Almost every CIO says the same thing. Data is key to creating a competitive advantage. According to Foundry’s 2022 Data and Analytics Survey, 88% of IT decision makers believe that data collection and analysis could fundamentally change the way their companies do business in the next three years. I think.
However, data collection and analysis is only a starting point. Companies that want to make the most of the data they collect need talented people who can leverage technology to turn information into effective insights. So what are pioneering digital leaders doing to adapt and meet this challenge head-on, and what data skills are needed to deliver the desired results?
retreat to advance
Recruiter Nash Squared’s survey results also show that digital leaders believe data is critical to achieving competitive advantage, and the company’s annual Digital Leadership Report highlights data. We call it the “gem of the digital economy”.
However, while the importance of data is recognized, surveys of recruiters suggest that polishing these valuable data is a challenge. Only 21% of his digital he leaders feel their businesses are highly effective in leveraging data his insights to generate revenue.
So there’s the paradox that companies know their data is important, but they don’t necessarily know how to make the most of it. Bev White, CEO of Nash Squared, says the reasons for the discrepancy are complex.
“In order to take people on trips, I often need to get my home in order first,” she says. “Companies can have a lot of data, but the data can be very disconnected and inconsistent. ”
To some, that backward view may seem like a retrograde. In an era of abundant data and emerging technologies such as artificial intelligence (AI) and machine learning (ML), why would companies focus on the less attractive areas of underlying infrastructure and data pipelines?
The reason is quite simple: without a solid data foundation, businesses struggle to turn information into insight. Five years ago, tech analyst Forrester warned that companies risk forgetting to invest in the engineering capabilities that help scientists create value from data.
Today, digital leaders recognize that investing in foundational capabilities is more important than ever. Foundry research also suggests that some of the most important skills digital leaders need to support analytics programs are data management, data integration, data architecture, and data engineering.
For the smart CIO, that includes retroactively developing internal engineering capabilities and ensuring that employees across the company have access to trusted sources of information. Take Barry Panayi, Chief Data and Insights Officer for the John Lewis Partnership, for example.
“Ten years ago, it was all about being a data scientist,” he says. “But really, I have to be a data engineer now. I want data people who think like software engineering because you’re building products. Now everything becomes a product with data.”
Panayi works with data engineers and Snowflake technology to create a unified approach to enterprise information—a single version of the truth to deliver useful analytics. “Then all data will live in a connected ecosystem and not have to rely on different structures in the past,” he says.
Jeff Singman, Executive VP of Technology at Arkos Health, is another digital leader who believes in having the right foundation in place. His organization manages data from a variety of sources, including hospital platforms and apps on patients’ mobile phones.
“To actually break it down, you need a mechanism to take the data, normalize it, and transform it,” he says. “I definitely want a data engineer. And it’s not just about ingestion. It’s about data modeling and data schema. You will need everything.”
Generate insights from information
The message so far is simple and clear. CIOs need competent data managers who can reliably consolidate and organize enterprise data. When the overload of structured and unstructured data is lifted, you need experts to help turn information into insight. And that’s where the real challenges begin, as various digital leaders attest.
“The key is to get insights from the data,” said Prakash Rao, group head of supply chain projects at retail and services giant Landmark Group. “What is the problem you are trying to solve? If you have information, there are so many actions out there, and if those actions are done right, they all lead to improvement.”
Fifteen years ago, Rao says, the search for talent who could turn information into insight might have focused on Excel expertise. His business now prioritizes unearthing talented data his scientists, as well as his 30% of digital his leaders in research at Foundry.
Mark Jennings, CIO of analytics and AI at holiday company TUI, says data science skills such as Python, SQL and R are high on the list of most sought-after skills. But he also recognizes that technical skills are just one component of a holistic data professional.
“It’s not just about hiring skills at TUI, it’s about attitude,” he says. “We are looking for curious people who keep asking ‘why?’. is just that.”
This echoes Daniel Smith, Global Head of Analytics and Insights for clothing brand Pangaia. He sees a lot of strong candidates from a backend perspective. But where they’re weak is data visualization, and the growing connection between IT and business means a lack of proficiency is a problem.
“There will be questions from the business,” Smith said. “If your expertise is all on the data science side and not on the visualization side, not many people in the industry will understand what you are saying.”
Bob Michael, head of data at retailer DFS, is another digital leader looking for great communicators. Yes, he has strong data management and analytics capabilities in-house, but he also needs a technology expert to curate the data and datasets.
Success is about giving business people the right tools to leverage trusted data sources to answer their questions quickly and effectively. “Basically, we don’t want a large team of 400 people,” says Michael. “I want to shape the way business people use data. Ultimately, data should be just part of the business. So we’re not looking for data scientists or statisticians who can’t communicate.”
Supporting business self-help efforts
And there are problems. The key to turning information into insight is ensuring that people across the enterprise have the tools and confidence to work with data. Further evidence comes from Foundry research, which suggests that the most important data skill for digital leaders is analytics training for non-IT staff, noted by 41% of survey respondents.
Mary O’Callaghan, director of technology engagement at the British Heart Foundation, says the best way forward is for data people and their teams to take a collaborative approach. CDOs, analysts, scientists, engineers, and other data professionals need to work with their business peers to help them harness the information.
“Before you start thinking about how to use Power BI, you need to know how to ask the right questions,” she says. “Sometimes I think it’s just a matter of confidence, because people are very confident in their job field and they know what they’re doing. Ask Business People I think we need to ask them and work with them to find the answer.”
It’s a sentiment that resonates with Caroline Carruthers, former CDO of UK Network Railways and now CEO of Carruthers + Jackson. According to the Data Maturity Index recently released by her consulting firm, nearly two-thirds of her data leaders believe that most or nearly all employees in her organization consider her data literacy low. is reported.
This is a problem. This is because companies with high data literacy are more likely to understand that information is not only held by dedicated data teams. Carruthers says digital leaders need to work on building a data culture across their organization.
“When it comes to data, less is often better,” she says. “Using data effectively is not just about numbers. and create smart data mountains.”
“What is clear is that the importance of being able to turn information into insight is only going in one direction, upwards,” says Ashley Cairns, delivery director at Carruthers + Jackson. increase. Therefore, everyone involved in the business, whether a back-end engineer or a front-end customer service specialist, must develop a mature approach to information.
“Data will become part of our daily work life,” she says. “Success is giving everyone the ability to think critically and provide context for the stories they tell.”
