WHEN DATA LEARNS TO THINK: WHY A STRONG DATA STRATEGY TRANSFORMS YOUR BUSINESS MODEL
A conversation with André Vogt about data strategy, and business model changes.
Companies are struggling today with a flood of data streams, dashboards, and decisions every second. Wwhoever loses control of their data loses sight of their business. André Vogt, ISR Board Spokesperson and Senior Vice President of Enterprise Information Management at CENIT AG explains in the video interviewwhy data strategy is a strategic issue —and how companies can revolutionize their business models through smart analytics.
What does the term “data and analytics” actually mean—and why is it relevant to businesses in the first place?
In the past the challenge lay in unstructured documents; today in the growing volumes of data. What matters is not the volume, but its targeted use. Data and analytics focus on systematically collecting data on the one hand and evaluating it in a targeted manner on the other. The goal is clear: to use information to make well-founded decisions about the right steps for the future. Four interrelated subdisciplines are distinguished in this context.
- Data Management is traditional data management: handling data, integrating it into third-party systems, and storing it.
- Data Analytics refers to the actual process of pattern recognition—identifying trends, making predictions, and forecasting the future.
- Data Science goes a step further: Using more mathematically sophisticated methods, machine learning, and similar techniques, predictive analytics is truly refined.
- The foundation for all of this is the data strategy: the question of what data needs to be available where in order to generate added value.
When data transforms business models
Who gains gains more detailed insights into their core business suddenly begins to question things that were taken for granted for years. Here’s an example Vogt cites: A financial services provider that had been calculating its own leasing models for decades discovered, thanks to new analyses, that customers preferred entirely different financing models and subsequently changed fundamentally its business model.
Enterprise Information Management as the Foundation for Effective Data Analysis
The vision of enterprise information management is to make all of a company’s available information sources accessible. This information base allows data to be correlated and easier analyze .. EIM is thus literally the foundation, – without which remains any analysis a patchwork remains.
Strategically steering the future
To stay competitive, you need to be well-informed—about your own organization, external developments, market trends, and the broader business environment. Data analytics is the tool for analyzing and evaluating precisely this information. It enables you to predict how consumers will behave, how production can be optimized—and how the broader business environment is changing before others even notice.
Why It's Worth Watching
In an interview André Vogt does not talk about abstract visions, but rather about concrete challenges, potential solutions, and real-world experiences.
Watch the full interview now and learn how data analysis can help shape the future.
