If you are an Equinox AI & Data Lab follower, you’ve probably seen our blogs and Instagram posts where we talk about some solutions Artificial Intelligence can provide to different problems. For example, do you remember our post about how AI contributes to Wildlife Conservation? If you haven’t seen it, you can check it on this link! https://bit.ly/3F7yUyl.
In this case, conservationists and researchers use AI to monitor and preserve animals in their natural habitat. They need to understand how animals repeat their behaviors, reproductive and migration patterns, or hunting routines. In other words, they need to collect a vast amount of DATA.
Taken from zsl.org
Do you see? That’s only one example, but the truth is: it’s all about data. As you know, AI teaches a computer how to perform a task that humans would typically perform when given a huge dataset. That means accurate forecasting and patterns wouldn’t be possible without quality data.
But how do we know what type of data we need to collect, and how can we manage and analyze that data? We need to refer to the Data Life Cycle model to answer these questions. Based on this model, the process starts planning which information is required in order to solve a problem and how we can collect that data. After collecting it, we process and analyze the data. According to the objective, we can use tools for visualizing data, making predictions with the help of AI and Machine Learning, understanding and observing trends in data, among others. After that, we publish the results and share data with the project’s stakeholders. Finally, data is preserved and re-used for maintaining the final product updated, considering the different changes to the original data. This process could be used in academic research, business research, real-world problems, organizations, or any other data-based problem.
DATA IN ORGANIZATIONS
We’ve covered many exciting applications on Equinox’s blog in some fields such as environment or arts, but what happens in organizations? It is from data that decisions are made, which is why data is recognized nowadays as the most critical asset an organization has. In our laboratory, we know this, and that’s why we work on obtaining, processing, and analyzing data, relying on User Experience to understand our clients’ business and thus, use their data to generate value from Analytics and Artificial Intelligence.
However, not all companies have understood the value of the data they handle every day. For some decades now, giants like Google, Meta (Facebook), Amazon, and other tech companies have understood that the value of a product is not in its price. For example, Google provides its search, translation, e-mail, storage services, among others, completely free because the real value is in the users’ information. Users are classified according to their personality traits, consumption habits, or their network interaction (visits, clicks, page views, search history, and much more). Then, all this information is sold to advertisers or the government. In other contexts, such as small or medium-sized companies, data is an engine that drives the business’ core.
WHY IS DATA IMPORTANT FOR ORGANIZATIONS?
Taken from associationsnow.com[/caption]
- As mentioned before, data help make better decisions. Even small startups generate data either from customers, user habits, demographics, and more. This information could be used to:
- Find new customers
- Increase customer retention
- Predict sales trends
Those are some examples of how data can benefit organizations externally, but there’re many things that can be explored internally. For example, employee churn could be analyzed to determine retention plans for them.
- Data helps understanding performance. It is essential to be clear about how the different parts of the company are working: teams, departments, budgets, marketing efforts, etc., and an efficient way to do it is by collecting and tracking data to identify bottlenecks.
- Data helps understand and improve businesses processes. In that way, wasted money and time could be reduced.
- Data helps understanding customers. When an organization knows its customers, it could be easy to know if the products or services offered are attractive and develop marketing campaigns to retain them or attract potential ones.
In conclusion, the fastest-growing companies are the ones who know and take advantage of their clients’ and business’ data. This gives them a competitive advantage over other companies and allows them to make decisions based on facts that are inherent to the business.
REFERENCIAS
Anand, A. (October 6, 2021). How AI is revolutionizing Wildlife Conservation. Recovered on January 6, 2022, from: https://www.analyticssteps.com/blogs/how-ai-revolutionizing-wildlife-conservation
GROW. (March 9, 2020). Why is data important for your business? Recovered on January 7, 2022, from: https://www.grow.com/blog/data-important-business
Leonard, K. (October 25, 2018). The Role of Data in Business. Recovered on January 7, 2022, from: https://smallbusiness.chron.com/role-data-business-20405.html
Images
Capgemini Mexico. (June 27, 2019). Improve your business model with big data. Obtained from: https://www.capgemini.com/mx-es/2019/06/mejora-tu-modelo-de-negocio-con-big-data/
zsl.org. (n.d.). Monitoring and Technology – Machine Learning. Obtained from: https://www.zsl.org/conservation/conservation-initiatives/conservation-technology/machine learning
Smith, E. (June 5, 2019). Data Culture: Why Your Organization Should Think Beyond Big Data. Obtained from: https://associationsnow.com/2019/06/data-culture-why-your-organization-should-think-beyond-big-data/
Daniela Ruiz – Data Engineer
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