There has been so much hype in the last 18 months about Generative AI that is sometimes easy to forget it is just one application of Neural Networks, which is in turn just one subset area of AI, which is in turn just one subset of data science. The truth is that data can hold extraordinary value to businesses and you don’t always need the gargantuan levels of data associated with LLMs (Large Language Models) or Recommendation Engines to gain uniquely valuable insights that can positively affect your revenue or bottom line. For decades data scientists have worked on ways to optimise the predictive power of data for business; from using statistical methods to look for hidden relationships in data and uncover insights to help you target your customers more effectively, through to predictive tools that allow insights into the likelihood of someone to buy, sell, cancel, stay or leave.
How we source, clean, analyse and report on data is a crucial pillar for any modern business, regardless of size. Of course the depth of your activity can range from simple Exploratory Data Analysis using tools like Excel through to applying Machine Learning algorithms or utilising big data models. The process can be manual or automated. The accuracy can be broad or laser precise. The value at the start can be incremental or game changing depending on where you are at…. but one thing is certain; those embracing a clear data strategy and using data effectively have the advantage.
Many organisations using Enterprise systems have benefited from the software being quick to evolve their ‘no code’ reporting capabilities making machine learning based tools more accessible to their teams. Likewise, investment in RAG (Retrieval-Augmented Generation) model enabled chatbots are facilitating easier ways to draw a mix of structured and unstructured data together from internal data in real time for employees. These are game changing innovations that offer a real competitive edge in marketing, through to customer services, operations and legal. Machine learning is being applied across all aspects of business from automation to optimisation and a drive to push real time data informed dashboards to the front lines is leading to more agile business.
Where are you on that journey? How educated in data science is your senior team? How effective are the dashboards you use to run your business? How quickly does data get sourced, processed and pass up, down and around your organisation? How connected are your teams from different departments to this information? Are you using this flow of information to empower decisions at the front lines of your business? Simply put, do you have a data strategy baked into your business strategy and is it up to the job? It can feel a little daunting to embark on a journey filled with acronyms, technical jargon and hype but it does not have to be and there are those out there that can help you on that journey. Our recommendation is to start at the data rather than jumping straight to the solution. Companies like Redsella may be a good place to understand and exploit the opportunities offered by your data. Wherever you are on the journey at the moment, the effective harnessing of data in the future needs to sit at the heart of your business.
Room 42 specialises in helping senior teams zero in on the real opportunities and threats created through a world that is moving at pace. We help businesses to develop new strategies at speed, unify direction and build advocacy for change. Read more about our full range of our programmes and approach.
