5 ways in which data can rev up your startup’s business

According to the Global State of Enterprise Analytics, 2018 report, 71% of enterprises globally predict their investments in data and analytics will accelerate in the next three years and beyond. 57% of enterprises globally have a Chief Data Officer, a leadership role that is pivotal in helping to democratize data and analytics across any organization, as per the report.

Today, the amount and the kind of data available to businesses is humongous. Most organisations are now increasingly aware about the need to invest in tools, capabilities and skills needed to effectively use this data for relevant business intelligence and insights. These, in turn, empower organisations with better and faster decision-making abilities, transforming businesses and giving them an edge over competitors.

Transforming available data into a competitive advantage by ensuring that the right people get the right data at the right time to make sense of it all is a mammoth task. Businesses routinely gather, manage, and consume large volumes of data at their disposal. Making sure that this data is compliant with safety and privacy regulations is equally important.

An intelligent enterprise is one that knows how to make the best use of its data in a way that is transparent, trusted and accessible. There are some of the factors to keep in mind for organisations when building a long-term data strategy.

Decide on a clear objective

Clearly define the business goal and objective that you want to achieve by leveraging the data and insights before deciding on what tools and technology you need to use to extract and manage this data. Once you have a clear goal in sight, you can select optimal combinations which ensure that the right technologies and visualization tools are applied to the right kind of data which are sent to the right people in order to ensure meaningful conclusions.

Develop a data-driven mindset across the organisation

The competitive positioning of the enterprise is differentiated by the quality of the data available in its digital ecosystem. It is important to build a mindset that data is an asset and should get the same kind of treatment that other assets do. Building trust around data and getting employees to understand its importance is one of the first steps. Organisations need to ensure that data is not available in silos and that there is a streamlined flow of data across the organisation to drive optimal outcomes.

Invest in the right storage infrastructure

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According to a report on “Harnessing the Power of Enterprise Big Data” by Accenture and Oracle, the amount of data handled by mission-critical applications is doubling every 18 months. In addition to the volume of the data, the diversity of the sources from where all this data comes, leads to fragmented storage which is not efficient. The key is to ensure that the data is stored in a manner which is easily accessible and shareable when needed. This needs to be taken into consideration when deciding how to store the data.

Make the most of data with the right visualisation tools

The right visualisation tools play a key role in helping to correctly interpret what the data is trying to tell you. After all, sorting through a vast sea of complex data can be time-consuming and confusing. With the right tools and an innovative approach to look at the data, it becomes easier to derive dynamic insights, which add more value to the business.

Ensure global compliance

Sometimes, data can be like a double-edged sword since organisations need to be up to speed with issues related to the usage of this data, privacy and the various regulatory requirements, which may differ based on the geography and the laws of the region.

Take, for instance, the General Data Protection Regulation (GDPR), which took effect in May 2018. Global companies wanting to do business in countries belonging to the EU need to achieve compliance with the complex and stringent GDPR. Research by Accenture shows that GDPR compliance can yield opportunities to build a more secure foundation for sustained growth and competitive edge. Similar to GDPR, each country and region has its own specific requirements pertaining to data, and enterprises need to ensure that they adhere to these, such as ‘baking-in’ privacy requirements into the data architecture of their systems and presenting ‘one view of the truth’ to data subjects, regulators and internal stakeholders, among others.

Accenture Ventures’ Applied Intelligence Challenge

Today, data is a key component of what Accenture terms as Applied Intelligence: a unique approach that applies artificial intelligence and human ingenuity at the core of business to help clients solve their most complex business problems. Applied Intelligence helps transform businesses —not in silos, but more comprehensively across all functions and processes, enabling them to maximise existing investments, extending new technologies and scaling opportunities as they arise.

The 2^nd edition of Accenture Ventures’ Applied Intelligence Challenge is looking for B2B start-ups with innovative use cases in Applied Intelligence. If you’re a start-up in India solving B2B problems in Artificial Intelligence, Data, Analytics, Automation or Industrial AI, stay tuned for the Accenture Ventures Applied Intelligence Challenge. Head here for more details.

For further updates on the challenge, visit

https://events.yourstory.com/accentureventureschallenge2019.