Solid foundations needed to get most from 'new gold' of data

While the reams of data stored by companies in the digital age present huge untapped potential, it might be more accurate to compare this resource to oil than gold. According to a new paper from Coeus, without the right techniques to refine the material, the true value of a company’s data cannot be enjoyed.

Big data has rapidly ascended to the top of many businesses agendas, as firms have become aware of the opportunities data analytics provide to understanding customer behaviour. Nearly half of UK organisations now apply big data for insights; however, getting the most out of this is easier said than done, and just 30% of organisations that use big data are extracting its full potential value.

According to a new study from international consultancy Coeus, very few organisations even feel that they are achieving a return on investment at this stage. While this does not mean that the idea of “data as the new gold” is false, many of its prospectors may simply need to deploy new methods to properly extract its true worth. Researchers from Coeus found that the key to doing so is a solid data foundation built around a firm’s organisation and governance.

In order to get the most out of a firm’s data, Coeus Consulting recommends a robust data management and design approach. This includes considerations around data architecture; its integration and lineage with legacy data; metadata management methods; and advanced analytics, among others. While there is no one-size-fits-all combination of factors, so firms should look at all of these aspects and then pick the relevant aspects to form the right approach, based on business needs and data maturity.

Once companies have these basics right, they can move to ramp up their operations. Having organised around the previously mentioned factors, organisations can introduce agile working, advanced analytics or artificial intelligence in a way that easily integrates and is interchangeable with the data warehouse, reporting or dashboarding that they already have.

A statement from Coeus accompanying the report said, “Many organisations have invested heavily in Big Data, AI and NLP but are not seeing the benefit. What is often lacking is a solid data foundation. Adopting the same basic principles for the design and management of your data, regardless of the use and purpose, will have a dramatic effect on your ability to consume and monetise the data asset you have.”