Escaping the data paradox

Many businesses are drowning in data but unable to analyze it in order to generate insights or spark innovation. There is a data paradox: more data but less utility.

As new data streams emerge, so do new methods for parsing, processing and storing that data. Technology assists businesses in gaining control of their data streams. Furthermore, there's a growing usage of artificial intelligence (AI) to leverage big data.

The premise is straightforward: collect data, let AI do its magic, and gain new insights that can be integrated into existing control systems, delivered into a separate advisory tool, used for performance management or for task/process automation.

AI technology have indeed the potential to generate novel insights. But, if the technology exists, where is the gap? Why are businesses still drowning in data? What could be the reasons for this?

Companies must invest in more than just technology to execute.

To increase chances of success they should become an outcome-driven organization supported by an active data management culture and a collaborative, incremental, and iterative work style.

This includes deploying cross-functional teams of operators, data scientists, automation engineers, and process experts, as well as integrating the new workforce and technology with the organization's existing processes and people.

Data and technologies are necessary, but people are the key to unlocking organizations' full potential.

Bringing together the "old" and the "new" to create a working model that blends physical and digital processes and leverages existing knowledge with the potential of new technology.

Where are you in this journey?