Damarah Brown

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Digital Transformation: Turning Data into Assets

data photoAs I sat back and thought about what to write about for this post, I immediately thought of data. But what about it? We’ve discussed data in so many contexts this semester, but using data as an asset is one that I stuck out to me. A company can have the best data in the world, analyzed by the upper echelon of analyst, but if they aren’t creating valuable assets to drive their decisions, then it’s all pretty much pointless. Amazon dominates in several consumer categories because they have mastered how to use their vast amounts of data as a competitive advantage. Think about it, Amazon would be nothing without our data. They literally know the ins and outs of their customers’ search and buying behavior. All of the data they collect is leveraged to drive their strategies, in turn giving consumers a pleasant shopping experience.

Just yesterday, guest lecturer, Craig Bradley explained that even in his work, clients do want to be presented reports full of data anymore. The landscape is changing; clients want to know exactly what to do with the data that Ipsos- Shopper Insights collects. They want to know how the data can ultimately help their brand be the best of the best all while achieving the goals it set. Khanna (2017) explains that,”Having a clear understanding of the business objectives and aligning your data strategy with them is critical for business success”. So not only do companies have to clearly define goals, they must have the proper strategies in place that use the data to drive decisions.

Companies do not have to be giant powerhouses like Amazon with huge amounts of data to turn the data they do have access to into an asset. They just simply need a steady stream of unique customer data, a strategy, and the proper tools to remain competitive, innovative, and most importantly successful.

Do you think your company effectively transforms data into an asset? Why or why not? 

References

4 Steps to Turning Your Expense Data Into a Powerful Asset. (2017, February 20). Retrieved from http://expensable.com/blog/4-steps-to-turning-your-expense-data-into-a-powerful-asset
Goldman, J. (2018, March 19). How Companies Like Amazon and Google Turn Data Into a Competitive Advantage — and How You Can Too. Retrieved from https://www.inc.com/jeremy-goldman/how-companies-like-amazon-google-turn-data-into-a-competitive-advantage-how-you-can-too.html
Khanna, A. (2017, August 29). 5 Steps for CDOs to Transform Data into a Strategic Asset. Retrieved from https://tdwi.org/Articles/2017/08/29/DIQ-ALL-5-Steps-CDOs-Transform-Data-into-Strategic-Asset.aspx?Page=2

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Allow Me to Reintroduce Myself, I’m the New CIO

handshake photoDigital transformation and data, excuse me, big data, are changing every aspect of the world. In this program, we often discuss how digital transformation is changing the marketing world. More specifically, how the role of the CMO is evolving. We even discuss how the CMO must learn how to collaborate and understand the CIO. Yet, we rarely discuss how the role of the CIO is changing.

The lines between business and technology are becoming more blurred every day. To combat with new business models, CIOs are becoming strategic in their thinking. They are no longer just concerned with IT issues. Wilczeck (2017) states that “a whole new range of tasks is being put onto the CIO’s shoulders, requiring additional capabilities and demanding much greater emphasis on areas such as innovation or crafting and orchestrating digital ecosystems”. CIOs are strategically identifying opportunities to redefine both the customer and employee experience. The role of this person is no longer supporting the business with IT efforts, but implementing strategies and technologies to constantly disrupt and create new value and meet business demand. The new and improved CIO must work closely with the CMO to help identify new digital marketing trends. Bill Allison believes that the new CIO must be:

  1. A Strategist Business man photo
  2. A Catalyst
  3. A technologist
  4. An Operator
  5. Always Looking Towards the Future

Indeed the role of the CIO may seem so different than it has in the past, that it may seem like it is going away, but it is not facing extinction. In fact, Bendor-Samuel (2019) argues that changing business landscape is only strengthening the role. The CIO has to remain agile and embrace transformational technologies all while balancing the connection and collaboration with others.

As digital operating models continue to reshape the world, I wonder what new C-suite roles will emerge.

References

Bendor-Samuel, P. (2019, January 30). How The CIO Role Must Change Due To Digital Transformation. Retrieved March 15, 2019, from https://www.forbes.com/sites/peterbendorsamuel/2019/01/30/how-the-cio-role-must-change-due-to-digital-transformation/#15e38ae368be
Bill Allison, D. C. (2015, August 07). The New Role of the CIO: Innovator In an Ever Evolving Business World. Retrieved March 15, 2019, from https://www.wired.com/insights/2014/04/new-role-cio-innovator-ever-evolving-business-world/
Staff, C. (2019, January 30). Winter 2019: State of the CIO. Retrieved March 15, 2019, from https://www.cio.com/article/3335497/winter-2019-state-of-the-cio.html
Wilczek, M., Wilczek, M., & IDG Contributor Network. (2017, October 13). The changing role of the CIO – from operating IT to orchestrating IT. Retrieved March 15, 2019, from https://www.cio.com/article/3209721/the-changing-role-of-the-cio-from-operating-it-to-orchestrating-it.html

 

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Once Upon A Spotify

In the digital age, so many companies are concerned with collecting data. Many companies are merely collecting data for the sake of saying that they are collecting data. They may even be collecting irrelevant information and not using the data to make inferences about their customers to make logical decisions. On the other hand, some companies are actually using the data to make business decisions,but are still unsure of how to use their data visualizations to tell a story. Many experts of knowledge management would argue that data storytelling is just as important as the data itself.

One organization that uses data storytelling in a compelling way is Spotify. The streaming service continually collects data to customize each users experience. Spotify not only uses information such as demographics and location to generate content for users, but they use the data to also tell users stories about themselves based on how they stream music. Not only does the platform give users insights about how they stream music, they tell stories of how they interact with other platforms in relation to music. For example, last year for Black History Month, Spotify teamed with Instagram to highlight the most liked #BlackGirlMagic Instagram posts featuring the artist from #BlackGirlMagic playlist most associated with each state (see figure 1).

Figure 1

The visualization clearly shows which artist from #BlackGirl Magic playlists were liked the most from each state. There is no guess work involved with this infographic. The visualization designer behind this graphic clearly understood that data should be displayed in a way that the audience can easily interpret and connect with. Danielle Lee, global head of partner solutions at Spotify explains that, “Big data is just that but if you can extract the insights that are going to resonate with different communities, [those] insights are going to allow us to tell stories that haven’t been told before.” (Duran, 2018).

Sifting through all of the noise to pull out the most compelling information and display it in a narrative like way may seem overwhelming at first to many companies and individuals, but stories are memorable. I may not remember all of the information displayed in Spotify’s #BlackGirlMagic infographic if you ask me next year, but I’ll remember that Nicki Minaj and Beyonce dominate the United States for the most streams and post likes.

References

Duran, H. (2018, August 10). On Brand: Spotify’s Danielle Lee Discusses Data Storytelling. Retrieved February 15, 2019, from          https://www.alistdaily.com/entertainment/danielle-lee-spotify/
Staff, S. (2018, February 23). #BlackGirlMagic on Spotify and Instagram. Retrieved February 15, 2019, from        https://insights.spotify.com/us/2018/02/23/blackgirlmagic-spotify-instagram/
Stikeleather, J. (2014, August 07). The Three Elements of Successful Data Visualizations. Retrieved February 15, 2019, from  https://hbr.org/2013/04/the-three-elements-of-successf

 

Photo by Michael Fötsch