You could be closer to becoming a data-driven business than you think. That’s because chances are, you’re already generating data and you just need to know where to find it, how to aggregate it, and how to use it to create real value within your business. Start with the quick wins and there will be many ways to build on them and transform your firm with assets you already have
Many companies are missing out on the low-hanging fruit because they don’t realise how much data they already have. The data they currently do use, is mostly to monitor historic activity as opposed to powering future business performance and decisions. The problem is that the inability to use data is causing firms to miss out on vital insights, and therefore new business opportunities.
So if businesses have access to all this data, where exactly is it? Well that’s the problem. It’s everywhere. It’s sat in different places all over the business. It’s fragmented among many departments, databases and line-of-business applications. And even for those who know of its existence, it’s incredibly frustrating because they can’t get it all in one place, which is the biggest challenge.
Unbelievably, we live in a world where only five percent of corporate data has been successfully analysed to drive business value. That’s a staggering 95 percent that is left uncovered in silos connected to solitary devices or applications, organisational silos in departments or subsidiaries with a single view on the value of that data, or cultural silos where a lack of innovation is hindering the value that data could bring.
Businesses are swimming in data but it’s only when you have it all under management that you can start to get a return on the data.
Data, data everywhere
No one wants to be the next Blockbuster or Kodak but the truth is, the health of a company’s present and indeed future success lies in their ability to use data to enhance their business. We showcased some of these examples at this year’s Smart IoT London where we spoke and showed our latest IoT analytics, machine intelligence, AI, and augmented analytics demos.
Often, when people hear the word data, they think of the information being pulled from the sensors on their machines. In the IoT era, this type of data is exploding as more endpoints appear in workplaces around the world, and thankfully, it’s getting cheaper to store this data than it used to be.
But there’s so much more data under your nose that could prove really insightful if combined with data from elsewhere. There are the traditional datasets from systems of record and quote to invoice systems. Then there are CRM data, maintenance schedules, enterprise resource planning and logistics information and social media data. All of it is sitting somewhere within the four walls of your business waiting to be used to its full potential.
This is the stuff data scientists the data-innovators thrive on. A rich pool of information from a variety of sources is what forms the basis of any high performing algorithm that goes on to create innovative business models and differentiated solutions. However, the more data that is available, the more difficult it is to collect it, and the more likely that insights will be missed as a result.
So when a company enlists the services of a data scientist, too much of their time is spent carrying out the basic data collection and preparation tasks instead of exploiting the value of the data. Every company should be looking to get the best return on their data. Automation will help here. According to Gartner, 40 percent of data science tasks will be automated. But another vital element is being able to identify what data you are already generating within your business to enable the data scientist to be more productive with higher value tasks.