The advancement of digital technologies such as cloud computing, Internet of Things (IoT) and big data analytics has enabled organizations to derive plenty of useful insights from data in an easier manner. These insights – whether they relate to your products, customers, supply chain or even your industry – mean that data is now much more valuable than it has been. Organizations that understand and can capitalize on this value of data are transforming their businesses and disrupting their industries.
However, one of the biggest concerns slowing down digital transformation is the lack of overall governance of the data that the organization uses. Unresolved concerns such as privacy, security and departmental silos are limiting the sharing of data internally and externally, the buying or monetizing of data as well as the broader analysis of data for the whole business and its customers.
Microsoft’s view is that the mindset of governance around data needs to change from being that of “data management” to “data as a strategic advantage.”
Once the organization understands that the use of data can strategically change the way it does business, the requirement of the governing body (typically the board of directors) to become involved is obvious. After all, it is the board that is responsible for the overall strategy of the organization. And if the organization is to transform itself to become more of a “data business” then it is the board that is accountable for the success of that transformation.
The digital transformation journey for Ryman Healthcare, a leading retirement village operator in New Zealand, started two years ago precisely that way.
The management team initially set out to mitigate risks of documentation errors as they felt that it was risky to depend on manual and paper-based documentation, especially when it comes to patient care. Ryman Healthcare also lost its head office in the February 2011 Christchurch earthquake – so the company had good reason to be nervous about how it stored its information.
They then embarked on a journey to digitize its business processes so they could be captured and analyzed more easily, cutting down any possible errors in its interactions with older people under its care. This single digital project provided the fuel for Ryman Healthcare to use data strategically to also transform staff productivity and ultimately, significantly improving how they interacted with their patients
Governance + Strategy
Data is without a doubt a boardroom responsibility in a digital economy. Organizations have to think of their business from a customer and data perspectives if they want to thrive amidst rapid progress of data-enabled technologies and increasingly competitive environments.
The recent Microsoft Asia Data Culture Study 2016, which polled 940 business leaders from medium to large-sized companies in 13 markets in Asia, found that 87% of respondents felt a data culture should be driven from top down, and that there should be a formalized role in the leadership team to drive successful adoption of their data strategy.
Geoff Clarke is Regional Standards Manager at Microsoft Asia Pacific