Can you imagine the manifold benefits an organization could achieve if their data could speak ? Enterprises would be able to identify patterns and insights, right on time to take informed decision. When data gives immersive experience, it even has the potential to become a new language.
This can help enterprises to derive valuable information that would allow them to make better and more informed decisions; provided businesses learn the data language.
Various research reports have highlighted the importance of data and its exponential growth. Global data generation and replication will expand at a compound annual growth rate (CAGR) of 23 percent throughout the projection period, reaching 181 zettabytes in 2025, according to IDC’s new Global DataSphere Forecast, 2021-2025. By 2025, more than 25% of data created in the global datasphere will be real-time, with IoT real-time data accounting for more than 95% of that.
“How can you make your data speak?” is the question. To answer this, we must first comprehend the nature of data as a resource and the potential influence it can have.
Data is not just the new oil; it is actually the new soil
The expression “data is the new oil” is a metaphor that became popular in last decade. But as the role of data has evolved, it’s about time we think in broader perspective. When we look at data from the perspective of soil, data becomes the DNA and the key resource that helps you leverage insights for achieving your key business goals.
Research shows that in the next ten years, the number of embedded devices, such as those found in smart buildings, manufacturing floors, and self-driving cars, will increase from less than one per person to more than four, an average person will interact with a connected device nearly 4,800 times each day in just 8 years. 75% of the population will be linked by 2025, creating and interacting with data.
With advances in predictive analytics and artificial intelligence, data is poised to deliver high value actionable insights. It helps in unlocking the full value of data and gain insights in real time.
We may reasonably assume that data is nearly endless as the number of internet users continues to grow exponentially. We will never run out of data. We shall, in fact, continue to create indefinitely. When data is utilized as soil, it does not get deleted once it has been analysed.
Data is non-rivalrous, non-depleting, renewable, and nearly limitless. There are numerous ways for data to be duplicated or mislabelled when merging multiple data sources. Data cleansing helps in saving time, increasing efficiency, and increasing productivity.
Why data needs to be looked at as the new soil
For enterprises in 21st century, it becomes essential to look at data with a new lense. It’s the fertile medium that can be enhanced and reused over time with data visualisation being the flowers that blossom from it.
When you look at soil on surface, it’s just a crust of mud. To see the various material composed you must take a closer, detailed look. Similarly, looking at data in isolation results in a collection of disjointed facts and a large number of numbers. Only when you begin to deal with the data in a specific way, using the tools to nourish, irrigate, clean, and fertilise it, does it become an asset – a fruit-bearing tree.
To produce results, the data soil must be tilled, cultivated, and put to work. To give outcomes, raw data must also be processed, consumed, and cleansed.
For data initiatives to be successful, businesses must go beyond spreadsheets and data points on a chart to obtain a thorough knowledge of how this data is supposed to drive business. Data is a rich medium, like soil, that can be irrigated with networks, connectivity, and a comprehensive tool ecosystem.
Business intelligence, data analytics, and data science are all technologies that help you understand and improve the quality of your data, as well as make it operate in the most efficient way possible to give actionable business insights.
When it comes to seedlings and plants, the condition of the soil is critical. But can you just wish for this to happen by looking at the soil? For the plant to take root and flourish, you must dig, plant, till, water, fertilise, and maintain it. The situation is identical when it comes to data. You must come up with fresh ways to make the data useful. To uncover new patterns and associations that matter, you must use new tools, stretch your imagination, and sift through reams of data.
You must irrigate the channels in order to make data more intelligent by employing intelligent algorithms that help in data interpretation.
And, like the flowers blooming in the soil, you get visualisations and insights by dealing with this data. That’s when, with the help of data visualisation, your data begins to speak, enabling real time effective decisions.
“Organizations should seek for goal driven actionable insights when considering the evolved role of data as the soil.”
While many organizations have defined their data strategy, some organizations are on their journey to look at data like a living organism.
Just like any living organism, data too has its natural evolution cycle and when utilized in the right manner and the right process is followed it gives out the desired output.
Right data visualization cannot be achieved if the data segmentation is incorrect and even if the data segmentation is correct, but your data analysis is not right, the entire activity goes for a toss. It is important for organization to determine the right data warehouse/lake strategy depending on their business needs and goals and with this it is crucial to have right data ingestion adaptors in place from which the data will be pulled in from varied data sources.
In fact, it won’t be an exaggeration to say that in the near future – the entire data journey from ingestion to insights can be automated and operable on a single click.
There are many data analytics platforms that work on the same strategy by focusing on transforming data into meaningful insights to assist businesses in achieving their goals. These platforms offer business-ready digital & analytics capabilities that can help any organisation establish a culture of agility, adaptability, and resilience across the board.
Also, there are platforms, solutions & accelerators that are intended to assist businesses transformation and data management endeavours.
The big data and advanced analytics enable organizations in implementing right digital strategy. It plays a crucial role in transforming each industry, vertical and unit by delivering intelligent insights, personalized experience, streamlining operations and reduced risk. It aids in decision making, improving customer experiences, optimizing products and processes and automation of manual tasks thereby improving productivity and efficiency.
When these techniques are further utilized, they address various industry challenges like slow decision making, delayed alerts and warnings etc. These have been successfully utilized in industries like Manufacturing, BFSI, Transports & logistics, Healthcare, Advertising and Customer services among others. Some of the common use cases utilized include fraud analysis, real time offers, predictive maintenance, demand forecasting, churn analysis, risk management, inventory management, sentiment analysis, people & customer analytics, and many more. All these are strengthened by utilizing Data Science, Artificial Intelligence, Machine/Deep learning and Neural Networks. The comprehensive data analysis platform entails all of these with a scalable & componentized architecture.
The platforms are structured in a way that on top of the data, there are layers of different tools that are enabled, such as data Lake and data warehouse techniques for capturing the data, Artificial Intelligence, and machine learning algorithms for forming the Lakehouse, as well as data security and other ancillary characteristics. Also, there are features that are built-in, semi-built data models and structures that allow for unified data governance and management.
The data analytics platforms improve responsibility and visibility across all essential operations, while helping a wide range of users, including Operations Head, Product Managers, Business Heads, CXOs, and Innovation Leaders. By digitally engaging all critical functions, it empowers businesses in harnessing the value of data. It helps firms achieve goals such as predictability in business functions, efficient operations, strategic financial management, faster time to market, and crucial business predictions. Enterprises just need to identify the right data and advanced analytics platform that does it all for them.
So what does It mean for us ?
Data, that can’t be untrue, has the potential to solve many business challenges and provide answers to critical problems. The key to effectively utilising data is to devise a plan that identifies the problem or need to be addressed first, and then develop a path for gathering and analysing data that will answer that need. From hindsight to foresight, from reactive to predictive – data maturity and effective utilization can guide organization and deliver better outcomes. When the potential of data like the soil is utilised completely; data speaks and that results in reaping blossoming flowers in the form limitless benefits. Data and advanced analytics are transforming industries and improving business value chain by fostering data driven decision making.
Associate Vice President
A multi-disciplinary, strategic digital transformation leader, Sabyasachi Mishra has spent nearly 2 decades in the industry being in diverse leadership roles across various functions and driving high performance teams. In Motherson group, as Associate Vice President, he is spearheading the Global Business Development function, Partner Management, Product Management and Go-To-Market for Digital & Analytics business unit.
Published in Telematics Wire