Wastage of Data affecting the bottom line

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Data possesses enormous potential to help organizations stay competitive, design programs that keep employees engaged and productive, save money, identify future leaders, boost profits, and power digital transformation.

With the most laying claim, to vast repositories of data about their customers, employees, processes, and competitors, companies have gotten the message. By 2025, 463 exabytes of data will be created each day globally as per some estimates.  It’s becoming increasingly clear that much of that investment is wasted when it comes to collecting all that data which is a sizeable investment. Most of the information collected by organizations fall into the category of dark data.

During regular business activities of the organizations, the information assets collected, processed, and stored generally fail to use for other purposes. It includes analytics, business relationships, and direct monetizing. Data must be managed across the entire enterprise as it is a strategic asset and everyone needs to be evangelizing that starting from the C-suite down.

A strong technical foundation, proper governance, and accountability at each level are required, but it is also necessary about bringing together departmental silos and perpetuating the mindset that it’s the organization’s data.  A commitment from the CEO and the board is required to create a data-oriented culture. There must be ongoing conversations, informed with those who lead data initiatives. 

Decisions grounded in data and analytics are superior to those based on conventional thinking and approaches need to be recognized by the organizations. The ones leading the function does not know what data is being captured or where it’s stored. The concern often persists data and automation technologies are going to take the human out of human resources.

Data and analytics greatly benefit employees only when it is used to their full potential. It helps in the form of recruitment and onboarding, innovative programs, developmental opportunities, and policies. HR would advance its position as a critical value creator for the organization and not only as a shared service cost center. This can help to effectively drive performance, enhance the employee experience which improves the bottom line.

When there is a better understanding of goals and challenges, people can contribute more fully to the organization. Everyone can benefit from greater access to data from the C-suite to frontline employees. It will inspire them to exchange ideas and share in their execution along with further efficiencies, cost savings, and risk reduction. 

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