Kree Govender, Managing Director
South Africa Qlik Master Reseller (SAQMR)
According to David Couchon, Global Head of Qlik Professional Services, “the Data Economy is defined by global data (digital) ecosystems that arise as we share, monetise and co-evolve information assets. The value of these assets compound as this ecosystem grows; a network effect is created as more data and insights are exchanged. Competition is fierce. Innovate or die. Competing and winning in the data economy requires us to think differently about how value is created. To win we must define, understand, measure and maintain healthy ecology within and around our data ecosystems.”
What Does a Data Ecosystem Look Like?
The modern data ecosystem includes biotic and abiotic parts. The differences between these parts are akin to those separating humans from machines. The data lifecycle includes elements of rest, motion and work. Couchon confirms that; “there are producers (quants, data scientists, data architects), consumers (analysts, executives) and decomposers (data stewards, DBAs, testers) in this ecosystem too”.
Data Ecosystems and Data Asset Capabilities
Qlik’s Consulting Advisory Services team outlines eight primary capability areas to focus on to maintain a healthy ecology in a data ecosystem. To keep these ecosystems healthy, it is essential to ensure they are protected, calculated decisions are made, and there is room for adaptation and innovation.
These data asset capabilities are:
- Integrate and Enrich
- Lake, Warehouse and Store
- Artificial Intelligence
Competing & Winning in the New Data Economy
The key to competing and winning in the new data economy is to overcome its related challenges. These include:
- Whether the ecology of the data ecosystems is balanced.
- Investing in the right capabilities.
- Improve the ability to attract and project value.
- Maximise the asset value of data.
- Fill gaps, limit risks and optimise returns on investments (ROI).
“To effectively compete, focus cannot remain inward. We must look outward to attract the right partners, suppliers and customers that will support and grow the ecology of our data ecosystems. The true value of our data ecosystems is realised when our investments have been optimised to enable us to drive more meaningful interactions across the value chain. Our defensible position rests on our platform,” adds Couchon.
Start Ahead, Stay Ahead
So how do you get ahead of the competition, and stay ahead? Success lies in leveraging the right people, processes and technology to maintain the ecology of complex business ecosystems. These are the steps required on the digital transformation journey, to build and maintain future-proof data ecosystems.
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