The boardroom plays an important role in the ongoing development of an organization. Filled with executives and partners of all types, this room is the place where most decisions about a company’s future are made. Traditionally, discussions about the trajectory of enterprise programs were built around old conversations and past experiences, which guided decision-makers to either fund or kill prospective projects, depending on how rewarding managers believed certain initiatives would be in the long run.
Today, some companies are embracing similar mentalities, which isn’t necessarily helping them, especially as new technological and operational trends emerge within the enterprise. Other firms are taking a more innovative approach and embracing the tectonic shifts happening within the IT landscape. In the past, IT movements were generally ignored by the boardroom because these projects were considered too technical, which meant that most employees were unaware of the direction of IT. The Big Data phenomenon has changed all of that.
Why bring data into the boardroom?
Businesses of all sizes and industries are quickly realizing that information is the key to success. Although this ideal has been reinforced in the past, the repercussions of not using data as a guide are becoming more widely understood.
Boardroom-level decision-makers used to base their expectations on gut feelings. Doing so was sometimes beneficial, especially when executives were highly experienced and aware of what was happening within their companies and competing firms; however, there was no effective way to guarantee their beliefs were accurate until it was too late to change their minds. Instead of following this antiquated approach to decision-making, executives can now use information to their advantage.
The digital world of today is fueled by a massive increase in available information because almost every activity carried out on a smartphone, tablet, or other computing device leaves a trail of data crumbs. By gathering these scraps of information and analyzing their trajectory, organizations can essentially predict the future and build strategies to maximize return on virtually any investment.
In addition to improving overall decision-making procedures, Big Data can also help marketing and sales teams attract and retain customers. This opportunity enables organizations to generate more revenue, build better client engagement programs, and establish a stronger reputation for quality service. Because these benefits are often among the top demands in any company, failing to bring Big Data programs into the boardroom can mean missing the mark on many critical objectives.
How to reel Big Data in
The Big Data phenomenon is becoming pervasive throughout the business world, and organizations that want to embrace the movement need to build comprehensive and substantial information management programs that will allow multiple teams to use digital resources without any problems. These projects should encourage executives to implement data integration tools that ensure employees access consistent and accurate information and establish robust governance policies.
When decision-makers educate end users about how to properly procure, manage, analyze, and store data, they are improving the odds of their organizations successfully embracing the Big Data movement and realizing additional value. Governance guidelines should also address C-level executives and boardroom members, who often don’t know of or fail to comply with internal procedures, a practice that can compromise mission-critical objectives and even the underlying integrity of the information itself.
The Big Data trend will continue to expand in the coming years, especially as organizations find themselves subjected to increasingly large and complex information sets. Businesses that want to gain a competitive advantage by improving the overall decision-making process should consider harnessing data and using it to their advantage both inside and outside the boardroom.
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