- Companies need to develop a common data analytics platform that will "stratify data analytics work" and extend the platform companywide, Ted Colbert, Boeing CIO, told McKinsey and Company.
- Boeing has data analytics projects for productivity, design, engineering, manufacturing and product support, Colbert said. But properly scaling analytics is dependent on democratizing its "capability" while avoiding individual data platforms.
- But for a company such as Boeing that takes decades to roll out new products, Colbert relies on "proof points" that highlight data analytic capabilities "to bear on mature production programs such as the 787," he said.
Data analytics is an evolving practice, and it's something all companies are adjusting to. Treating Big Data as an essential part of a business's bottom line is crucial in understanding the direction the business should go.
Essentially, Big Data holds potential, but without proper guidance, that potential is "trapped," according to Colbert. Reevaluating the who, what and why of data will bring to light a new understanding of data both inside and outside the company.
Colbert found that after implementing 13 systems to highlight "how much inventory was sitting in [Boeing's] systems that didn't have a demand pull," the company discovered hundreds of millions of dollars of demand pull as opposed to the tens of millions of dollars it was originally thought to have.
The uneasiness of a company realizing such funds are available is enough to invest in data analytic solutions and data scientists. But in 10 years the U.S. will face a shortage of about 250,000 data scientists, making it crucial for companies to find talent to handle the largest problems while integrating access to data throughout the entire company.
Companies such as Pitney Bowes rely on Big Data for all employees to drive better insight on customers. Making data available to various departments of a company is part of the democratization process, which can then lead to fact-based decision making.