The right data can shine a light on issues. And, using AI with the right data can help us make the best possible decisions, faster, as those issues come to light. This is how the most successful companies adapted to the uncertainties that accelerated in 2020.
SwissCognitive Guest Blogger: Bret Greenstein, Partner PWC, Data, Analytics and AI
We know that operating with speed always sounds better than operating slowly. And, we know that working smarter is better than working harder. But, in business, operating faster without the right data and insights is just rushing towards your next crisis. And, being analytical and studying the data for months to make a decision is rarely the right approach. Additionally, the world has only become more chaotic over the last two years when you look at supply chains, labor shortages, pricing, and local policy changes that seem to happen daily. We need to make the best decisions, faster than others to thrive in these times. We need to be Faster-Smarter.
But, how do you do that? It starts with Data. The companies that were most prepared for the pandemic were the ones who began to modernize their data on the cloud, removing silos to make it accessible to the business. This was critical because the factors that drove business decisions for the last 10 years completely changed, so the old reports and forecast models were no longer relevant. Companies that focused on making all their data accessible were the fastest to find the new data patterns to inform their decisions.
If you were smart enough or lucky enough to have done that in 2019, you had the opportunity to bring new methods to forecasting and decision making. Leading companies shifted from linear forecast models to machine learning models, they explored and identified the causal relationships in their data, and they considered confidence intervals in their predictions. The very best companies were able to update models daily and look at multiple forecasts in real time to make the best decisions.
This new way of working requires more than technology changes. It requires leadership and skills changes as well. Being data driven is a discipline that many leaders did not have to learn in the past. It requires asking better questions, considering data external to your enterprise, and having a working understanding of how predictive models work. This is a huge opportunity for new leaders and new leadership approaches.
Using Data and Machine Learning in this way is how you become Faster-Smarter. And, as long as the world demonstrates uncertainty, it is the best way to thrive.
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About the Author:
Bret Greenstein is a passionate technology leader who has built his career on applying data, AI, cloud, and the Internet of Things to help businesses thrive and to create amazing user experiences. It is his belief that our technology-enabled future will be amazing if leaders prepare for it with open eyes and minds.