- All the teams that make decisions on routes to market.
- All the teams that create or gather data on your market.
- All the data you collect or create on your operation within that market and with your clients.
- All policies that impact the sharing of data across these key teams.
- All prejudices that inhibit data accessibility.
3. To maximise the benefits, remodel:
- Your teams so that all those that work most closely with the same data are directly aligned and ideally co-located. DO NOT LIMIT THIS TO YOUR TECHNOLOGY TEAMS.
- Your policies to enable sharing and create safe spaces to do so within legal frameworks.
- Your rewards to incentivise sharing based on the benefits created.
None of the above steps above are easy. Nor are the relevant teams and impactive data necessarily obvious. Be aware that irrelevant data within a silo may have huge relevance outside that silo. Using the teams themselves to do the identification work is critical.
The use of external support materially enhances objectivity and identifies unspoken assumptions, facilitating discovery of hidden value.
It is possible to promote sharing without a wholesale restructure. Start with the core teams to ensure that you have a strong base. Extend the analysis and changes from there. Consider your partners and suppliers. They may well have data that is of value. Encourage them to share, it is to both parties interest and would cement a beneficial relationship.
Finally, as you become increasingly able to intuitively understand how to organise your company to get the most value from your data, look at the interrelationship between Culture, Operating Model and Data.
Now you are sharing data and insights freely and looking for more data to support and enrich your decisions, you will hit the multiples of value that Big Data originally promised.
Let me finish with this: if Jeff Bezos made Amazon the behemoth it is today by mandating the use of APIs, can you afford not to mandate the sharing of data to unlock the potential in your clients and market?
After all, shared knowledge is power.
Chris B Lord is Group CIO at Collinson, the customer loyalty experts operating in the travel and insurance sectors through brands like Columbus Direct and Priority Pass
Sign up for CIO Asia eNewsletters.