9. July 2019
You must have heard about Captain America, Flash Gordon and Batman.
But do concepts like predictive analytics, machine learning, and artificial intelligence mean anything to you? We mentioned here only a few innovative tools that many people are talking about, but most still don’t know what exactly they mean.
Up until now, industry of the modern age has only theoretically spoken about these concepts, without a clear picture of how they would be used in their manufacturing and business processes. But that has started to change. Specific application of these tools and innovative technologies is more and more present and their adoption is constantly increasing. Predictions are that in the next 3 to 5 years they will be embedded in every key manufacturing process and implemented in the technologies we use today. Increased understanding of how and where to use them is the reason why adoption of predictive analytics and machine learning tools is multiplied. For this shift, we can thank innovative people and companies who know how to apply them, and company managers who have recognized this to be the way to achieve a comparative advantage over their competition.
Agile executives know that their companies generate and access a huge amount of data every day. How they treat “data” and the ways they use them will define their business models for the future. Their current business models will soon be reorganized through use of data that create their current activities. We dare say that the value of data will replace the value of traditional revenues.
Companies engaged in passenger transport can be taken as an example. These companies traditionally earn revenue by charging for transportation services. Some of them have already integrated intelligent systems that are able to collect data about passengers they transport. These data become the primary source of revenue, not the transport service. They know who their passengers are, where they come from, where they are going and when, and how they pay for the service. If these collected data are enriched by insights generated by their analysis, they can monetize them by making them available to many other companies that will use them for, let’s say, better segmentation and targeting of potential customers. And the result? A completely new business model that will fundamentally change the present, traditional one and open new revenue streams.
Of course, ensuring that personal data will not be shared uncontrollably is crucial to any business activity that is on this or similar track.
Certainly, a growing interest in data value management encourages great innovations in solving privacy issues.
In the years to come, the concept of data value management will become one of the most important investment areas with potential monetary value, but also one of the major driving forces for investment to generate even more data.
This trend will make companies strive to become more “digital” in order to manage data more efficiently.
At this point, there is place for everyone at the start line, but soon the leaders will stand out and it will be extremely hard to compete with them. Those will be the companies that, with the help of modern technologies and generated data, have created innovative products.
Enetel Solutions Data Science Team (www.enetelsolutions.com) invites you to work with us on managing your company data which will allow you to benefit from implementing data-driven business models.
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