Pundits have been talking about ‘digital transformation’ since at least 1999, but it is a difficult concept to pin down, much less execute. Yet in a business environment in which former market leaders like Sears and GE are failing the challenge, the need for transformation has never been so stark.

As data growth compounds, organizations face the challenge of deciding how to invest in their future data strategy.

Creating the best algorithms can’t be magic; it needs to be a replicable process for your team. What are the critical needs for this to happen? According to Gartner, “Companies will be valued not just on their big data, but on the algorithms that turn that data into actions and impact customers.” This emphasizes the need for organizations to embrace algorithms as the foundation of their business logic.

If I never hear the phrase “Data is the new oil” again I will die a happy man. Don’t get me wrong – I wholeheartedly believe in the value of data and its power to transform businesses – but the frequency with which I hear this phrase reminds me we are still in the adolescent fascination phase of how we look at the power of data.