Data Empowers Business. Exploiting the full potential of… | by Bernd Wessely | Sep, 2024

There is a lot of talk about the value of data being the new gold. Many companies are therefore pouring large sums of money into becoming data-driven. It is sold as a completely new way of doing business, almost as if business has never been driven by data before.

Sure, many companies struggle with being fully data-driven, but I think the bigger issue is, that it’s not at all sufficient.

We all seek to extract something magical from the data. That‘s why we collect data in big data lakes, data warehouses and all the other big data collections that have not yet received a catchy marketing label. I believe we all fall into the trap of wanting to unearth a treasure trove of data. We somehow can‘t escape the thinking that these massive data collections are the foundation of some analytical superpower that will ultimately propel our businesses to new heights.

Data technology and data engineering teams are then often seen as the decisive factor in converting data into business benefits. While technology and engineering are undeniably important, it takes a more holistic approach to truly transform a business into a digital powerhouse.

In this article I will approach the matter from the business side and explain why…