These days, too, when everyone is talking about Covid-19 giving digitalization another boost, everyone is talking about data right away. Whether it’s the Corona Tracing app, the various Corona statistics, the confidentiality of data in web conferences or the data-based analysis and research of RNA vaccines: data is often the basis of our actions.
You have probably heard it many times: data is an asset! Data has a value!
But what is their value and how can you best use this value for your company? Why are there companies that, based on their “data”, have high valuations on the capital market such as Facebook or Google, but not others?
Even though we often see data in the context of information technology, data is not a purely technical issue. To be able to realize the value of the data and manage the data in the company is a task of the entire management. Data influences business models. They influence the interaction with customers, partners and suppliers. Data control processes and they are the basis of management decisions. Whether and how data is used in the company is also a question of corporate culture, many even speak of the data culture in a company.
New technologies such as IoT and BI are increasing the amount of data. At the same time, new technologies based on artificial intelligence offer new ways of interpreting, processing, and using this data.
Using data, aligning business models with data, but also protecting and managing company data are primary tasks of the entire management of the company.
There are numerous methods and approaches to use and manage data. However, these are largely focused on the technical questions and tasks.
In our projects, Jörg Lehmann and I repeatedly came up with the question of how this new role of data in a company can be illustrated and how the data culture can be changed or created. Often technical issues or IT architecture issues were supposed to be in the foreground. In the end it was also about different approaches in the company’s management. Over the years we have used various workshop formats for this with our customers. Together with various partners such as Microshare, KeyLogic, Bimanu, InSaas, Guideline Pro and Team Retail Excellence, we have gathered our experience in a methodological approach.
Data Value Thinking is an approach and framework that views and maps the world of data from a business perspective. At the same time, Data Value Thinking offers a framework that provides management with orientation and a common language in the strategic direction of data management. Data Value Thinking is a creative approach that creates awareness of the value of data in the company and generates ideas for adding value.