Does your data mean anything?
Not knowing what to do with data is challenging and this is where most businesses are failing. Daniel Newman’s article on Closing The Gap Between Data And Understanding will provide an insight into understanding why big data is challenging. As we learn more about Artificial Intelligence (AI), we could look to use AI to help us understand big data.
Cognitive technologies like machine learning are anticipating. In some cases, understanding how these technologies can empower a business is a journey in its self. Frank J Holhurst says in his article big data is poised to get even bigger. Be it now or in the future, organisations large or small will be looking at cognitive technologies. So, it is probably a good time to start learning about how the technologies can help organisations. To make sense of it all in simple terms, it would be like a lock and key mechanism. Valuable data insights from cognitive technologies like AI will unlock your businesses potential if you get it right. Using predictive analytics can significantly improve the decision-making process. Ultimately, a successful business-driven forward from data insights will help an organisation become productive, efficient and successful saving money going forward.
Predictive analytics is essential for digitisation, and the realisation of data that brings capabilities and opportunities within an organisation is yet to be unleashed. We are all going digital and the masses of data, be it structured or unstructured, in today’s digital landscape plays a key factor in the success of business.
Organisations that have entered the digital arena of adopting cognitive technologies have created new channels of communication, and improved business models are increasing opportunities for their business. Stakeholders can make fundamental business decisions from data insights unlocking business potential by knowing what to do with the data.
Wimbledon tennis tournament did just that with the help of cognitive technologies from IBM. IBM delivered cognitive technologies transforming and enriching the tennis experience for fans during the Wimbledon tournament 2016. IBM Watson, an industry leader in cognitive technologies and analytics, is widely used in industries, UK government and councils.
Bernard Marr states that Data Should be at the heart of strategic decision making for business. Using technologies such as AI gives the opportunity for organisations to collate, interpret and analyse data, thus improving business processes and functions, overall improving the business in its entirety.
Let’s look at Uber, the data they hold is indispensable and is key to the growth of their business. Uber is very much a data-driven business and is more of a technology business than a taxi business. Using data and predictive analytics to understand their customers is fundamental. “Uber is rolling out a big redesign powered by machine learning”, Ken Young explains how Uber’s new mobile app uses machine learning. Uber uses predictive analytics using the data from machine learning to restructure the app to understand what the passenger wants.
What if data was centralised creating a new area within an organisation called the “data hub”?
Dedicating an area where you would have a team of data scientists, business analysts and data analysts all working together to understand the data. Thus, a far more efficient way of looking at data and insight.
Why it Matter to leverage AI for business transformation gives examples of numerous organisations who have taken to AI to focus on customer engagement. Simply put, these organisations are relying on huge amounts of data to then guide them into making informed and more deliberate decisions based on data analytics and insights.
Machine learning is a branch of AI and has seen significant advancements in the car industry with self-driving cars. Uber have been working with Volvo and Ford to engineer these self-driving cars. With technologies like GPS, radar and cameras data from these technologies can make driving much safer, with some saying fewer accidents on the road. All these technologies bundled together along with AI can provide enormous amounts of data and from this data can then be extracted useful insights using predictive analytics. Uber’s machine learning chief says pattern-finding computing fuels ride-hailing giant
Big data, machine learning a branch of AI and predictive analytics, are terms used everywhere yet the realisation of data and the importance and value that the data provides indispensable. With large volumes of data to be processed, the challenge lies in the interpretation of this data and the actions that follow from data analytics, with information often lost in translation.
When looking at ABC technologies, AI will only be valuable to the organisation if data is analysed and interpreted well and provides value. With machine learning dependent on data, this could be the key to unlocking business potential with enormous benefits.
How companies are using data and analytics to improve their customer’s experience.
Bernard Marr writes How Nike and Under Armour have become data businesses. Nike has turned sports and fitness into a data- driven fitness trend and Under Armour are great examples of using data to drive their businesses, bringing wearables and technology to market.
What are we going to do with data? AI and big data play a pivotal role in business transformation. Data-driven analytics and insights give the opportunity for executives and leaders to make informed decisions to improve operational efficiency and reduce costs.
Lisa Morgan writes about “The 9 Secrets of Data-Driven Organisations” which identifies which traits are essential for becoming a truly data-driven company.
Realisation of data is crucial for digitisation. Rudina Sesseri states The Rise Of AI Will Force Data Scientists To Evolve Or Get Left Behind
As we take leaps into the digital landscape of Artificial Intelligence, Big Data is important than ever before as an opportunity to capture more data to understand customers and improve business processes. Understand what the data means, and you could unlock your business potential.
Further Reading
