In today’s digital age, organizations are increasingly focusing on digital transformation strategies to stay competitive and drive better business outcomes. Kevin, the CEO of Syniti, emphasizes the importance of a data-first approach in achieving successful transformation efforts. This approach involves prioritizing data work before diving into the design phase of a project, ensuring that data is fit for the purpose of delivering on the promise of digital transformation projects.
By neglecting data early in the transformation process, organizations risk delays, untrustworthy analytics, cost overruns, and even failure. A McKinsey report predicts that organizations will spend approximately $100 billion on wasted data migrations next year. Kevin shares a real-world example of a large manufacturing company that needed to address its data management challenges before embarking on a digital transformation journey.
According to a survey conducted by Enterprise Strategy Group and HPE, the majority of IT leaders struggle to keep up with the pace of business due to data management complexities. While data work is often viewed as a technical challenge, it requires both technical and business expertise to address effectively. Kevin stresses the importance of focusing on data quality and obtaining buy-in from leaders to ensure the success of AI initiatives.
Leaders who prioritize data management before starting a digital transformation project are more likely to be faster to market and achieve successful outcomes. It is crucial for CEOs, boards of directors, and senior executives to fully support a data-first transformation initiative from the beginning. By making high-quality data the main goal and addressing data challenges before implementing AI projects, organizations can avoid biased results, incorrect recommendations, and potential harm to their brand reputation.
As new technologies like generative AI become more prevalent, a data-first strategy will become increasingly necessary to drive innovation and value. By putting data first and ensuring data quality, organizations can save time, money, and effort in the long run. Kevin’s insights highlight the critical role that data plays in digital transformation and emphasize the importance of incorporating a data-first approach into organizational strategies.
