Curated Insights From The Dinner Discussion On “The Power Of The Platform”
on July 2, 2019
How is the relationship between your technology and your data?
Last month, the Ortus Club and Domo Hong Kong hosted a dinner with the intent of answering this question. This event gathered CEOs, VIPs, directors, and other group heads for a discussion at The Hong Kong Club. The agenda was as follows:
What technologies, products or services do you use to improve data management?
How did your company transition from the use of legacy systems?
What were the most significant implications observed with this transition?
The following is a select overview of the ideas shared during the dinner.
The Primary Uses Of Data In The Workplace
The majority of the gathered executives agreed that their primary use for data is mainly for assessment and improvement of operational processes. This isn’t very surprising, as previous discussions on data have shown that companies place great care in their metrics – but it does enforce the importance of how that data is handled, collated, and reported.
In general, it seems like the trend of data usage in companies today mainly point inwards: the second avenue where data is used the most is improving the skill of the employees via testing and training. Only a very small number of companies said that their data is used to improve external processes – namely, interactions with both clients and suppliers – perhaps pointing to the trend that it’s automation, not staff, that takes care of that aspect.
The Role Of Legacy Systems
As a cloud-based mobile compatible data platform, Domo was curious to know how companies dealt with legacy systems when it comes to their workplace. The answers were split evenly: half the companies already transitioned from the use of outdated technology, but the other half had not.
Common reasons cited by the naysayers included that even despite knowing the importance of transitioning to a better system, their companies still lacked the resources or training required to operate them to peak efficiency. If anything, it indicates the potential of cross-collaboration between platforms that provide data management and training services with companies that are just starting to modernize their operations.
Data management in legacy systems was passable back in the day, but the companies that have transitioned out of it – or were already using them to start with – function more productively with features like cloud-based computing and real-time data management. Those that use these systems tended to devote less of their time to data collection and poured more resources into data analysis.
The Challenges Faced By Companies Moving Forward
Even with the split between the role of old tech versus new market demands, there were still some concerns about accurately leveraging data. Like previous discussions, there was an emphasis on actually translating said data into something useable and understandable: the need to bridge the gap between the technical and business side of things.
Most companies agreed that it’s this gap that makes data infinitely more valuable once crossed. The majority of companies today may switch to more efficient and modern systems for data management, but the crux of the data still lies in both analysis and reporting – a skill that has yet to solidify for many departments.
Data management relies on the collection and interpretation of raw information – something that’s made easier by moving to a modern platform that can account for and display the data required on demand, and with a reasonable margin for error. Companies today know this, and this is why their attentions are now focused inward: on the challenges faced on making that data useable, and training the people that can do so.
It is the hope of the Ortus Club and companies like Domo that by these discussions, companies will eventually be able to find a solution to leveraging data and technology. As the market grows even denser with both competition and demand, interpreting information – no matter how small – is the most likely key to a company’s success.