No, Data is not the New Oil. If only because it has undisputedly become one of the biggest, content-free clichés of the industry, right next to Change is the Only Constant. In fact, if an enterprise has not already committed to being Data-powered by now, it may already be too late; unless it is in one of these rare, arcane industries in which data simply doesn’t matter. Just like every Business has become a Technology Business – with an uncalled for, yet quite convincing tailwind from the pandemic crisis – so should every Enterprise now be a Data-powered Enterprise. Consider the facts. Data – combined with the raw, elastic capabilities of the cloud – powers resilience, performance, innovation and renaissance-style breakthroughs in every business play.
This is the case when putting the Customer First, anticipating the whimsical preferences of the consumer market in real-time through aggregated data from internal and external sources and predictive analytics. Or it is shaping seamless, highly personalized online user experiences, enabled by conversational, intent-driven AI.
It surely is the driving force behind the notion of Intelligent Industry, in which smart products, devices and vehicles capture live sensor data at the edge of the corporate IT landscape, turned into direct responses by continuously learning AI inference models.
Also, the same combination of sensor-style, real-time capture and analysis of data with intelligent process automation capabilities is impacting the more mundane, core Enterprise Management processes that most organizations have, such as HRM, F&A, Procurement, Supply Chain, and IT.
Data only delivers on its potential to the busines when it is shared with others. Data literally must become the product, with committed owners, dedicated producers and committed consumers. Contracts between the involved players should harness the value, conditions and quality of the data products. The fluent marketplace that results from it always finds new ways to thrive – even when it is threatened unexpectedly or moves toward unexplored territories.
It is illustrated by the 5 Thriving in Data trends:
- Crazy Data Train makes a plea to treat data like any other key corporate asset – by deeply understanding its internal and external sources, and mastering ways to leverage it as a high-value product.
- Power to the People promotes bringing data right in the middle of business, to activate it where it is born and used, bringing true responsiveness.
- Data Apart Together states that a federative, ‘mesh’ network of committed data owners, producers and consumers – enabled by a rock-solid enterprise-scale platform – is the best reflection of business dynamics.
- How Deep Is Your Math sees data activated through more and more powerful analytics and AI, presenting the enterprises with an increasing portfolio of algorithmic and learning tools to address any challenge or opportunity popping up.
- Good tAImes does an appeal to put trust, AI ethics and the quality of data always before anything else – and then to home in on sharing and activating data to fulfill the company purpose, building sustainable and inclusive futures.