For supply chains around the world, data is now considered an essential tool to achieving success. Companies are seeking new ways to unlock the true value of data in order to utilise it and drive growth in the industry.
The leading multinational professional services network, KPMG, has released a report called “Data as an asset” which highlights the effect that data is having on companies’ operations and offered ways in which it can be leveraged successfully. With organisations globally looking to discover how to use data as a tool to extract as much value as possible, it is expected that over the next five years companies will seek to adopt the following four key data principles into their processes.
Clarify data accountabilities across the enterprise.
Embed data fluency across the enterprise as a strategic imperative.
Move data curation into the business as a core competency.
Reimagine a frictionless data supply chain.
“Only 17% of organisations say they are very or extremely effective at maximising the value from the data they hold.” - Harvey Nash, KPMG CIO Survey 2019.
“67% of CEOS believe their organisation could significantly improve its understanding of its customers.” - KPMG CEO Outlook 2019.
“Only 18% of organisations feel they are very or extremely effective at maintaining an enterprise-wide data management strategy.” - Harvey Nash/KPMG CIO Survey 2019.
In order to harness the power of data, KPMG professionals have outlined a few common strategies.
Create a data value proposition grounded in business imperatives.
Clarify functional accountabilities built into the operating model.
Start the organisation's journey toward data literacy.
Manage the cultural shift.
KPMG states that a frictionless and widely accessible data supply chain can be achieved by embracing new approaches such as data virtualisation, microservices, data as a service (DaaS) and Lambda data processing architecture. Through the implementation of these enablers, the data supply chain can be made significantly easier to access, manage and use data.
To read the full report, click here!
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