I am yet to find a CEO, who excitedly will explain how much new data his company has accumulated – during today – during last week – during last year. I do hope, that I will meet him or her one day and hear about how this new data has been successfully mined, combined with other data and about all the gems that have been found in the process.
Gems in the form of new knowledge about for example customer behaviour – or gems in the form of information used for improved cash-flow analysis – or gems in the form of analysis used for increased efficiency in stock management.
I have been shown around by proud CEOs at manufacturing plants where including a new ingredient in the manufacturing process has been said to be more economical, environmentally safe, etc.
The CEOs have had all the statistics to hand, about the increase in customer satisfaction of say 21% – positive press coverage in 13 articles and that the new efficiency will improve bottom line with nearly 1.5 %.
Yet using accurate, relevant and up-to-date data is vital for all organisations and their management.
It is necessary also for any CEO to understand the full data value-chain: – where data comes from, whether and how accurate it is and how it can be better mined. Also how the data is used to produce the gems in the form of real-time business analysis – enabling him to make better decisions in running his organisation.
I am still longing and waiting for the day, where most CEOs know how to find the gems in the data and have equally many statistics to hand about all the benefits more new data can give them as the CEO, who was excited about the new ingredient.
Please contact me, if you are a data-enthusiastic, gem-finding CEO or you know somebody who is!!