Data is now worth $2 trillion in the US alone, according to The Economist.
This piece states that less than 5% of companies use their data and data science to gain a significant competitive edge. Most businesses underinvest in their people, structure, culture, processes and the strategic transformations required to achieve the full potential of data and data analytics.
In most cases, companies address data in an improper manner leading to wasting of essential resources, especially when dealing with repetitive tasks. Businesses need to train their employees and build a culture around data and change management to implement data programs successfully.
Companies should expect to spend around $100 to deploy and support every $1 they spend on the algorithm. Organisations should further have separate teams for data and technology management to improve each team’s productivity.
[8 minute read]