It’s 2015 and most manufacturers struggle with data and still can’t answer “yes” to these questions:
- Can we quantify the value of leveraging our critical data more effectively?
- Have we even identified what our “critical data” is and where it resides?
- If we have identified our most critical data, are we certain of its accuracy?
No manufacturer is immune to the potential negative effects of information overload. And no manufacturer can avoid a future in which the amount of data created and collected will rise exponentially. Therefore, it is a matter of when, not if, a strategy to effectively manage this growing mountain of data should be developed. More than likely, it will be essential for sustained competitiveness.
If you buy into the notion that companies which are good at managing large amounts of information will establish a competitive edge for themselves, then being able to answer “yes” to the above 3 questions becomes very important. No data strategy can be successfully executed without a mostly affirmative answer to these questions. Yet, the majority of manufacturers aren’t there yet.
Sometimes, a discussion facilitated by an outside pair of eyes can be a good place to start. Accurate self-assessment in an area as complex as data management is virtually impossible, and the value of objectivity often can’t be overstated during this process.