Understanding the Past, Present, and Future of Data
IN THIS CHAPTER
Explaining the basic elements in data
Identifying data value
Describing the trends around data
Understanding potential future options
Business decisions force you to focus, allocate scarce resources, and think hard about exactly how to be unique compared to the competition. It is important to remember that you can’t be everything to everyone. Strategically, you should think simplicity over complexity, since a clear and simple strategy is a lot easier to explain and to put into action. But what about making strategic choices for your data? Sure, data can help you understand your strategic options as well as the potential impact of various choices from a business perspective, but how do you utilize data to understand more about data itself?
Well, to make choices, you need to create choices. Real choices for your data cannot be made if you do not know what your options are and what options you are decisively rejecting. When deciding on a viable strategy, too often alternative strategic options are only considered ...