In the modern era, creating stakeholder value is a crucial challenge for futurists and executives alike. Data plays an essential role in paving the way for artificial intelligence, but there is a risk of it being overlooked or dismissed as irrelevant. As such, Chief Information Officers and digital executives must ensure that Big Data gets the attention it deserves.
When faced with persistent problems like underutilization of data, it’s important to rethink our approach to this issue. A mental model audit can help us analyze how we think about data and identify areas for improvement. In a recent study with senior executives, they were categorized as Swallows, Hedgehogs or Moles based on their approach to data. Not many executives identified as Hedgehogs, indicating a lack of universally accepted framework for creating value with data.
Value from data can be achieved when ambitious goals are clearly defined and linked to achievable projects with specific milestones. Simply incorporating data and analytic goals into strategic decision-making processes can lead to significant value creation for an enterprise. At the Gartner Data and Analytics Summit 2024, VP Analyst Ehtisham Zaidi discussed how companies that have strategically integrated data analytics and AI into their operations have outperformed their peers 80% of the time in the last nine years.
Creating stakeholder value in today’s world requires futurists and executives to pay attention to the importance of Big Data in achieving this goal. By analyzing our approach to data through mental model audits and defining ambitious goals linked to specific milestones, we can create significant value for our enterprises using this valuable resource.
