Unlocking Stakeholder Value through Data-Driven Strategies: Overcoming the Challenges of Big Data and Identifying Opportunities for Growth
Amidst the technological advancements of our time, it is crucial for futurists and executives to prioritize the challenge of generating stakeholder value. Artificial intelligence (AI) is poised to play a vital role in this pursuit, but its success hinges on the effective utilization of data. Despite the growing importance of “Big Data,” there remains a risk that it will be overlooked or deemed irrelevant. As such, Chief Information Officers and digital executives must work together to ensure that Big Data receives the attention it deserves.
When faced with persistent challenges such as underutilizing data, it is imperative to reassess our approach to this issue. One effective method for doing so is through a mental model audit. By examining how we think about data and identifying areas for improvement, we can create more meaningful value from our data-driven efforts.
In a recent study conducted with senior executives, participants were asked to categorize themselves as Swallows, Hedgehogs, or Moles based on their approach to data. The results showed that very few executives identified as Hedgehogs, indicating a lack of consensus on best practices for creating value with data. This underscores the need for further exploration and development of frameworks that can guide decision-making processes involving data.
Creating value from data requires clear goals and achievable projects with specific milestones. Simply incorporating data and analytic goals into strategic decision-making processes can lead to significant value creation for an enterprise. This was emphasized by VP Analyst Ehtisham Zaidi at the Gartner Data and Analytics Summit 2024 when he discussed how companies that have strategically integrated data, analytics, and AI into their operations have outperformed their peers 80% of the time in the last nine years.
By focusing on these key principles and actively seeking out new frameworks for creating value with data, futurists and executives can drive innovation and growth within their organizations while also meeting stakeholder expectations.
