Last Wednesday, @Precision Technologies held a virtual panel discussion surrounding different topics of data and analytics strategy. The discussion included great insights and solutions provided by data leaders across multiple industries. Panelists @Phanii Pydimarri, @Pragya Rajauria, @Mel Reyes, @Shardul Desai, and @Lee Green maintained excellent conversations in regards to strategic alignment with corporate strategy, data modernization, maintenance, and recovery, as well as data governance, compliance, and ethics. In this blog, you will find some of the greatest points made by our data and analytics strategy panelists as well as information as to where to find the full webinar recording.
Let’s break down the event by the main topics that were discussed. First, we’ll take a look at data as it applies to your organization’s corporate strategy. At the start of this discussion, the moderator asks the general question, “Do organizations understand the value that data brings to the business?” To which, panelist @Phanii Pydimarri gives a great response:
“There has been a significant increase in the way companies and organizations have been looking at data and the value they are trying to deliver from a data standpoint. On the other end of this, we have seen that organizations have been really looking at the digital transformation aspect of it, and there is no digital transformation without data. Some organizations are really up-front in realizing that investing in data is highly crucial and successful as a digitally transformed organization…There is still a lot of growth and improvement in the way organizations really see the value in data, insights, and actions, which eventually leads to the impact of the value that is being generated”.
Panelist @Shardul Desai adds, “When it comes to integrating your corporate strategy with your data strategy, what is really essential from the management standpoint is that we should be very clear about the objective and what we are trying to achieve out of the strategy…It can be very difficult if you don’t have clarity about your end goal. As soon as you get this clarity, you should put that together and ensure there is definite progress if we align our data strategy into corporate strategy. This should be incorporated with our corporate goals…”
This question was left on a very positive note, that organizations are heading in the direction of data and that its value is being understood. The importance of incorporating data and analytics into your corporate strategy was stressed among several panelists. The value it brings to your business is essential.
Data Modernization, Maintenance and Recovery
After this first discussion, the panel shifted their focus to data modernization, maintenance, and recovery. Data Warehouse, Data Lake, and Data Lake House are all terms used in data and analytics culture. Each “house” is different and there are different ways to utilize each. Panelist @Lee Green defines each one efficiently, stating, “…Data Lake is the place where you might see likely conformed data that is more available to people and where you see a lot of data scientists and people looking for answers…I like to think of the Data Lake as the house of questions. Data Warehouse is the place where you want to conform protected data. This is the house of answers. In the end, the Data Warehouse is about the efficiency in finding answers and questions that are important to your enterprise. In a lot of organizations, you see both. In my opinion, the Data Lake House is the coordinated combination of the two.” Further insights of modernization were brought up under this discussion as well as @Mel Reyes mentioning the term “Data Swamp”. What is this? Stay tuned and find the answer in the full recording!
Data Governance | Data Compliance | Data Ethics
The final group of topics brought up in our panel discussion surrounds data governance, compliance, and ethics. @Mel Reyes discussed the role and the importance that governance plays in data and analytics, stating, “[Data governance] is the guardrails and the enabler as well…You have to make sure that you have legal, compliance, and all regulatory specific requirements accounted for well before you start diving into how to group and pivot the data”. It’s very important that you use the data well and within the written ethical guidelines. The most important question to ask yourself is, are you accounting for and representing the value of the data and creating an ecosystem that has the right guardrails? It’s important that the decision you’re making and the tools that you are giving are in line with the legal international or national guidelines. At the end of the day, you must have compliance, or you are subject to a range of business issues.
@Pragya Rajauria adds to the discussion of governance by stating how businesses and technology have realized it’s importance. “Accuracy is important. Quality is important. But what governance also brings to the table is consistency…Your report is as good as your data is consistent”. Proper governance and standards should be put into place for success; however, there are ethical challenges as well. There is bias, opinions, and privacy aspects that affect data analytics. Insights that are tainted by these can create a negative impact for your business.
Although these are just a few insights discussed among the panel, there are many other great solutions and points that were brought up. To hear more, you will soon be able to download the full Data and Analytics recording so you don’t miss a beat with your data and analytics strategy. If you have other questions regarding data and analytics, please contact us! We’re happy to help your business in any way we can.
Precision Technologies Corp. (PTC) is a leading full stack IT Company with a diversified portfolio of agile transformation, application & mobile development, the PMO suite, automation, analytics, salesforce solutions and technology staffing services. Since 2010, our clients have leveraged our staffing and consulting experience to obtain escalated technical services across the industries. We often are told that our solutions are very precise, cost-effective and process driven, thereby delivering intended results. https://precisiontechcorp.com/
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