A new article from the Accenture AWS Business Group (AABG)—“The Power of the Data-Driven Enterprise”—explores what it means to be truly data-driven, and what benefits such companies can achieve. These companies use the cloud as a catalyst for maximizing the value of data, treating it as an asset differentiated by its completeness and quality. They embed cloud-enabled data and predictive analytics at their core.
Using data for innovation and competitive advantage was already critically important before COVID-19 hit. After all, the world has become increasingly digitized and generates staggering amounts of data. But in the wake of the pandemic, the drive for innovation and competitive advantage has become mission-critical.
Companies are now “competing on data” and that’s going to be increasingly true as they seek to outmaneuver uncertainty in the months and years ahead. In Accenture’s experience, organizations that are data-driven in the cloud are outperforming their competitors in terms of acquiring new customers, retaining the existing customer base, and achieving above-average profitability.
A case study detailed in the article is about Discover Financial Services, which is successfully executing a data-on-cloud strategy. The bank leverages data from a variety of sources—structured and unstructured, streaming and batch—and rapidly analyzes the data for insights. Getting to this point required a bold pivot from an on-premise, fragmented approach to a fully integrated, cloud data platform on Amazon Web Services (AWS).
How can your organization become more consistently data-driven? Here are some steps to consider:
- Link a cloud-based, data-driven strategy to clear outcomes
- Start with high-ROI opportunities
- Enable data as a strategic asset
- Empower the lines of business with insights
- Create a “data-on-cloud” strategy
- Gain buy-in from the business
- Manage organization and culture change effectively
Companies should move quickly to assess their data analytics capabilities and chart a course for transformation to a data-driven enterprise. This “evolution/revolution” is a crucial part of becoming more responsive to customers and more agile in the marketplace, especially given the rapidly changing nature of technology and business models – and the challenges of operating in a world transformed by the pandemic.