We’re now well into the Fourth Industrial Revolution. The first Industrial Revolution was about steam and railroads, the second about electricity and the third was brought about by the internet. Artificial intelligence and the data it produces, the basis of the Fourth Industrial Revolution, will completely change the way business is done and companies are run in the next five to 10 years, just as the internet has done in the past 10. The transformation will be bigger than any previous revolution has brought about.
Even if you feel ready to turn your organization into a data- and model-driven enterprise, you may be unsure where to start. The following six steps are derived from my work with enterprises across various industries that have transformed successfully, and can guide you in your own transformation journey.
1. Set a data strategy.
You already sit on a lot of hidden information about your customers, clients and business that can help you transform your organization and take it to the next level if—and only if—you treat your data as a strategic asset informing all your business decisions.
When I mention this concept to business leaders, their immediate response is often, “Hey, this means I’ll have to realign the entire organization. How would that work? How can I align all my 100,000 people with a single data strategy?” But setting data strategy is different from goal-setting. With goal-setting, we start at the top. Everything must orient to the goals top executives have set for the entire organization for the year. Data strategy, however, can be different for each sub-team and still contribute to solving your top business problems. These different strategies don’t need to involve a single set of constraints....
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