In chapter seven (7), we have learned from “The Path to Information Value” that Seventy percent of managers and executives say data are “extremely important” for creating competitive advantage. In addition, it is implied by the authors that, “The key, of course, is knowing which data matter, who within a company needs them, and finding ways to get that data into users’ hands.” Looking at the Economist Intelligence Unit report, identify the three (3) phases that led to the yard’s rebirth.
In chapter seven of “The Path to Information Value,” the importance of data in creating a competitive advantage is highlighted. According to the authors, a significant percentage of managers and executives (seventy percent) consider data to be “extremely important” in this regard. However, the key lies in understanding which data are crucial, identifying the individuals within a company who require specific data, and ensuring that this data is readily accessible to users.
In order to gain further insights into the value of data, let us turn our attention to the Economist Intelligence Unit report. This report sheds light on the three phases that led to the rebirth of the yard.
Phase One: Repositioning the Brand
The first phase involved repositioning the brand of the yard. The company recognized the need to redefine its image and strategic positioning in the market. Through strategic analysis and market research, the yard identified the key attributes that differentiate it from competitors and resonate with customers. By repositioning the brand, the yard aimed to establish itself as a unique and valuable player in the industry.
Phase Two: Implementing Advanced Analytics
The second phase focused on implementing advanced analytics capabilities within the yard. Recognizing the importance of data in decision-making, the yard invested in technologies and infrastructure that enable effective data collection, storage, analysis, and visualization. By leveraging advanced analytics, the yard aimed to gain deeper insights into its operations, optimize its processes, and make data-driven decisions.
Phase Three: Enabling Data Accessibility
The third and final phase centered around enabling data accessibility throughout the organization. Recognizing that the true value of data lies in its utilization, the yard took steps to ensure that relevant data was available to users across various departments and levels of the organization. This involved creating user-friendly interfaces, establishing data governance frameworks, and fostering a culture of data-driven decision-making.
Overall, these three phases highlights the yard’s journey towards harnessing the value of data. By repositioning the brand, implementing advanced analytics, and enabling data accessibility, the yard was able to leverage data as a strategic asset, thereby regaining its competitive advantage. This case study serves as a practical example of the importance of understanding which data matter, identifying key users, and making data readily available for decision-making.