There are billions of gigabytes of data generated globally each day, from social media clicks to survey collections to automated systems. The amount of accessible information in any organization can be overwhelming at times. In a day and age where we are inundated with data, the real challenge that has emerged is how do we actually use it to glean insights that can improve business performance.

When speaking with clients, some have expressed that they are intimidated by the idea of data or complex analyses. One way to address this concern is to democratize data within an organization. This allows folks with more diverse perspectives to join the conversation, eliminates bottlenecks in the decision-making process, and allows everyone in an organization to have more informed discussions to drive improvement.

This all begs the question, if enabling access to data is so great, why isn’t everyone doing it?

My name is Meredith Gurnee, and I work in our Energy team here at Oliver Wyman. I came to realize the power of data while earning a degree in Environmental Engineering, where I learned to analyze complex data sets of different environmental factors, like water and soil quality, to ensure the sustainability of large projects. Subsequently, I pursued my Masters of Engineering Management to gain the skills necessary for me to build on the engineering world and find new ways to integrate data analytics into business strategy on a larger scale.

Prior to Oliver Wyman, my interest in using data to help solve complex problems and draw insightful conclusions led me to work at an energy research and advisory firm that emphasized the importance of making data-driven decisions. This instilled in me the importance of making data accessible to allow stakeholders to make the most informed decisions.

Since coming to Oliver Wyman, I’ve been able to take this mindset to the next level by not just collecting, cleaning, and presenting data or insights to a group of decision-makers, but by implementing different processes and business practices at organizations to empower them to glean these insights independently and sustainably.

The democratization of data within an organization takes a lot more than simply making the data accessible in the form of dashboards, spreadsheets, or fancy business intelligence tools. While technology can certainly play a role to eliminate time-intensive, non-scalable, error-ridden manual tasks, truly democratizing data within an organization requires three things:

1. Empowering everyone within the company to become more data literate.
2. Developing a clear path to streamline data collection processes.
3. Building a culture that craves data-driven approaches to drive decision-making.

To break the status quo and implement a new way of doing things, universal buy-in is key. To gain this buy-in, it’s important to listen to key stakeholders, understand their goals and challenges, develop a solution that best suits their needs, and provide the training and support to ensure they can realize the desired output. This will help empower all to become more data literate and start to build trust in a new way of operating.

That being said, the output will only ever be as good as the inputs. Because of this, it’s imperative to implement routine processes for data collection. Whether it be through surveys, transaction tracking, online forms like timesheets, or any other data collection methodology, creating a framework that makes data collection reliable and pain-free is crucial to the democratization of data.

If done successfully, the democratization of data not only enables companies to make more data-driven decisions, but it also empowers more people to come to the table who may not have had access to that data previously. By including a more diverse group in the conversations we have around data, it allows for more creative, holistic solutions to challenging problems. This helps to build an inclusive, data-driven culture that I’ve seen enable improved efficiencies, cost savings, and more effective strategic decision-making.

So, with all the data that is at your fingertips today, are you making the most of it?

My name is Meredith Gurnee, and this is my take on the democratization of data.

This transcript has been edited for clarity.

There are billions of gigabytes of data generated globally each day, from social media clicks to survey collections to automated systems. The amount of accessible information in any organization can be overwhelming at times. In a day and age where we are inundated with data, the real challenge that has emerged is how do we actually use it to glean insights that can improve business performance.

When speaking with clients, some have expressed that they are intimidated by the idea of data or complex analyses. One way to address this concern is to democratize data within an organization. This allows folks with more diverse perspectives to join the conversation, eliminates bottlenecks in the decision-making process, and allows everyone in an organization to have more informed discussions to drive improvement.

This all begs the question, if enabling access to data is so great, why isn’t everyone doing it?

My name is Meredith Gurnee, and I work in our Energy team here at Oliver Wyman. I came to realize the power of data while earning a degree in Environmental Engineering, where I learned to analyze complex data sets of different environmental factors, like water and soil quality, to ensure the sustainability of large projects. Subsequently, I pursued my Masters of Engineering Management to gain the skills necessary for me to build on the engineering world and find new ways to integrate data analytics into business strategy on a larger scale.

Prior to Oliver Wyman, my interest in using data to help solve complex problems and draw insightful conclusions led me to work at an energy research and advisory firm that emphasized the importance of making data-driven decisions. This instilled in me the importance of making data accessible to allow stakeholders to make the most informed decisions.

Since coming to Oliver Wyman, I’ve been able to take this mindset to the next level by not just collecting, cleaning, and presenting data or insights to a group of decision-makers, but by implementing different processes and business practices at organizations to empower them to glean these insights independently and sustainably.

The democratization of data within an organization takes a lot more than simply making the data accessible in the form of dashboards, spreadsheets, or fancy business intelligence tools. While technology can certainly play a role to eliminate time-intensive, non-scalable, error-ridden manual tasks, truly democratizing data within an organization requires three things:

1. Empowering everyone within the company to become more data literate.
2. Developing a clear path to streamline data collection processes.
3. Building a culture that craves data-driven approaches to drive decision-making.

To break the status quo and implement a new way of doing things, universal buy-in is key. To gain this buy-in, it’s important to listen to key stakeholders, understand their goals and challenges, develop a solution that best suits their needs, and provide the training and support to ensure they can realize the desired output. This will help empower all to become more data literate and start to build trust in a new way of operating.

That being said, the output will only ever be as good as the inputs. Because of this, it’s imperative to implement routine processes for data collection. Whether it be through surveys, transaction tracking, online forms like timesheets, or any other data collection methodology, creating a framework that makes data collection reliable and pain-free is crucial to the democratization of data.

If done successfully, the democratization of data not only enables companies to make more data-driven decisions, but it also empowers more people to come to the table who may not have had access to that data previously. By including a more diverse group in the conversations we have around data, it allows for more creative, holistic solutions to challenging problems. This helps to build an inclusive, data-driven culture that I’ve seen enable improved efficiencies, cost savings, and more effective strategic decision-making.

So, with all the data that is at your fingertips today, are you making the most of it?

My name is Meredith Gurnee, and this is my take on the democratization of data.

This transcript has been edited for clarity.