, the problem is that many still do not know how to exploit it to generate high value information.”
Rodrigo Abt, Data Scientist | Information Management Manager, Chile
The NEW Information Management
Today, the context in which companies move is undoubtedly digital transformation, which means a change in the way of perceiving business using technology, involves a change of mind and in the way of operating.
So, at present, in order to make that journey towards digital transformation, it is key to change the switch of businesses that act as administrators or managers of infrastructures and services, to become administrators and generators of new experiences, with a digital support component.
This challenge implies a technological change, but above all a cultural transformation, which means doing Information Management or Information Management, in a different way, that is, treating data as a strategic asset that generates value and not only use it as the “oil that’s in the gear.”
Companies, in addition to generating their own products and services, must also develop information products and services, since it is their own customers who today demand, value and consume them. This means managing data differently in order to redefine the brand / customer relationship and achieve operational excellence. That is, be good at everything that is done, through greater efficiency and effectiveness, as well as complying with regulatory areas, for example, and addressing the protection of personal data, because the care of information is vital when we work with data.
This paradigm shift means a tremendous opportunity to generate new business based on data. In addition, the companies that are most successful today in stock market terms are those that consider data as their greatest asset (Google, for example), and that currently position themselves as important benchmarks for good practices on how to manage information.
Information Management: Understanding the consumer adding value to the business
Let’s look at a business case with data. Let’s think about a certain segment of the population that enjoys wine. Knowing the information of this segment and its preferences on one brand or another, it is possible, through a mobile application, to recommend a good restaurant and vice versa, thereby generating cross-business between the producer and who sells it or, generating recommendation systems in based on the interests of the client, in such a way that production is optimized, anticipating purchasing behavior.
Also, it is important to have a look inside the organization, for example, predictive models that can tell how the grapes will be, the climate and the productivity of the crops, if there are risks of pests next year or even where I have to pay more attention to irrigation; Perhaps there is an area that I am not monitoring or that we ultimately gave as lost and with the help of a predictive model we could anticipate and intervene. Therefore, any company that has data, today has the potential to exploit it, and therefore has a gold mine (sometimes without knowing it).
Advanced Analytics: Data is a differential factor
To reach that dream, the first thing is to recognize what my strategic decisions are and identify those data that will allow me to leverage them through the identification of patterns, trends and predictive models, to continue with the development of the organizational “muscle” (people, processes and technology). In this way, understand that data is a differential factor in your business and get the most out of it. Then, review how to manage them so that they add value, it is at this point where the “Data Driven” companies (or “Insights Driven” in a later state) come in, where their way of making decisions or their growth drivers are based and based on the data.
It is common to see that decision makers today do so by instinct and experience, where the data serves mostly to justify their beliefs. We must break this mental paradigm, and this is one of the main challenges of the new Information Management, giving credibility to data with a solidity that is supported by patterns of behavior or contextual information that our brain is not able to retain and assimilate. soon.
An efficient & effective Data journey: EFFECTIVE
There are multiple types of decisions and in different areas: strategic, tactical and operational. In particular, for those decisions that are complex but repeatable, today there is a tremendous opportunity to automate them, through Machine Learning with classification or regression models.
And for the others, of a more strategic nature, where a human being will have the last word, it is essential to leverage them with timely and credible evidence so that they are done efficiently, since the world is changing at an unmatched speed and expect week or month for a report that leads to a decision, it is no longer desirable. This must be on request, the information has to be there! And that is where we specialize, in ensuring that the data journey, from where it is generated (such as in a transaction), is stored and travels until it is transformed in the report that a General Manager sees, be as fast and with the highest added value as possible. This is our promise from the field of Information Management.