Data: Going back to basics to stay ahead of the curve.
Artificial Intelligence (AI), the Internet of Things (IoT), and automation are three of the most advancing technologies many organisations are looking to adopt. However, savvy business leaders know that in order to harness their full potential, it all starts with data. Getting the right platform to manage, consolidate, and integrate data from different sources is therefore crucial, especially in a world where volumes are exploding due to a dramatic rise in connected devices and digitalisation.
The impact of data quality
Conversely, there’s huge value potential here. By understanding how to identify and leverage specific data that delivers business value, your business can take advantage of a multitude of new opportunities. However, many organisations struggle to provide timely and reliable data that helps make informed decisions, due to being unable to align disparate sources. For example, housing associations may struggle to quickly find homes for vulnerable tenants, or efficiently allocate affordable housing to families in need. In the manufacturing world, over 40% of supply chain leaders agree that their data is difficult to correlate because it is siloed across different systems, or simply because it is bad quality[i]. Because of this they may be unable to plan efficiently, leading to flawed forecasting accuracy and lost revenue. Organisations may also face supply chain disruption and huge cost discrepancies from placing incorrect orders, resulting in customer returns, lost brand faith, or legal liability.
Bad data not only causes many challenges, it poses huge risks when it comes to any investment in AI development. The technology simply won’t work if your data is uncleansed, incorrect, or hard to access. In addition, predictive analysis and the possibilities of data analytics and machine learning are only as good as the data that we put in them. To train a predictive mode, historical data must be broad as well as high quality; that means correctly labelled, de-duped, and validated.
The future is AI
By 2025, the global AI market is expected to be almost $60 billion (£48.2bn) up from $1.4 billion (approx. £1.1bn); in 2016With 84% of organisations believing that AI will give them a competitive edge[iii], are already using master data management systems (MDM) so they can realise the full advantages of artificial intelligence. This includes using AI to transform business-critical decisions, that usually require a human level of expertise. To achieve this however, your business requires the right platform along with data quality of a high enough standard. This is where we can help.
Preparing for the new wave of technology, with Simpson Associates
Simpson Associates offers a wealth of data management expertise, capable of reducing the time taken to complete a typical project from years to months, to even weeks. Data is in our DNA and knowing how to leverage it in all its forms enables us to never miss the mark. From business intelligence (BI) to MDM solutions, we offer vast experience spanning a rich business pedigree. We’re proud to be part of an ecosystem of technology vendor relationships that equips us to deliver the best solutions to meet your individual business needs.
We can help you not only prepare for, but also get the fundamentals right before investing in the next new wave of technology. To get more from your data, drive revenue, and gain the confidence needed for more effective decision-making, contact us today.
Giles Horwood, Managing Director, Simpson Associates
Back to blog