Are you realising the value of the data created from digitization to obtain credibility from your executives?
1/3 of executives do not trust the data and analytics presented to them. The value of data can be unlocked through the adoption of the DIKW model.
When organizations digitize they increase exponentially the variety, velocity, and volume of data generated. In its rawest form, data has no value and does not by itself lead to insight. Many organizations do not have the necessary tools and/or skillset and experience to derive insight from this data. This has caused many executives to not trust the data and analytics provided to them impacting timely, key decision making. As a result, organizations do not realize their full potential as their data remains trapped.
To unlock the trapped value of digitized data and make it credible with executives, the DIKW model can be applied to an organisation’s approach in creating insightful analytics. The DIKW model is an acronym for Data – Information – Knowledge – Wisdom. It supports a way of understanding the relationships between the stages of DIKW and shows how each of these stages builds on top of each other. This model is well publicized in the ITIL framework for maturing Knowledge Management and Continual Improvement practices, however, the model has been part of the language of information science for a very long time.
Figure 1 – DIKW Model
Figure 2 – ESM Performance Dashboard
We have identified a common pattern across multiple industries and their need to process the data into information, synthesize the information into knowledge and then combine that knowledge with others to bring them wisdom. To truly gain wisdom, real-time analytics through performance dashboards is integral along with the skills and experience to visualize how wisdom should be generated from the data.
Transform Partners and Agile Analytics have teamed up to design and build an Enterprise Service Management (ESM) Performance Dashboard built on Microsoft Power BI for the ServiceNow platform. This dashboard has been designed with DIKW principles and key operational measurements for an effective governance framework to unlock the value of digitization across multiple front-office and back-office functions.
The ESM Performance dashboard can support the generation of wisdom within Business Operations, IT, HR, Procurement, Finance, and Facilities. This dashboard supports many operational practices and processes however is instrumental in improving customer experience and enabling continuity and risk management within a hybrid working model where resources are spread between the office and other locations.
If you would like to find out more about how Transform Partners are helping organizations with Consultancy services and Products to unlock the value of digital transformation and more specifically the data generated through digitization, please reach out to us for a discovery call.