How Businesses Can Unlock the Power of Data
Building a Data Foundation for Innovation
Buried within everyday data lies a treasure trove of value, with 97% of data going unused. This blog explores the power of data, from strategic decision-making to innovation fueled by generative AI. It also dives into key considerations such as responsible data practices and choosing the right infrastructure. Learn how to unlock the power of your data and gain a competitive edge.
Every second, millions of stories are created. While each click, web search, emoji, and email might be thought as mere data bytes, they each offer us one more clue to unlocking a story that’s waiting to be told. For example, you might not think of your online banking profile as anything revolutionary these days, but what if it could recommend new ways of saving that work within your current lifestyle habits, and help you afford that trip you’ve always wanted to take? Data isn’t just about facts and numbers; it can inform you of potential impact and outcomes.
It might surprise you then, that despite the treasure trove of insights that data provides, it is estimated that 97% of it is never analyzed, per IDC. Businesses, which collect vast amounts of data each day, are among the key culprits here. The reasons behind this include challenges in data management, processing, and data literacy across an organization. Additionally, not all data stored may be immediately actionable or necessary for an organization’s goals and can therefore go untouched for years.
However, this situation is changing as companies recognize the value of data-driven decision-making and invest in data analytics and data science to harness the stories hidden within their data. In today's fast-paced and data-driven world, businesses that harness the power of data have a distinct advantage over their competitors. Its importance could not be overstated – the insights uncovered can provide the driving force behind strategic decision-making, growth and, increasingly, technological innovation.
The Rise of Generative AI: Using Data to Create Customer Value
One such innovation that is currently making waves across the technology sector is generative AI. While traditional AI has been leveraged by businesses for some time, generative AI – which built using neural networks, and can create new data based on patterns and examples it is learned from existing data – is a relatively new solution being tested across industries. Because generative AI models can generate content or data that is similar to, or indistinguishable from, human-generated content, its use cases are extensive. From analyzing huge data sets and automating repetitive tasks, to drafting compelling marketing copy, generative AI could add significant value to a company and its offerings. Read Our Blog: Turbocharging Your Business With (Gen)AI.
These solutions of course require data and the skills and infrastructure required to analyze it. It may sound daunting, but we like to consider every company that exists today a data company, whether its focus is automotive, retail, healthcare, or otherwise. Each company that has the potential to generate positive outcomes using the data they store.
Challenges and Considerations: Mitigating Risks and Ensuring
But in order to do this, it’s important to first consider the challenges that are associated with mining insights and learning from data. For example, while generative AI can add value, there are also harmful risks – such as hallucinations – which need to be mitigated. The environmental impact and cost of storing and analyzing data is also becoming an increasing concern for business.
Actionable Steps: Building a Data Foundation for Innovation
To overcome these challenges and make greatest use of data, I’d recommend businesses consider the following things. Firstly, where will the data live? Whether it’s on-prem or in the cloud, it’s important to understand how different infrastructure could serve each business and its goals. Secondly, consider the ways automation could help streamline business operations, allowing staff to focus on more considered, human tasks. Then, sustainability needs to play a role. How could data-powered innovations be deployed in ways that continue to allow businesses to meet their net zero requirements? This if often high on our clients’ agendas and something we work with them closely to achieve.
Last but certainly not least, the most effective data innovations are ones that are secure and trusted. While it’s exciting to talk about compelling use cases, it’s critical that the data required to power these innovations comes from a reliable source and is handled responsibly from thereon. Data has the potential to power good in innumerable ways, so it’s hard to overstate the importance of building a solid data foundation for such innovation.
Watch Our Webinar: A Holistic View of Infrastructure and People: Embracing a Hybrid Cloud Approach
Conclusion
Data isn't just about facts and figures; it's a powerful asset waiting to be harnessed. By taking the steps outlined above, you can unlock the hidden value within your data to driving innovation, growth, and maintain a competitive edge.
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