Many in the tech field are concerned about where data is and the amount of space it occupies. But in today’s “new normal,” organizations need to look further than just location and volume. Interpretation and creativity are increasingly becoming critical factors as well.
In this episode of B2B Tech Talk, Keri Roberts is joined by Ed Soo Hoo
, an innovation & transformation executive at Lenovo
, to explore the intersection where technology meets creativity and how combining hard data and creative interpretation helps humanity.
They also discuss:
- Where data lives and how to find it
- How to best use data
- How to effectively interpret data
- How to keep data secure
- How to monetize data
- Where creativity fits into data
Where does data live and how do we find it?
Wherever there is an element of action, reaction, observation and sound, there is data.
Finding data is not a challenge; the challenge is that it’s being rapidly processed and stored at the source of creation. So the real challenge is understanding it and deciding what to do with it.
How do we use data?
Using data is best decided by the context of the information, and not just by the content, volume or speed of the data. The best way to use data is to turn it into information, which then becomes insights that help people make decisions or take action.
How do we interpret data?
The data that traverses a company will be viewed and valued differently by each element of the organization that’s trying to make decisions. It helps to look at the data from four distinct areas to determine how to interpret it:
- Transforming products. (“How do I make data attractive to my customers? How do I make it a great product experience and what is the data set around that?”)
- Optimizing operations. (“How do I optimize the flow of quality and volume to my customers? How do I capture that data to make sure I get the right product to the right place?”)
- Empowering employees. (“If my employee is critical to moving the needle with my customers, what is the data set to empower their work?”)
- Engaging customers. (“How do I provide a unique experience to customers that I don’t see but they’re online … what is my data set around that pod of engaging customers?”)
Connection is paramount to create systems of intelligence. When you combine the data streams across the four categories in context, you have the intelligence to make decisions and derive the real value of that data.
How do we keep data secure?
Securing data in today’s environment is a critical challenge. People recognize data is a valuable asset to attack, cripple, copy and steal. At the same time, data needs to be refined; that refinement creates an even higher value. Each business needs to determine what
data needs to be protected and secure, then become active in creating a secure data methodology unique to their needs.
How do we monetize data?
Leveraging data is partially about increasing engagement to drive emotional involvement; that’s what moves the needle, which then drives people to take action. That’s how data is monetized.
Consumers’ habits are changing so fast now that data has to keep up. Organizations need to leverage the ability to collect and store data closer to the action, then interpret that at lightning speed to deliver an excellent experience.
Where does creativity fit into data?
In the same way that “beauty is in the eye of the beholder,” data value is in the eye of the beholder. Data gives us the nuances, the emotion and the insights to pivot branding to the demands of the buyer landscape. Part of the power of data lies in how individuals take information, look at it creatively, and create powerful images and stories from the data to elicit emotion.
Data is at its best when combined with curiosity, serendipity, a high tolerance of ambiguity and sensibility. It is most effective when put in the hands of several different stakeholders who can give unique interpretation and insights; that creates volumes of valuable data.
In the next episode of B2B Tech Talk, Ed breaks down data insight further by bringing us through a business sample so you can take this back to your team and do it yourself.
Learn more about how Lenovo can help you with your data needs.
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