siliconindia | | JUNE 20249OBTAINING VALUE FROM DATA AS AN ASSETbefore identification of the best insight, i.e., a longer term or strategic approach is needed. Sadly, data has until recently been a second thought in organizations. Meaning that it was a side-effect to an organization's operations, products developed or even processes/ strategies. There was not much thought given to what the long-term implications/ impact of data. However, now organizations are beginning to realize that we cannot just blindly "grab" as much data or keep building data siloes. It is expensive and mismanagement of the data exposes an organization to unnecessary risks ­ privacy concerns, loss of competitive advantage, etc. So how does one build a stable data organization?From what I have seen successful and mature data organizations are structured like tripods.They have focuses on Data, Analytics and Governance/ Strategy. The Data pillar ensures that relevant quality data is available to the relevant folks in a robust, repeatable, and easy to access/ use format or location. The Analytics focus uses the data to identify patterns and enable insights. Yes, I am including AI,Machine Learning (ML) and Data Science in analytics as to me their goal is the analysis of data using different tools/ skills.Lastly, the Governance/ Strategy focus keeps the long term and effectiveness goal in mind to ensure that (in a repeatable fashion) the attention and efforts of data happen with the right tools, with the optimum processes and with a longer-term goal in mind. So, if you are investing in data, AI, analytics, spare some time to strategically invest in governance through stewardship at a minimum. Also, since people are key, and I mean not only the people in the three focus areas above but also consumers, enablers and producers do NOT forget to strategically invest in their continued data literacy. Data value generation takes a village.The last thing I would like to stress is the importance of security and compliance. While data protection can feel dry like many legal topics, it is non-negotiable. Why would an organization want to invest time and effort trying to squeeze value out of data while there are leaks? As part of data literacy do not stop educating every employee about privacy, company policies, regulations, regional or global compliance. This ensures that every person from those who just "touch" data to those who are neck deep in it are all responsibly involved and enabling value generation.In conclusion, whether you are a startup, a mid-size company or a fortune 100 enterprise, you want value from data; you should significantly invest in not just tools, algorithms, and people but also a strategic perspective and governance. So as an organizational DATA leader I highly recommend building teams that have expertise in the tripod. Additionally, please invest in data governance and data strategy leaders to start or continue down the recommended path (using the "sandwich" and "tripod") to effectively generate value from data through insights. From what I have seen successful and mature data organizations are structured like tripods
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