Have you ever wondered with so much data around us, when is it that we can actually say that our organization has achieved data excellence? With all the data we are surrounded by, there is still a dearth of clean and accurate data. An organization’s data maturity can be measured by the extent to which it is using data or in other words the advancement of their data analysis. 95% of the data as we know it today was generated over the past five years. We all know how organizations used data in decision-making in the past year with the onset of the pandemic. They had to literally start afresh, get new customers on-board and even make some tough decisions including that of shutting operations altogether. All these decisions paved the way for more data-forward businesses.
Data maturity can be measured in four stages:
Data Gathering or Explorer Stage: This is where businesses are in the initial stage vis-a-vis data. They are collecting data and do not have a particular data plan in place to integrate this data into their daily work.They may still be using it for some purposes such as for reports but data has not required a full-fledged and crucial role in their functioning. They may also be using only internal data in this stage and not using external sources. In other words they might be overlooking some vital information from worthy sources. Data collection can both be manual or automated depending on the resources of the business and the amount of data at hand.
User Stage: When businesses accept the importance of data quality in their journey they reach this stage of insight consumption. Decision-making is done by leveraging data here. Data use is standardized across the business and data sets are added to aid internal data sources when needed.
Leader: Just like the users, the leaders use data beyond just helping the business. They leverage data for competitive intelligence as well. This is where third party data is also used in addition to internal data. This is also the stage where data is woven in as an intrinsic thread of the culture of the business. The business uses data repeatedly as a natural part of its everyday functioning. For any business to be in this stage, it must invest in people (data team such as developers, analysts etc) and technology. This can lead to reaching the data maturity stage in a targeted manner using machine learning, predictive analysis etc along the way.
Innovator: When you start using data beyond mere observations and analysis, you reach the innovator stage. This is also a stage when you use data to gain a competitive edge and stay ahead in the curve. Innovators, then, can be defined as those businesses which repeatedly use data to adapt and change to face whatever the future holds. If you want help in measuring the data maturity of your business or want to set up a plan to reach this stage and need help or guidance, do reach out to us at [email protected]
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.