It's Time to Reset

Craig Hunter
Director | Smart Event Systems
8th March 2021
Member roleInitiative member

The Global Meltdown of 2008 and the uncertainty of Brexit over the last few years were pure economic business drivers, Covod-19 on the other hand is a non-economical event by nature but the resulting tendency to move to various states of Lockdown has impacted every market globally and locally in many ways.

Everyone by virtue of the Lockdown rulings has had to adapt to working remotely and at varying scales. Seamless engagement with staff and their daily working environment has become more critical and access to data across the whole project or business lifecycle has now become a make-or-break factor in many companies.

Without access to instant, real, single view data and analytics, management cannot make accurate strategic decisions timeously to meet the compelling volatility of both global and local markets. Seamless access to information across a company’s many functions is not possible without a secure data-layer underpinning all the workflows in the business.

Existing technology in many companies does not support the process of passing workflow easily from one individual to another. Legacy systems in place need to make data available to all parties on one single common platform in real-time to generate better performance across the whole business and allow decision making to be efficient, predictive, and accurate. Business processes in most cases are housed in Data Silos’ and extracting the necessary information can be timeous and erroneous.

Investing in modern database solutions allows for a seamless layer to access the content in these isolated silo’s and present it in a format that is dynamic and readable, allowing you to turn information into action. Having information in real-time that is accurate and harmonised with your product lifecycle creates faster management decisions and better momentum in your business.

These solutions have the capacity to scale out to take on increasing volumes of data and workload as the volatility of the current market persists, allowing management clear insight and much needed market intelligence. Valuable insights can be delivered to a business and its clients both internally and externally by a dynamic integrated data-layer that remains consistent, is scalable and operates at a high-performance level.

It begs the question; How do I make use of Data-analytics in my business? Big words bandied about by the corporates? No not really, it is simple. Data or information in a business has four roles.

Descriptive data:                What happened?

Diagnostic data:                 Why did it happen?

Predictive data:                  As a result, forecasting what might happen.

Prescriptive data:               Recommend action based on learning and forecasting.

Making use of information and analysing the data from the four roles the analytics provide will allow you to support your data consumers in your business and keep them ahead of the curve provided you keep your storey simple and relevant.

Adding Artificial Intelligence (AI) and Machine Learning (ML) to your Data-analytics arsenal is the next step and just as important. To take advantage of AI and ML, your data capability needs to deliver a high volume of current, accurate and stable information across all verticals or silo’s in your business.

By nature, AI and ML are hungry business tools and the more accurate information you feed the system the more insightful and realistic their outputs are.

Digital Transformation requires that a business eradicate all paper-based workflows resulting in an accelerated move towards a more informed and consistent future. Gaining and maintaining a competitive edge requires robust investment in data-based business architecture. These data-rich drivers can make strategic decisions and management activities exponentially more meaningful.

Internal and external client interactions to all stakeholders both investment and regulatory within or outside the company will take place within the time constraints, accurately and dynamically.

If you are looking to make meaningful changes in how your company or business takes on the ‘new normal’ please drop me a mail on craig@smarteventsystems.co.uk or craig.hunter@asone.global or call me on 07341 361120.

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