The importance of data in the competitive landscape can’t be understated. Companies of all sizes, educational institutions, and even sports franchises, are leveraging data in an attempt to gain a competitive edge. The challenge for many, however, is that once data is collected, many fall short of obtaining actionable insights from the data. This may be attributed to an under-estimation of the difficulty involved, and maturity required, in transforming raw data into actionable insights. According to Gartner, 91% of organizations have yet to reach a “transformational” level of maturity in data and analytics.
One potential solution to help obtain actionable insights from collected data will be to implement artificial intelligence and machine learning techniques to analyze large datasets. According to the author of a Forbes.com article, “data is driving the customer experience, and analytics, machine learning and AI running on advanced hardware platforms are empowering companies to look at data as strategic enabler not an output product”. This capability, if successfully harnessed, should help organizations deliver value through the acceleration of decision-making proficiency and the identification of actionable insights.