Capitalizing on Your Data Potential
Dave Brock: One of the major obstacles we face in fully exploiting AI is the existence of disconnected "islands of data." These islands, which we used to refer to as such, prevent us from seeing a comprehensive picture and hinder our ability to leverage data effectively. What do you think is holding organizations back from fully capitalizing on their data potential?
Why "Siloed" Data is Detrimental
Rudy Agovic: Well, one significant obstacle is the siloed nature of departments within organizations. Departments tend to operate independently, with their own sets of data and tools.
Salespeople may have their CRM system, but it may not connect with the marketing tool, and the marketing department operates separately as well. This creates a cultural issue where departments are accustomed to working in isolation and may not fully understand the efforts of other departments.
The challenge lies in the fact that the data is siloed and disconnected. It doesn't make sense to operate in isolation because the activities of one department, such as marketing, impact sales. The data naturally interweaves between these departments.
Another aspect to consider is that people often view data from an operational standpoint, focusing on immediate needs and tasks. However, the requirements for analytics may differ from operational needs.
For analytics, it becomes crucial to stitch together a more comprehensive view of the data. This includes connecting different fields and understanding how marketing efforts, for example, influence the sales cycle or win rates. However, default practices tend to keep departments isolated, leading to data silos.
Getting the Value of Your Data
To truly leverage the value of data and apply AI effectively, organizations need to prioritize analytics from the early stages of planning. They must consider how data can be connected and gathered rather than solely focusing on department-specific operational uses.
In some cases, companies have systems that are not only disconnected but also lack a way to link records between databases. This occurs because they didn't have a strategic vision for leveraging value and connecting information.
To extract maximum value from data using AI, the data itself is crucial, and planning efforts should encompass both operational and analytics needs. It's important to think about how different systems and departments can be interconnected. Unfortunately, it is quite common for organizations to overlook the strategic aspect and encounter roadblocks.
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