Today, businesses generate large amounts of data from various sources. Fortunately, it's no longer just data experts who have access to, understand, or use this data. Now, other team members have learned to appreciate everything that happens with the data as it goes through the analysis process. Today, we will explore the term "Data Journey" to continue learning about data management.
What is Data Journey?
Data Journey is a term coined by Orange Business Services that encompasses the six necessary steps for a company to manage data—whether the data originates internally or externally, whether structured or unstructured—with the goal of generating insights that effectively aid decision-makers. Each step includes a set of processes and technologies.
Why is it Important?
Transforming data into relevant business information is much more than analytics: from collection to delivery, including data security, each step is crucial to the success of this process.
The volume of data generated by digitalization—both in the domestic world and in businesses—is increasing daily, whether through user interactions with applications (corporate or otherwise), or through increasingly connected environments and solutions.
It is no coincidence that in the latest Visual Networking Index (NIV), it was forecasted that by 2022, there will be a monthly data traffic of 396 exabytes across global networks; five years ago, it was 122 exabytes, representing an increase of more than three times during this period.
There is an explosion of data and an increase in the complexity of managing it. How can we capture, store, and extract value from this data—i.e., the "insights"—that can help in decision-making? And how can this be done without losing sight of the security of such sensitive information?
These are pressing concerns, especially when considering the magnitude of the technological and management challenges they pose, as well as the speed at which digital transformation is taking place across organizations, which will generate a movement of US$1.7 trillion by the end of 2019. Those who fall behind in using data in a data-driven economy will likely face difficulties competing and, in the worst case, be displaced.
The Power of Data
The use of data for business analysis is not limited to technology experts. The success of implementing analytical projects largely depends on business professionals who will benefit from the results of these projects.
Understanding the process of creating tools based on Business Analytics helps increase the success rate of these projects and avoid the concept of the "black box," which discourages the adoption of these essential management tools in 21st-century organizations.
At each stage of the project, business professionals have key knowledge to contribute while also monitoring the project’s progress to ensure the result meets the stated objectives.
How Does the Data Journey Work?
The Data Journey is a series of steps that guide this process:
Step 1: Collection
The first step in the data journey. It involves capturing information generated by people and objects in their interactions with various systems and applications. This includes corporate systems such as CRM, ERP, data networks, and customer service, but also social media, institutional websites, and connected objects (IoT). All of this must respect applicable laws and regulations.
Step 2: Transfer
Once collected, the data must be sent. It travels through mobile networks (3G, 4G, soon 5G), Wi-Fi, fixed networks, WAN, LAN, among others. In short, organizations must ensure connectivity to send the data from where it is generated to where it can be utilized.
Step 3: Storage and Processing
Cloud computing plays a fundamental role in storing data, whether private, public, or hybrid. Data must be available to the organization, which must ensure easy access for systems and data scientists responsible for analysis. In the cloud, information can be processed with sufficient capacity at a variable cost in the "as a service" model.
Step 4: Analysis
By applying data science principles, a set of methodologies and software (Big Data and Analytics), it is possible to identify patterns in the stored data—these are the insights. Artificial Intelligence techniques (such as Machine Learning) can automate processes and accelerate value extraction.
Step 5: Sharing and Creation
Once insights are generated, they must reach decision-makers and their teams. If there are no digital work environments that favor information exchange and collaboration, everything is lost. Therefore having a digital workspace and tools that encourage interaction and relationships with clients is so important.
Step 6: Protection and Security
Companies must adhere to information security requirements from the collection and analysis stages to the exchange of insights. This includes aspects ranging from the operational environment, through IT infrastructure systems, to communication channels with clients. Security must be considered in an integrated manner, covering processes, software, equipment, and employees, and respecting compliance policies and regulations, as well as client confidentiality.
Data Journey is More Than Analytics
Transforming data into relevant business information is much more than analytics. The data journey spans from data collection to delivery, including information security. Each step is vital to the success of the process.
The volume of data generated by digitalization increases daily, both in the home and in businesses, whether through user interactions with applications—corporate or not—or through increasingly interconnected environments and solutions.
It is no coincidence that by 2022, global networks are expected to handle monthly data traffic of 396 exabytes; five years ago, it was 122 exabytes—an increase of more than three times in that period.
There is an explosion of data and an increase in the complexity of managing this data.
The questions readers should ask themselves are: How can we capture, store, and extract value from it? How can it help in decision-making in business? And how can this be done without compromising the security of such sensitive information? If you would like to learn more about the data journey and receive professional advice, don’t hesitate to contact us.
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