Your Data Strategy Needs to Include Everyone – HBR.org Daily

An entirely new “management paradigm” for data is needed. As used here, a “management paradigm” embodies a common language, a holistic vision of the ways data should contribute, a clearly defined organizational structure showing how data integrates across the organization, along with clear roles and responsibilities for all involved. Eventually, it needs to incorporate corporate culture, relationships with universities and vendors, policy, and anything else that advances, or holds back the effective use of data. The new paradigm employs a more pervasive and integrated approach to using data, analytics, and AI in the business.
If the past few decades have confirmed anything, it is the power of data, broadly defined to include activity involving small data, big data, statistics, analytics, and artificial intelligence by employees at every level of sophistication, to help companies improve their performance, in many ways. On one end of the spectrum, artificial intelligence (AI), especially generative AI, promises to transform business and so garners the most excitement. On the other end, basic analyses using small amounts of data are stunningly effective in helping companies make better decisions, control and improve business processes, better understand customers, and enhance products and services. Read the popular press and you might conclude that data, analytics, and AI are taking over the world.

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