MIT Technology Review Insights recently teamed up with TIBCO to release a report on Data-as-a-Service (DaaS), covering current trends in data architecture and analytics and exploring new use cases. The report was produced through interviews conducted in December 2019 and January 2020 with more than 500 senior data and analytics executives at organizations worldwide. Below we offer some samples of the report’s insights, including the role of data as a driver of business strategy and how on-demand and connected data sets can generate new insights.
Align Data Strategy with Business Strategy
According to the report, “Data is increasingly core to business strategy—a resource that can reveal the path to greater customer value, new sources of revenue, or business model extensions.” In order to realize this value, executives interviewed for the report stressed the need for data strategies to have a “direct line of sight” to business strategies, supporting the end-to-end value chain, leading use cases, and key performance indicators (KPIs).
Use Data to Look for Hidden Value
Another critical component of an effective data strategy centers on uncovering hidden value for the business by taking advantage of DaaS. Accomplishing this requires “looking to develop new datasets, increase access to datasets, and connect datasets in new ways to find unique insights,” according to the report. For example, the report highlights the London Datastore, a free and open data-sharing portal with thousands of data sets about the U.K. capital, which includes information such as tracking recycling, crime levels, and local job creation. By using data marketplaces and on-demand data services, companies can broaden their data analytics efforts to generate greater insights.
Increasing Speed and Business Agility
Getting insights into the hands of business decision makers needs to happen as quickly as possible to stay ahead of the competition. This requires data analytics teams to develop new tools and push insights out to users versus fielding requests for business intelligence (BI). According to the report, “Data chiefs are leading efforts to reorient organizations from reactive to proactive. This means pushing complete and insightful datasets to end users at the specific moment that they need it, or ideally ahead of time.”
If you’d like to learn more, including how to facilitate insights with on-demand data, get the complete MIT Technology Insights report.