An agile approach to data discovery and insights is paramount for firms to align with ambitious plans and evolving markets at the same time.
We are living in the digital era. According to a new IDC spending guide, worldwide spending on digital transformation will be nearly US$2 trillion in 20221. Additionally, IDC estimates that by 2025, about 6 billion consumers (i.e., 75% of the world’s population) will interact with data every day, growing the so-called Global Data sphere to 175 ZB, with each connected person having nearly 4,900 digital transactions a day2.Data interactions of this kind are building the case for data as the new currency as it begins to reflect the end user’s digital DNA. Firms can now leverage insights from the data to target customers with personalized services and add value to existing ones.
However, the speed at which markets are evolving and will evolve in the future is exponential. This is where an agile approach to data discovery and insights is paramount for firms to align with ambitious plans and evolving markets at the same time. In the past, many firms adopted an agile approach but failed because the data tools and the firm culture were not mature. This is quickly changing. The few firms that are embracing new technology and pushing for the right culture are seeing notable success in this space. So, now is the time to establish an agile data strategy that is future-ready.
Firms will continue to explore enablers for an effective agile data strategy to gain and leverage strategic insights and outperform competition. As firms adopt this strategy to obtain such insights in short order, often times they may miss key considerations to manage risk. This is important as it can often present reputational risks for firms and in turn may lose customer trust. A well-rounded agile data strategy will account for such considerations while enhancing existing insights, generating value propositions and fuel customer growth.
In the next five years, firms with a data strategy that is innovative, embraces change and adds value with timely, intelligent insights will be the disrupters, not the disrupted.