Data Creates Certainty In An Uncertain World

Innovation Data Creates Certainty In An Uncertain World Mike Capone Forbes Councils Member Forbes Technology Council COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author. | Membership (fee-based) Jun 30, 2022, 06:30am EDT | Share to Facebook Share to Twitter Share to Linkedin CEO of Qlik , driving the mission to create a data-literate world where organizations tackle their most complex challenges with data.

getty The past two years have been defined by uncertainty, which is very likely to continue for the foreseeable future. The pandemic exposed the fragility of the global economy and a variety of weak links in the supply chain. Now, add geopolitical uncertainty to inflation pressures, which are forcing consumers and businesses to reassess priorities and spending plans.

The world is so incredibly interconnected that it doesn’t take much to create friction in critical systems. Leaders in all sectors now know that unexpected black swan -level events are the rule, not the exception, and we’re operating in a world with persistent and unexpected challenges. This reality is why my recent C-level conversations are all focused on how organizations can find more certainty and build more agility into their businesses.

For every question or challenge, there is data. The good news is that investments in data and analytics continue to increase in most organizations. Companies and organizations of all shapes and sizes are accelerating their move to the cloud.

Ongoing digital transformation through the cloud creates agility and increases the capacity for real-time insights. As a result, organizations are increasing company-wide expertise in leveraging data-fueled insights for action. MORE FOR YOU Google Issues Warning For 2 Billion Chrome Users Forget The MacBook Pro, Apple Has Bigger Plans Google Discounts Pixel 6, Nest & Pixel Buds In Limited-Time Sale Event A real-world example of the impact of this evolution is what is happening in the world of NGOs (non-government organizations).

No matter how they might compete for donations, NGOs are in constant contact to collaboratively address the issues at hand when a crisis hits. Now, more and more of them are sharing data across teams and organizations to accelerate the impact of collective action. In fact, many NGOs now consider data sharing as a form of aid.

This aligns with the NGO industry’s understanding that collective action to solve larger societal and/or global problems takes more than just technical expertise—it requires a combination of inputs and context through data that can shape action for maximum impact. For example, when a global humanitarian crisis hits, sharing of data plays a critical role in solving challenges such as pinpointing supply chain gaps and PPE shortages as well as coordinating materials being routed by the NGO community. Collective action—fueled by unsiloed, shared data—puts essential aid directly into people’s hands and communities when it is needed most.

The automotive industry is another sector where clarity through data will be especially important going forward. Despite all the press coverage of electric vehicles (EVs), less than 1% of the cars on the road today are electric. What is one of the key things limiting adoption, even with increasing interest driven by high gas prices? The distance between and density of charging stations.

Leveraging data to plan and build infrastructure based on changing ownership demographics can align manufacturing, municipal and transportation strategies to keep ahead of the recharging demand while helping to increase buyer confidence and adoption. Certainty and agility go hand in hand. Planning and taking action on the most current data gives an organization crucial agility in a constantly evolving marketplace.

That means having an organizational structure that can deliver actionable data in the moment—not hours, days or weeks later. It also means incorporating the power of predictive analytics. The ability to run multiple planning scenarios based on blending internal and external data gives the organization certainty that it’s as ready as possible for whatever comes next.

Getting there requires having a deliberate organizational focus on eliminating data silos and working from a single source of data truth. Data quality and reliability are crucial when making strategic decisions across the business in the moment. The more complete the real-time flow of data is into core analytics, AI, predictive analytics and data science initiatives, the more complete the picture is from which to confidently make critical decisions in the moment.

While technology serves an important role in embracing a single source of data truth, the cultural aspect is just as important. Staff must be empowered with the skills they need to confidently leverage the data being delivered to them, which requires a commitment to data literacy training. They also need to see how data is being leveraged across the business for decision making.

Leaders play a crucial role here. They must take every opportunity—from town halls to internal communications—to consistently showcase how data is helping to drive action and how it is creating collaboration and impact across different parts of the business. This combination of technology and cultural transformation results in decisions that are made with the most recent and valuable data across every part of an organization.

If we’ve learned anything over the past two years, it’s this: The unexpected is always lurking around the corner, and uncertainty is here to stay. Success in this chaotic environment will continue to be driven by making business decisions informed by relevant and timely data. It’s the key asset in providing greater certainty in planning, predictive analytics and in managing issues such as the supply chain disruptions that are fixtures of today’s business landscape.

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