The future of data-driven organizations has arrived and spearheading businesses towards operational excellence is the vision that Mark Gallagher, the founder and CEO of Performance Insights and Industry Analyst at Formula One, continues to advocate.
As organizations start to adopt more data-driven strategies, Gallagher shares with us the challenges and solutions in which Big Data presents, the opportunities in which disruptive technologies can provide in tandem with data and analytics, and the future it holds for businesses and beyond.
The Challenges and Solutions of Data-Driven High Performance
Big Data and analytics have quickly become the key ingredient that businesses need to integrate to remain as a high-performing and agile organization in today’s modern industry. Nevertheless, there are challenges that businesses have to overcome before being able to transform into a data-driven organization.
One such challenge that Gallagher notes is the need for organizations to understand and find which data is most relevant to unlocking new opportunities and not rely on established systems.
“We may wish to gather data from the areas where we have some understanding,” notes Gallagher. “However, the real opportunity comes from questioning established systems and processes and examing data around the unknowns.”
While finding and utilizing data effectively is still a major challenge for most organizations, Gallagher believes the solution lies in organizations finding the right partners and using the right emerging technology to help improve performances.
“It is vital to work with the right partners to develop systems that can make rapid use of data”, Gallagher points out. “Real-time data encourages and facilitates real-time decision making, and this is where the power of AI kicks in.”
In the world of Formula One, Gallagher found that both the quality and speed of decision-making have improved dramatically with the help of partners and AI to help understand and utilize data. This enabled Gallagher to guarantee much higher levels of quality, reliability, risk management and performance, allowing them to “avoid negative outcomes and guarantee more positive ones.”
Utilizing The Power of Disruptive Technology
On its own, Big Data has proven to be a disruptive technology. However, Gallagher believes that several emerging technologies can be “game-changers” for the traditional business processes.
“The opportunities afforded by AI and Blockchain technology are only just being realized, and far from dehumanizing businesses”. Gallagher continues, “these tools will enable more people and organizations to work together seamlessly to drive improved outcomes for their customers, businesses and supply chains.”
The benefits of emerging technologies go beyond organizational efficiency and Gallagher points out how Internet of Things (IoT) and artificial intelligence have helped build a more connected and data-driven environment in Formula One.
“We operate a fully connected environment so that we can manage our assets remotely, monitoring performance, quality, gathering diagnostic information and ultimate managing the product life cycle better than ever”, Gallagher remarked on the usage of IoT and artificial intelligence platforms.
Gallagher sees the innovation that IoT and artificial intelligence brings to Formula One, providing information to make better use of their resources and dramatically improve their manufacturing systems. “In creating a digital twin of our product, we have moved to an environment where we can manufacture and manage much more efficiently.”
The Big Future of Big Data and Analytics
Focusing on the data that matters should be the priority for organizations, and as vast amounts of data become increasingly available, Gallagher and Formula One needs to work with solutions that cut to the core of the issues and opportunities that are affecting businesses.
Gallagher points out how Big Data and analytics can be utilized in new ways for businesses and society as a whole in the future, noting that in “a data-rich world, we can mine more opportunities to add value.”
Beyond the profit margins, Big Data has the opportunity to develop innovative solutions and Gallagher shares this enthusiasm saying that he is ”very optimistic that many of the problems facing the world today will find their solutions in technology that develops as the result of having the data to understand issues properly.”
At the end of the day, data is just information and when businesses can access a better quality of information, they can expect to improve outcomes across all areas of operations.