It is estimated that by 2023 more than 60% of CIOs will be evaluated in their companies on the ability to develop new and efficient business models that deliver results through broad enterprise collaboration and across their ecosystem, according to the most recent installment of IDC in its 2022 agenda predictions for CIOs. In order to accomplish this, accessing, understanding, structuring, developing, and determining insights on your customer data is critical.
- OECD Publishes the Report “Corporate Governance in Costa Rica” that will Improve the Country’s Management Startegies
It is clear; we are inundated with information from various sources: advertisements, data, messages, social media posts, contracts, annexes, structured and unstructured information, advertisements, and corporate transactions. Some we can control and some we cannot.
This in almost precise figures can be expressed in the amount of traffic that circulates on the internet in just 1 minute: 38 million WhatsApp messages are sent, 481,000 Twitter messages are exchanged, 2.9 million videos are published on TikTok, 67 purchases on Amazon, 266,000 hours of Netflix are watched, 4.3 million videos are viewed on YouTube, 375,000 iOs and Android apps are downloaded, 3.7 million searches are performed on Google, 174,000 photos are viewed on Instagram, among many other figures that escape from this installment.
What does it mean then to develop new and efficient business models that deliver better results to the organization?
Let’s take an example. Developing a standard business model is based on operational, financial, process capabilities, information control, resource management and developing an intention to sell products, goods and/or services, however, not for the challenge there, since a Once management shows traction, maintaining it can be the most complex part of the business cycle.
The future of organizations is implicitly linked to the correct understanding of the dynamics of consumer tastes, the creation of efficient predictive models, with a low margin of error, and with a direct orientation towards the digital world (without neglecting the physical world), providing open pathways to direct marketing strategies and campaigns where marketing scenarios are grounded and consistent with corporate expectations.
Descriptive analysis (understanding what the data delivered) and predictive analysis (prospective future behavior) pose a dense discussion in terms of bringing the dynamics of data understanding closer to a real-time model (still far from achieving it). However, the future is quite promising in terms of a correct use of the data.
As we mentioned at the beginning, it is overwhelming to develop a complete dynamic that integrates the largest amount of data converted into Insights into the organization, optimizing the largest amount of resources, maximizing the result and delivering value in terms of cash flow, to achieve this, we propose a standard scenario to implement a control scheme and boost the use of these new technologies in the organization.
The scheme raises the following keys:
• Develop a frequent control of the structured information (cleaning, organization, maintenance, and filing)
• Broaden the spectrum of listening to unstructured information (improvement in the technique to capture customer comments, contradictions, and false information)
• Optimize the algorithms that allow capturing predictions about the behavior of buyers, developing analytical predictions about business processes, equipment maintenance, plants and company operations.
In the strict sense of reciprocity between the investment and the benefit, it is not possible to determine an investment return date. However, the timeline in the development of a data governance project delivers value from day one of its implementation, and it is highly recommended to measure behavior vs. cost of development, tools and maintenance, thus creating a ratio of benefits to the organization and delivering keys to support development projects.
IDC’s Fifth Prediction for 2026, A CIO’s Agenda, states that 85% of organizations whose data management practices influence business and operational strategies will empower CIOs to lead cross-enterprise investments in governance, data quality and compliance. This undoubtedly drives and dynamizes the strong and positive impact by including corporate governance programs, listening strategies, understanding, control, management, and projection of data regarding its business ecosystem.
Once your business obtains control dynamics and establishes correct data governance, it is easier to systematically control the flow of information that circulates in any direction, bring to the steering committee the set of Insights on market behavior, propose actions of improvement on processes, and develop grounded programs and projects on the basis of digitally promoting the organization.
The power of the platform on which the data produced by your organization and captured from the environment is concentrated depends largely on the quality, elasticity and functionality that it delivers, in such a way that the flow of information is consistent, the algorithms are efficient and in reality it can be determined that the effort and investment make sense within the business expectation.
We invite you on this occasion to review the latest issue of IDC on the power of the platform, where aspects are analyzed, namely:
• How technology will continue to play an increasing role in achieving business continuity and agility.
• Why IDC believes that future technology architectures must be platform-driven to enable data flow throughout the business ecosystem.
• Why success comes from a focus on business results in the medium and long term.
• Why technology-enabled scenarios and business-tuned responses are key to these results.