Are you getting the most out of your data? 

Data is the new oil. Clive Humby wasn't wrong when he said this back in 2005, especially now with the rise of AI.  Data is a resource that, if used and processed correctly, can be transformed into information that can be leveraged to foster innovation, optimise processes, and deliver better customer experiences by evolving information into wisdom [I won’t bore you with the famous DIKW Pyramid by Zeleny and Ackoff]. Yet the reality is that some organisations need help to detect and seize on its opportunities. To make the most of your data, you need to move from seeing data as an operations-derived by-product to seeing it as a strategic resource and asset capable of creating business value. 

After defining your data strategy, assessing and improving your data maturity, and pinning down your data system, your data is ready to unlock its full potential. In this part of my blog series, we'll explore how to turn your data into valuable products that drive impact and solve key problems. 

How do you maximise the value of your data? 

• Leverage Advanced Analytics: You can be creative with reporting by doing more with data than simply making reports. See how you can harness data to enhance customer experience or streamline your supply chain. Retailers can, for instance, leverage data to tailor product recommendations, forecast customer churn and optimise stock.

• Awaken your data with AI & ML: Invest in AI and machine learning by connecting LLMs or SLMs open/closed source models to your data. Fuelling AI & ML with your data can be leveraged to forecast, predict, automate, and generate insights that support decision-making. AI-enabled LLM chatbots that are trained and connected to your database can handle customer queries, and machine learning algorithms can make predictions about customer habits and identify scam transactions.

• Build Data Products: Package data into valuable solutions. Data products are tools or services (e.g., AI Agents, SaaS, etc.) built from your data and combined with open/closed source solutions to address specific needs, such as solving a specific problem or offering insights. These products can be for internal use within your organisation or offered to customers externally. For example, Uber uses their real-time data and smart "Hexagonal Hierarchical Spatial Index" open source algorithms (that anyone can use by simply cloning their repository) to match riders with drivers, predict arrival times, and adjust prices on the fly, transforming how we navigate cities. 

• Try data-driven experiments: Apply data to investigate hypotheses and make informed decisions about new projects. A/B testing, for example, lets you experiment with different versions of a site or campaign to determine which is better.

• Collect outside data: Ensure alignment of internal data with external 3rd party or partner's 2nd party data sources to better understand your customers, markets, and competitors. This could be done using data cleanrooms through data bunkers to utilise demographic information, market research, or simply using publicly available social media sentiment analysis and search trends.

Ready to see it in action? 

Download the case study, where I show how I helped a company leverage their data to uncover new opportunities and drive business value.

Conclusion

This blog explores methods for unlocking your full data potential which drives essential innovation and growth. Through the combination of advanced analytics and AI with data product development you transform data from a burden into a valuable resource that boosts your organisation's performance while optimising operations and improving customer interactions.