How data creates value

1. How data creates value

Data is an essential ingredient for driving innovation and differentiation, and is the key to unlocking value from artificial intelligence. Data powers AI-driven business insights, helps companies make better real-time decisions, and is the basis for how companies build and run their applications. We’re generating more data every day, and the complexity and speed of data arrival are changing the business environment. However, the most valuable insights no longer come just from sales, inventory, and personnel data. They are often hidden across unstructured data points from a myriad of sources and systems. Extracting the insights requires the right blend of tools, skills, and strategy. Some data is easy to capture like financial data, because it can be found in databases and spreadsheets. But other data might not be as easy for example, how your customers engage with you across social media platforms. And after you capture data, how do you store it so that you can gain insights from it? With machine learning, or ML, and artificial intelligence, or AI, organizations can generate insights from data, both past and present, and can also perceive, predict, recommend, and categorize data in new ways. For example, ML lets online retailers who use smart analytics tools to ingest real-time customer behavior data while they surface the best suggestions for particular users. So with every click that the user makes, their website experience becomes increasingly personalized. However, some organizations struggle to remove the barriers that sit between them and their data. According to a report by Accenture titled “Closing the data value gap,” 68% of organizations say they are still unable to realize tangible and measurable value from data. Organizations that want to adapt must determine how to close the gap and support value generation. An intelligent data cloud is the key to unlocking more business value.

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