Editor’s Note: This article was originally authored by our colleague and BARC Fellow, Douglas Laney, and was first published on Forbes.com. We are republishing it with full permission, as we believe its insights are highly relevant to the topics we cover and valuable for our community.
A new Revolution
Like coal, value derived from data resources is having a transformative impact on the success of industries and the players within them. But are you truly harnessing its power?
The Industrial Revolution was powered by coal. It was the essential fuel that drove factories, powered locomotives, and reshaped the global economy. Today, we are in the midst of a new revolution — the Digital Revolution — and its fuel is data. Every business, regardless of industry, is becoming a data business. The success of this transformation, however, depends entirely on how well organizations are able to mine, refine, and burn this new fuel.
Dashboards and Data are not enough
Many executives believe they are data-driven because they have dashboards and collect vast amounts of information. But collecting data is not the same as using it. True data-driven organizations treat data as a core asset that powers every decision, every process, and every customer interaction. They build their strategies not around what they think is happening, but what the data proves is happening.
So, how well is data fueling your company’s revolution? Are you merely collecting it, letting it sit in data warehouses like untapped coal reserves? Or are you actively using it to generate energy — to create new products, to optimize operations, to personalize customer experiences, and to outmaneuver your competition? The answer to this question will determine whether your organization leads the charge in this new era or gets left behind in the dust.
Building on the strategic concepts discussed above is the key to creating a truly data-driven enterprise. For professionals who require direct access to the deep, evidence-based research that underpins these strategies, our BARC+ subscription offers unrestricted access to our entire library of market analysis, including all BARC Scores, in-depth surveys, and software comparisons. For those on this path, a deeper look into the frameworks for next-generation capabilities like autonomous AI agents is a logical next step.
