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Harnessing data starts with a data management framework

This is not an endgame. A framework is a work-in-progress, tweaked along the way so that it yields unrivalled insights and propels the business forward.

There are riches to be gained if one harnesses data well; the Internet is filled with stories of companies that have reduced inventory holding costs or achieved increased sales bundling with smart data management and analytics.

SINCE the birth of the Internet and adoption of highly automated Enterprise Resource Planning (ERP) systems by many companies, there has been an unprecedented explosion in the availability of data. Many companies have switched from using statistics to extrapolate tangents and estimate population...