Moving to a Data-driven Business Model
Moving to a data-driven business model means you shift away from making decisions based on gut feeling and instead make decisions based on the truth in your data. The data-driven business model is the heart of the digital transformation that is transforming how businesses operate. The world of data and analytics never stands still. New technologies are constantly emerging that offer faster and more accurate access to insights.
One technology trend that will have the biggest impact is artificial intelligence. It allows businesses to make more accurate predictions, reduce time on meaningless tasks and repetitive work, and empowers them to act on data-driven insights, regardless of their role and technical expertise. AI can analyze business data and help uncover insights from it by using software algorithms. Software algorithms get better and more accurate with increased data input. The most common types of AI applications used in business are machine learning and natural language processes.
Another technology trend that is pushing toward a data-driven business model is cloud and data-as-a-service. Cloud enables data-as-a-service. Companies can access data sources from third parties via cloud services on a pay-as-you-go or subscription-based billing model. This is very important for data analytics because it allows businesses to work with data without needing to set up and maintain expensive and specialized data science operations.
The answers to most business problems are in the data. There are countless tools available now to extract data. Not sure what data analytic tools to use? Let us help. 2W Tech is a technology solutions provider specializing in solutions for the manufacturing industry. Let our team of IT Consultants help you figure out what tools can best help you extract and understand your data.