Introduction
Data is everywhere. It's in our smartphones, on the streets, and even in our bodies. As an enterprise, you're dealing with a lot of data—from your supply chain to your customer service department. But how do you make sense of all this information? And how can it be used for better decision-making?
In this article, We'll cover four key concepts that will help any enterprise leverage their data: Data as a service, artificial intelligence/machine learning (AI/ML), data democratization, and data-driven decisions. By implementing these concepts into your strategy and business processes today, you'll be able to keep up with the ever-changing landscape of big data analytics!
Data as a service
Data as a service.
Data as a commodity.
Data as a utility. The last one is the most interesting because it changes the way we do business in the future.
Artificial intelligence/machine learning
AI is the future of business. It’s a way to make smarter decisions and can help you make better, more informed, faster and more accurate decisions than ever before.
AI is more than just a buzzword; it’s an actual technology that will allow businesses around the world to operate at new levels of efficiency and profitability.
Data democratization
Data democratization is the idea that data isn't just for the IT department. All business units should be able to make decisions based on data and analytics. This means that all departments, not just IT, should have access to their own sources of data.
It's also important to note that while there are many different types of users in an organization (IT staff, C-level executives, marketing teams), they all should have access to their own sources of information as well. It is not enough for only one department—such as IT—to be responsible for the collection and distribution of data; everyone needs access so that they can do their jobs effectively without having too much red tape getting in their way.
Data-driven decisions
Data-driven decisions are more accurate, efficient and effective than those made without data-driven insight. They're also more impactful. The next time you're considering a decision, ask yourself if it's going to be driven at least in part by data. If it isn't, you might want to reconsider your approach—and even change the way you think about business altogether!
Data-driven enterprises will have a better chance of reaching their goals and staying relevant in their industries as they increasingly face competition from other companies that know how important it is to use data effectively (and are willing to put the work into doing so).
Enterprises know that data is important. They need to be able to access and share their data seamlessly and use it to make better decisions.
Enterprises know that data is important. They need to be able to access and share their data seamlessly and use it to make better decisions. However, many organizations struggle with this because they're unsure how to work with multiple data sources. How do you organize all the information? What's the best way to share it? How do you analyze it in a way that makes sense for your team? These are questions we hear all the time at Derisk360 (and we'd love the chance to help).