Innovative tech solutions like AI, blockchain, drones, and IoT are changing the way the world collects and uses data. Learn more about how companies recognize the importance of data strategies. Although all the world has access to information, few businesses are able to use it effectively. The easy part is to gather data. It’s the difficult part of analyzing the data into meaningful insights, then implementing processes and procedures based upon those findings to improve businesses’ efficiency, profitability, and effectiveness. This is where the true value of data is found–as well the opportunity.
Data-driven companies like Amazon and Facebook are some of the most valuable in the world today. They consider data their most important asset and have built entire business models around it. Data mining and analysis can help any company, regardless of size, in any industry or location to be more successful. Understanding how to make the most of emerging technologies such as artificial intelligence (AI), Blockchain, drones, and internet of things is key to unlocking this potential.
“Data is an asset. It’s essential that everyone sees it as such. It’s not for operations, it is not a by-product from your digital products,” stated Mechie Nkengla (CEO and chief data strategist at Data Products LLC) and a member the CompTIA AI Advisory Council. “In the coming years, it is possible that organizations will consider data assets part and parcel of the company’s value.”
Why collect all that data?
Companies are realizing that it is imperative to have a strategy to maximize and monetize their data after years of collecting it. Data is typically used in three ways. To improve customer experience, reduce costs, and create new revenue. According to Nkengla, data can be accessed by both internal and external drivers.
These internal drivers are those who improve business operations across all functions, including finance, supply chain visibility, customer service, marketing, and finance. Internal drivers are focused on improving employee experience and customer service.
External drivers are looking for ways to leverage data to increase the bottom line. One example is monetization which uses data as an asset. Nkengla explained that data is a way to improve the product or service you sell or make. Data can also be used by a company to increase its intrinsic value, such as positioning it as an innovator to gain more respect in the industry.
MSPs and other tech companies are looking for ways to help customers make better use of their data. Here’s a look at four emerging technologies and advice on how you can get involved.
Artificial Intelligence brings data analysis and outcomes to new levels
According to Gartner, AI usage in enterprises has increased 270% over the past four years. Its main benefits include a personal interaction with customers, which can increase brand loyalty and make it easier to provide a better online experience.
Computer image and vision understanding is one example of AI. This includes facial recognition for enterprise purposes. Today’s applications can map more than 500 features of a human face and use that data to create a reference image. They can then ingest the data in real-time and analyze it to determine age, place, objects, and emotion.
“Computer analysis is very powerful for the enterprise. However, great power comes with great responsibility. Nkengla stated that it is the responsibility of all employees to ensure that solutions are ethically used and that they are reliable and consistent. “The enterprise uses computer image and vision for everything, from self-driving cars to detect cancer, safety management in manufacturing and construction to public safety monitoring by emergency responders.”
Quality control can also be done using computer vision and computer image. It is used by the pharmaceutical industry to count capsules and to read and recognize bar codes. Smart cameras and other AI-enabled software can be used by drug manufacturers to improve their quality inspection. This is possible at speeds, latency, and costs that are greater than human inspectors. Computer vision can also monitor the working conditions in factories. These systems can alert managers if employees don’t follow safety regulations, such as not wearing safety gear, or working in prohibited areas.
Natural language processing, a branch of AI, allows chatbots to answer questions about payment addresses or store hours and does it faster than voice.
