K
Kathleen Martin
Guest
All the world collects information, but few businesses know how to use it truly effectively. Gathering data is the easy—and inexpensive—part. What’s harder is determining how to analyze the information into meaningful insights and then implement processes and procedures based on those findings to make businesses more effective, efficient and profitable. That’s where the true value of data lies—as well as the opportunity.
Today, several of the most valuable organizations in the world are data-driven companies, such as Facebook and Amazon. Data is their key and fundamental asset and they’ve constructed whole business models around using data as an advantage over competitors. The good news is that data mining and analysis can also help any size company in virtually any industry or region be more successful. The key to unlocking that potential is understanding how to use emerging technologies including artificial intelligence (AI), blockchain, drones and internet of things (IoT) to gain more valuable insights.
“It’s imperative that everyone starts to look at data as an asset. It’s just not for operations, it’s not just a by-product of your digital products,” said Mechie Nkengla, CEO and chief data strategist at Data Products LLC and a member of CompTIA’s AI Advisory Council. “In the next several years, it is likely organizations will start to consider data assets part of the value of a company.”
Why Collect All that Data?
After years of collecting data, companies today are starting to recognize it’s imperative to have a strategy and process to maximize and even monetize their data. Typically, data is used in three ways: to improve customer experience, to reduce costs and to create new revenue. Internal and external drivers are often leveraged to harvest data, according to Nkengla.
Internal drivers include those that improve operations across all business functions, such as finance, end-to-end supply chain visibility, customer support and marketing. Internal drivers focus on improving customer service and employee experiences.
External drivers look for ways to use data to boost the bottom line. One of those, monetization, uses data as an asset. “You’re looking at data as a means to improve a product or service you make or sell,” Nkengla explained. “Data can also be used to bolster the inherent value of a company—positioning the company as an innovator, for example, to gain more prestige in the industry.”
As MSPs and other tech companies start exploring how to help customers make more sense from their data, here’s a look at how four emerging technologies are being leveraged—and advice for getting in on the action.
Artificial Intelligence Brings Data Analysis, Outcomes to New Levels
Enterprise use of AI has grown 270% during the past four years, according to Gartner. Chief among its benefits: strengthening customer experience by offering a personalized interaction, which can result in brand loyalty and an overall more efficient online experience.
For example, one utilization of AI is computer image and vision understanding, which includes the ability to provide facial recognition for enterprise use. Applications today can map more than 500 characteristics of a human face, use that data as a reference image, ingest it in real time and analyze it to determine appearance, age, places, objects and even emotion.
“Computer analysis of pictorial information is quite powerful for the enterprise. But with great power comes great responsibility. Responsibilities to ensure that the solutions are used in an ethical manner and their operations are consistent and reliable,” said Nkengla. “The usage of computer image and vision within the enterprise runs the gamut from self-driving cars, cancer detection, safety management in manufacturing and construction, to public safety monitoring by first responders.”
Continue reading: https://connect.comptia.org/blog/innovative-tech-solutions-will-transform-the-way-we-use-data
Today, several of the most valuable organizations in the world are data-driven companies, such as Facebook and Amazon. Data is their key and fundamental asset and they’ve constructed whole business models around using data as an advantage over competitors. The good news is that data mining and analysis can also help any size company in virtually any industry or region be more successful. The key to unlocking that potential is understanding how to use emerging technologies including artificial intelligence (AI), blockchain, drones and internet of things (IoT) to gain more valuable insights.
“It’s imperative that everyone starts to look at data as an asset. It’s just not for operations, it’s not just a by-product of your digital products,” said Mechie Nkengla, CEO and chief data strategist at Data Products LLC and a member of CompTIA’s AI Advisory Council. “In the next several years, it is likely organizations will start to consider data assets part of the value of a company.”
Why Collect All that Data?
After years of collecting data, companies today are starting to recognize it’s imperative to have a strategy and process to maximize and even monetize their data. Typically, data is used in three ways: to improve customer experience, to reduce costs and to create new revenue. Internal and external drivers are often leveraged to harvest data, according to Nkengla.
Internal drivers include those that improve operations across all business functions, such as finance, end-to-end supply chain visibility, customer support and marketing. Internal drivers focus on improving customer service and employee experiences.
External drivers look for ways to use data to boost the bottom line. One of those, monetization, uses data as an asset. “You’re looking at data as a means to improve a product or service you make or sell,” Nkengla explained. “Data can also be used to bolster the inherent value of a company—positioning the company as an innovator, for example, to gain more prestige in the industry.”
As MSPs and other tech companies start exploring how to help customers make more sense from their data, here’s a look at how four emerging technologies are being leveraged—and advice for getting in on the action.
Artificial Intelligence Brings Data Analysis, Outcomes to New Levels
Enterprise use of AI has grown 270% during the past four years, according to Gartner. Chief among its benefits: strengthening customer experience by offering a personalized interaction, which can result in brand loyalty and an overall more efficient online experience.
For example, one utilization of AI is computer image and vision understanding, which includes the ability to provide facial recognition for enterprise use. Applications today can map more than 500 characteristics of a human face, use that data as a reference image, ingest it in real time and analyze it to determine appearance, age, places, objects and even emotion.
“Computer analysis of pictorial information is quite powerful for the enterprise. But with great power comes great responsibility. Responsibilities to ensure that the solutions are used in an ethical manner and their operations are consistent and reliable,” said Nkengla. “The usage of computer image and vision within the enterprise runs the gamut from self-driving cars, cancer detection, safety management in manufacturing and construction, to public safety monitoring by first responders.”
Continue reading: https://connect.comptia.org/blog/innovative-tech-solutions-will-transform-the-way-we-use-data
