“If you count your data….the millions will take care of themselves”
by: Russ Loignon, SVP, Market Strategy
The old adage is quoted as….”If you count your pennies….the millions will take care of themselves”. This is clearly a reference to focusing on the small things one at a time…the big things will take care of themselves. The aphorism can be applied to many situations, take for instance, managing your data. A closer look into the methods and manner in which a simpler, yet controlled approach, to managing your data and extracting value, can yield tremendous benefit.
Lucd has seen when businesses begin to take initial steps and turn their organization into beneficiaries of digital transformation through AI, the results are very obvious. Even those clients who have yet to take those first steps, when discussing the possibilities in a broader discussion, tend to “get it”. It is usually at this point of revelation that the discussion turns into action. Either way, you have to get started and take control. Studies show that those organizations who are slow to incorporate an AI strategy are potentially doomed to be left behind….be it individual leaders or the business itself. In taking control, Enterprise AI provides the best means for success.
Too often we see clients who feel they have to spend time and money to fully “clean” their data or get the “right” data before moving forward with an AI strategy. These approaches actually do not facilitate the best results. There is tremendous value in the actual (dirty) data. A clean data approach is often likened to that of a crime scene which has be cleaned up prior to investigation. When that happens, the true evidence is either compromised or the real data is lost. The same is true with AI. Bring your data ‘as is’ when starting your journey into AI enables organizations to accelerate the AI process. Even a small set of data can bring results. Surely, more data is better for accuracy however if you start with “pennies” of data, much can be learned and benefits gained.
For example, emails can be reviewed by AI solutions to better understand individual or organizational insights using key words to identify patterns or trends. This can be incorporated into sales or customer service practices to improve Net Promoter Score or revenue.
These are examples of the simple “penny” type data sets that can begin to deliver on an AI strategy and develop a new cultural acceptance. The combination of all of these enables the insights of monetization of data to be realized. The success that comes from ‘thinking small’ allows the big thinking to really take hold.