In the famous movie "Moneyball," we saw how data analytics revolutionized the world of baseball. It taught us that, as data leaders, we have the incredible power to analyze data and provide invaluable insights to drive our organizations forward. In this blog, we will explore how data leaders can leverage their unique position and turn data into a meaningful asset for their organizations.
Embracing the Unexpected: The Year 2020
The year 2020 took us all by surprise with the global pandemic. None of us could have predicted how drastically it would impact our businesses, organizations, and lives. Overnight, we had to adapt to a digital world and create virtual workplaces. Amid the chaos, something remarkable happened. Businesses that were digitally savvy, understood their data, and were quick to adapt thrived in the stock market. Companies like Amazon, Lululemon, Netflix, and Tesla saw their stock prices soar, while traditional retailers like JCPenney, Neiman Marcus, and AMC faced unprecedented challenges.
Lessons from the Commercial World
When we examine the commercial world, we witness a fascinating trend. Established companies are losing ground to newcomers who harness the power of data. For example, BMW, a long-standing giant in the automotive industry, had a market cap of $56 billion in 2018. In contrast, Uber, a newcomer, quickly reached a market cap of $72 billion. The same pattern repeats with Marriott and Airbnb. The lesson is clear: organizations that focus on data and analytics gain a competitive edge.
Bridging the Gap: Public Sector Transformation
Now, let's shift our focus to the public sector. Can government agencies learn from the commercial world's data-driven success? The answer is a resounding "yes." The public sector can leverage big data to make responsible use of public funds and drive decision-making based on outcomes rather than gut feelings. The time has come for the public sector to build a legacy of transformation.
The Fourth Industrial Revolution
The World Economic Forum's discussions on the Fourth Industrial Revolution emphasize the importance of increasing automation, artificial intelligence, and technological disruption. This revolution brings forth nine key technologies:
1. Advanced Robotics: Consider how autonomous technologies are reshaping industries.
2. Additive Manufacturing: 3D printing and decentralized 3D facilities.
3. Augmented Reality: Enhancing the real world with digital information.
4. Simulations: Creating virtual models to understand complex systems.
5. Vertical Integration: Streamlining processes within an industry.
6. Industrial Internet: Utilizing the Internet for industrial applications.
7. Cloud: Enabling easy access and storage of data.
8. Cybersecurity: Protecting systems from cyber threats.
9. Big Data Analytics: Extracting insights from vast datasets.
The Power of Convergence
The Fourth Industrial Revolution is possible today because of the convergence of multiple technologies. Data analytics, artificial intelligence, machine learning, and deep learning have evolved to a point where we can harness their potential. These technologies are no longer isolated; they work together to provide insights and support intelligent decision-making.
The Role of Data Leaders
As data leaders, we have a crucial role to play. We must consolidate and unite data to pave the way for analytics and intelligence. But the journey begins with clean, trustworthy data. We must ask: do we have access to the right data? Do we understand its lineage? Do we have a clear picture of what data is needed to solve a problem?
The key is to define success metrics for analytics. These metrics should be specific and measurable, aligned with the business model and aimed at solving real problems. Instead of focusing solely on data, we must train our teams to ask the right questions. It's essential to align data efforts with the overarching business goals.
Conclusion
The era of Industry 4.0 is upon us, driven by data, analytics, and emerging technologies. It's time for the public sector to embrace this transformation. Just as businesses in the commercial world have thrived by focusing on data, government agencies can build a legacy of responsible public fund management and outcome-based decision-making. The convergence of technology offers an unprecedented opportunity for the public sector to lead with data and intelligence.
In the age of Industry 4.0, data leaders have a vital role to play in consolidating data and aligning it with the business's strategic goals. Success will come to those who not only collect data but also ask the right questions, fostering a culture of data-driven decision-making.
The lessons from the commercial world teach us that data is the key to success. Now, it's time for the public sector to unlock its full potential and build a future that's defined by data-driven intelligence.
This blog is based on Episode 20 of our GovEd Talks Video series: Big Data and AI 715 Framework for Driving Value by Asha Saxena Founder and CEO at Woman Leaders in Data & AI and Adjunct professor at Columbia University