Data Executives Must Use Their Mandates to Drive New Revenue Streams
Harjot Singh, Chief Data Officer at RAC Western Australia, argues that the cultural step-change required to see data as a benefit to the balance sheet must be led from the top
Business disruption caused by the pandemic has accelerated the need for businesses to devise new ways to monetize their data.
In this episode of Data Conversations Over Coffee, Harjot Singh, Chief Data Officer at RAC Western Australia says that C-level executives are best placed to lead these initiatives forward.
“The ultimate aim is to bring data onto the balance sheet.” He explains. “It’s not all about simply implementing a platform in the cloud and providing tools for reporting. You need to have a C-level member of staff to drive that culture.”
Singh goes on to say that a deep level of cross-industry experience is a real benefit for a business when it comes to creating new revenue streams using existing data.
“Almost all industries they are struggling with common data issues which are around data quality, data lineage, and most importantly the operationalization and the monetization of data,” he notes.
However, Singh stresses that for an organization to be considered truly data-driven it must be using data to shape and further its business strategy.
“It’s not an overnight transformation, it’s a journey, Singh concludes. “You have to start somewhere and then ultimately you will reach a point where you can say you are truly data-driven.”
- Understand what data can or cannot do for you. Data may be the new oil, but you cannot put crude oil in your car – there must be a refining process
- Build use cases that will drive monetization of your data. The key to doing this successfully is communication. Try things out and then ‘fail fast’
- Invest in stable cloud technology. It should be robust and elastic enough to provide sufficient tools for your teams to be able to manage self-service analysis