The pandemic, however, has raised the expectation for decision-makers to be able to explain or justify their decisions. This has exposed the vital need for business decisions to be re-engineered, if significant improvements in critical, contemporary measures of performance, of business value such as, revenue, cost, risk, quality, service and speed, are to be achieved.
More importantly, it has amplified the critical role data plays in rethinking the way decisions are made, whether this be human-led, or machine-led.
An advanced level of data maturity, for example, can generate greater actionable insights which, when used correctly, can help businesses become nimble and responsive. Businesses with lower maturity will lack the foresight to make faster and smarter decisions in an increasingly digitalised economy, which demands more inclusive, transparent, personalised, flexible and trustworthy business outcomes.
Many business leaders of small and medium-sized organisations could be forgiven for thinking that an advanced level of data maturity is only achievable for larger enterprises, i.e. those with deep pockets and plentiful technical resource.
However, with the advent of modern analytical technology, that is most certainly not the case. As we enter a new era, powered by cloud, AI and automation, there is no better time than now for small and medium-sized businesses to pivot their priorities, and become a “Data-Driven SMB”.