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Blog May 03, 2017

DATA IS DEAD, LONG LIVE DATA

Is there anyone out there that has not read an ad or a newspaper article containing the word ”digitalization” please raise your hand! Nobody? Well, I didn’t think so.I could be one of those people that constantly dismisses the latest trends. Bends down and lets them pass by. Stands up again and continue doing things the way I have always done. When it comes to digitalization this might be a bit hard. It is happening now whether we want to join in or not and in the end, it is all about data!

For me, being an analytics professional, the essence of digitalization is obvious - data. Digitalization is very much about transforming existing communication to data or creating completely new communication that generates data. Often this contains completely new facts that we didn’t have access to before. The value of these facts is created when we use them for something sensible. Enter “data & analytics”. 

Yes, I said it, ”data” is hot again. Many of us were taught long ago that the real value lies in information, not in the data. But that has been revised and as I see it, there are two major reasons for that: 
1. Today’s rapidly growing need for speed
2. Our own role, the human factor, in interpreting data and taking actions based on it

It is no longer a given fact that users, i.e. humans, must do all data interpretations, all insights, decisions and actions based on data. Our capability of building solutions for predictive analytics (visualizing predictions about the future) is improving by the hour. 

We are getting equally good at teaching machines to make their own decisions based on data. In those cases, humans are not needed at all and that is where speed comes in. Hand over the most complex interpretations to us humans and let the machines take care of repetitive and predictable tasks. 

These are exciting times and many of us are discussing the potential of data. I am looking forward to having many interesting dialogues around the area of data driven innovation:
How can we get to know and understand our clients better?
How can we better understand how our products are used?
How can we create entirely new products or services based on data?

 Because if we don’t do it our competition will.

 Johan Ripgården, VP Advisory, Enfo Data & Analytics