How to be a data-forward business and lead the data economy?

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Discover how to use data to benefit your business and become a data-forward business leader in the data economy.
Data management and governance for data-first companies"Having information is power... sharing it makes you even more powerful." The powerful phrase is from Mani Gopalakrishnan, Vice President of Digital Transformation at Kraft Heinz, the 5th largest food and beverage company in the world. Beyond the sector in which it operates, it is a case study of the Data Economy due to the way it has oriented its business to make the most of the information generated during the development of all its activities.

This opens the door to a higher level of addressing business challenges, especially the most complex ones. Using data insights enables a deeper understanding of the different scenarios that arise, allows for a reduction in time to market , helps improve customer experience and prevents fraud, among many other benefits. The data-forward business refers to the boost that an optimal data management strategy can give to the business.


However, more than half of companies - employment database to a recent study - still do not enable remote access to key information within the framework of the hybrid work model that was imposed after the pandemic. Only 38% claim to make decisions based on data; although it may seem incredible, subjectivity and intuition still prevail. On the other hand, less than 50% have implemented mechanisms to share data with their value chain.



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What strategic uses are data driving business?
Risk identification and fraud prevention top the list, followed by innovation in revenue streams (even revealing new market opportunities) and new pricing models . Associated with the above is the development of products and services based on data and even around the data itself. Personalizing the user experience and customer service is a practice that is also enriched by good use of information.

Within organizations, optimizing processes and streamlining operations is the first objective after discovering and analyzing data contained in daily dynamics, often made invisible. Following the old premise “if you can't measure it, you can't improve it,” data is the key to evaluating how the business is doing with greater precision and to making plans with better possibilities of following up.

Imagination never runs out and CDOs ( Chief Data Officers ) are designing more and more strategies every day, working in collaboration with various areas of the organizations. For example, marketing management, where there is much to discover and exploit, as well as commercial management and those who command the processes with the value chain.



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Businesses that rely heavily on data benefit from 4% higher productivity and a 6% increase in profits.

Source: Harvard Business Review





Striking the balance between democratization and data governance
At this last point, where other companies linked to the business or main activity come into play, the concept of data democratisation appears , in the sense that it is shared and made available. Does this include strategic information? It could be, as long as data governance is seen as a key value variable for the business.

In each case, the contribution that the shared data makes to the ecosystem of each organization must be weighed against the risk of that information reaching the competition. If the competition could potentially obtain the same information by other means, the faster it is shared with the value chain itself, the greater the benefits.