Data Is the New Oil: Don’t Miss the Rush

Data is now the most valuable commodity in the world, surpassing oil in terms of worth. Just like oil, data needs to be extracted, refined and distributed properly, explained Hollie Whittles, information security and HR director at Purple Frog Systems. But unlike oil, data is limitless and can be used in creative ways to drive value in a business.

Whittles was speaking in the first session of the CompTIA EMEA Member and Partner Conference in London, entitled Unleashing Data Power: Supercharge Your Business Strategy.

A whopping 76% of business are using data as an integral part of their business strategy and are experiencing benefits such as increased security and greater agility, Whittles explained, with every successful company leveraging data as an asset.

“Data powers innovation, optimisation and digital transformation,” she said, adding firms that have made the shift have been enjoying decreased risk, increased efficiency and have driven growth, using tools such as advanced analytics, reporting and business modelling.

But that still means a significant 24% are not taking advantage of the benefits that a data strategy can bring and run the risk of being left behind.

“You don’t want to be part that 24% who don’t use data strategically. Businesses that don’t use their data will struggle to compete and innovate,” Whittles said.

One multinational manufacturing client that Purple Frog works with saved significant money after investing in a data strategy, she explained. In the first month the company discovered that two departments were buying the same products from the same company at different prices. Analysing the data helped them renegotiate the deal and save £2m from their bottom line, she said.

People Drive Data

“After data, people are the second most valuable assets,” said Whittles. “While data is a powerful asset, it is only as useful as the people who understand and use it. Data is like the oil, but your people are the engine that make it work.”    

It is important to empower those employees and make sure they have the right tools to use the data correctly, she stressed.

“The question many ask is how to build that data-driven culture,” she said. “It is important to empower employees with the right tools and the right training to interpret that data. A data-driven culture is not just about tech, but it is about mindset, habits and skills. It starts from the top down, from the executive level C-suite, but it must propagate to every corner of a business.”

Collaboration between data departments in every business is key, she said, data needs to be actionable.

“Be sure to democratise data across the whole organisation and make it accessible to everyone,” she said. “An effective data strategy gives people the information they need to make better decisions faster. It empowers your employees to take action.”

Harness the Power of AI

It is hard to ignore the impact of artificial intelligence (AI) on a data strategy, explained Whittles. Machine learning moves away from reporting to predictive and prescriptive analytics and can help businesses predict future outcomes.

“It is an evolution from scripted analytics, i.e. what happened last week? To predictive, what is going to happen and how much will I sell? And on to prescriptive, what should I do about it?” Whittles said.

AI and machine learning can help business not only analyse the past but also predict future business outcomes, she said.

“AI can help optimise operations from predictive maintenance in manufacturing to personalised marketing in retail. It can assess when things don’t look right and predict future failure. It is much cheaper to fix something before it breaks, rather than risk losing stock and experiencing downtime in your business,” she said.

Machine learning is becoming more prevalent in spotting patterns and trends that are invisible to human analysts, using algorithms that are far too complex for human beings to spot. If you can predict the future then you get competitive advantage, Whittles explained.

How Can Channel Businesses Leverage AI?

• Predictive maintenance and monitoring
• Security enhancement and threat detection
• Automated IT support and ticketing systems
• Capacity planning and resource optimisation
• Client insights and predictive analytics
• Automation of routine tasks
• Cost optimisation
• Automation of compliance and auditing
• Enhanced disaster recovery
• Personalised service recommendations

Think About Your Business Strategy and Integrate Data

Every business needs a business strategy—from business development to customer experience— so why not harness data and integrate data into your strategy to gain insights on everything from product development to customer experience, concluded Whittles.

But she warned companies to start small and not to try and do everything at once.

“Start small but aim big and get good advice. If you fix lots of small things your business will evolve naturally,” she said. “Don’t get left behind, unleash your data. Don’t be part of that 24%. Be part of the future.

“The future belongs to businesses that can harness the power of data,” she added.

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