February 19, 2020
READING TIME ~
You might have heard over and over again that we now live in a world of data and every company seems to have gone mad for it.
The CMMI Institute reports that “52% of leaders believe the ability to analyse data improves their decisions.” But how does the structure of the data influence its ability to provide a competitive advantage? And why are not more company leaders using it?
First, let’s look at where data sits in the fuel retail business through Deloitte's Data Activation Framework.
Fuel retailers are well known for scrutinising everything. Your business presents data in different shapes from multiple sources - the POS, the pumps, the fuel supplier, the accounts, even from your competitors!
All of it is filtered through technological tools - PDF reports, Excel files, emails, faxes and so on. You trained your team to work with all these tools and use the data in particular ways.
When you need to take a snapshot of your business for a critical decision, what would you rather look at?
Whilst we are by no means art critics, the same information (colour) can be displayed in different ways to convey the entire spectrum between hidden messages to clearer and simpler ones.
What’s the difference? The way in which the data is being organised and used, which is how data maturity is defined - and there are tiers:
If you’re wondering how digitally mature your company is, Google created a special tool.
Thinking of how you define success in the medium to long term, what level of data maturity does your business need to reach?