Data is key to unlocking a business’ true potential in today’s fast-paced, digital-first environment. However, research shows that organisations are still struggling to effectively harness data for business benefits.
Most companies have yet to tap into the vast reserves of data stored within their systems. An estimated 55 per cent to 80 per cent of business data is “dark”, meaning it is untapped and fails to provide insights, operational improvements, or growth opportunities.
One of the most significant challenges is that data tends to be more open in remote repositories and disorganised across multiple applications, systems, and devices within an enterprise. The challenge becomes even more pronounced with unstructured data, which, as predicted by International Data Corporation IDC is expected to comprise 80 per cent to 90 per cent of all data by 2025.
Emails, documents, records, rich media files, web pages, social media content, and other types of unstructured data are all included. It is difficult to analyse and comprehend due to the lack of organisation within structured databases.
Asia’s unique challenges in data management
According to a report by Oracle and Seth Stephens-Davidowitz, business leaders in Asia Pacific and Japan (JAPAC) are facing the challenge of managing an overloaded quantity of data, despite recognising its critical role in driving organisational success.
These leaders express concerns about the need for more adequate tools and resources necessary for effectively leveraging data, which has resulted in lower confidence, delayed decision-making, and an increase in errors.
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Notably, 90 per cent of respondents acknowledge that possessing the right type of decision intelligence can make or break their organisation’s success in crucial domains such as human resources, finance, supply chain, and customer experience.
Furthermore, an overwhelming 96 per cent of respondents strongly desire assistance with data, understanding its potential to improve decision-making, mitigate risks, expedite the decision-making process, enhance profitability, and enable effective contingency planning.
The report also sheds light on the difficulties associated with data collection and interpretation. A significant 75 per cent of business leaders indicate that decisions are often made first, followed by a search for data to justify those decisions. Additionally, 74 per cent of employees believe businesses frequently prioritise the opinions of the highest-paid individuals over data-driven insights.
So, what should businesses do to refine and extract data from this valuable resource?
Capitalising on AI and Big Data: Driving innovation and efficiency
The good news is that progress is being made in effectively addressing the challenges posed by “dark” unstructured data, thanks to big data and AI. Without data, artificial intelligence wouldn’t be effective, and without artificial intelligence, the abundance of raw data would be challenging to utilise efficiently or in real time. AI tools make data preparation easier.
Advanced AI technologies like machine learning and natural language processing are crucial in helping companies expedite data discovery and delivery. These technologies greatly enhance information searches, providing relevant content and knowledge to support decision-making, boost employee productivity, improve customer satisfaction, enable self-service capabilities, and more.
AI has the potential to revolutionise how we understand products and consumer behaviour. By analysing unstructured data, businesses can track consumer patterns, identify unmet needs in competitive markets, and make informed decisions to innovate, expand, and offer personalised recommendations to customers.
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Different industries utilise data in different ways. In healthcare, big data and AI have been instrumental in improving diagnostics, reducing errors, and enhancing overall efficiency, leading to better patient experiences and cost savings. When it comes to analysing large amounts of data, AI comes in handy.
It can quickly detect and report unusual demand behaviour across a distribution network. This means you can stay on top of things and respond promptly. Plus, AI works hand in hand with traditional demand-planning tools, taking away the hassle of manual tasks.
In retail, data is primarily used for supply chain management and gaining insights into customer behaviour. It enables personalised offers and targeted marketing based on past interactions. The manufacturing industry has also witnessed significant benefits from leveraging big data.
Data is collected and analysed at every stage, from the supply chain to quality control, enabling manufacturers to maintain quality standards while optimising costs through data analytics. In essence, nearly every industry stands to gain by harnessing the power of data and AI to enhance processes and overall performance.
Embracing the power of AI and Big Data
Companies are creating vast amounts of data every day, every hour, every minute, and every second. Datasets are only going to get bigger. To tackle these challenges and thrive in this data-rich environment, businesses should harness the power of AI and big data to drive innovation, streamline operations, and achieve greater efficiency.
These technologies enable businesses to make well-informed decisions that positively impact various aspects of their operations, from customer experience to supply chain management.
By strategically leveraging these technologies, organisations can position themselves for sustained growth and capitalise on the various opportunities presented by our data-driven world.
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