There’s been a lot of talk for many years about the significant value of data to the corporation, specifically to automotive suppliers. So much so that we often hear experts state how data is the new oil of the digital economy.
Oil was a hot commodity for the better part of a century, but getting to it, transporting it and leveraging its value was no simple task. It required intensive research, design and operational sophistication. In other words, a supporting infrastructure was needed to be put into place in order to allow its worth to come to market.
There’s a lot of truth in this assessment. Today, data is the most valuable currency a company can possess. And when companies can have access to instant, easy to understand data, they enrich themselves by enhancing their ability to make superior business decisions faster from insights derived from the data. But just as unrefined oil is useless, unrefined data needs an infrastructure suitable to support the desire to understand and utilize the value of hidden data. And automotive suppliers are doing so with data estates.
A data estate is simply the infrastructure to help companies systematically manage all of their corporate data, that can also handle microservices. Think of it as a platform that provides a digital thread to connect all of your organizational data and processes. From here, automotive suppliers can take it a step further and implement a tailored data estate that can store, manage and leverage industry specific data, business applications, social data, customer relationship systems, functional business and departmental data, internet of things (IoT) and more.
Automotive organizations will thrive according to the maturity of their data infrastructure. In a competitive environment where data can make or break a businesses’ competitive advantage, corporate success might very well be measured by the maturity of its enterprise data program. While there are many dimensions to building out a data estate, it’s not as complicated as some might think.
Let’s take a look at three structural columns for designing and implementing your data estate.
First, even though a data estate is so much more than a data hub, the infrastructure starts with a central data hub. It’s important to understand that a central data hub affords companies the possibility of consolidating all corporate data, structured and unstructured, into a single platform. It can digest the volume and velocity of data realms generated by a business and allow for moving and modeling data freely.
Second, automation tools can significantly reduce the time it takes to model data. It can simplify and expedite data preparation, loading, and transformation. It can allow you to operationalize the results of your machine learning process as part of your enterprise analytics environment. Automation can remove manual coding and repetitive tasks, replacing it with automatic code generation, which enhances data quality, while freeing up human resources to focus on more strategic initiatives. It can easily track changes and keep systems up-to-date, making maintenance and upgrades much faster and more flexible.
Third - the cloud. Upgrading to the cloud is not just about saving money, it’s also about accessing services and capabilities that were previously out of reach. Given that data is oil, having too much data cannot be viewed as a problem. Instead of looking for ways to reduce data, the vision should be to look for more strategic and economical methods to manage data. And for that reason, the cloud is the best option.
Implementing an automotive tailored data estate, like MCA Connect’s Data Estate for Auto, will consolidate your data and support better decision making for improved operations with proven results in 8-12 weeks. With our tailored data estate, you will achieve critical goals such as increasing worker productivity, reducing physical inventories, eliminating the risk of line shutdowns, and realizing significant cost savings. To learn more about Data Estate for Auto, contact us. We’d be happy to explore with you how implementing this solution into your technology stack will help you better understand the data that drives your business.
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