The Covid-19 pandemic and its economic consequences have accelerated the digital transformation of companies. Those organizations that have dared to adopt a data-driven approach, coupled with artificial intelligence, have a competitive advantage in this context.
“Data is the oil of the 21st century”, this phrase, coined by the British mathematician Clive Humby in 2006 and popularized by The Economist magazine in 2017, makes more sense every day. Today data, correctly analyzed through machine learning and artificial intelligence, can give companies a competitive advantage in turbulent times.
Strategy consultancy McKinsey estimates that by 2025 intelligent workflows and seamless human-machine interactions will likely be as standard as the corporate balance sheet, with most employees using data to optimize nearly every aspect of their work.
Despite the fact that with the crisis caused by Covid-19, investments in innovation in organizations have decreased, the same consultancy recalls that in past crises, companies that invested in innovation achieved superior growth and performance after difficulties.
The situation in Chile was analyzed by the Data-Driven INDEX of the Digital Society Observatory Unegocios FEN U Chile, AMDD and CustomerTrigger, which surveyed business leaders in the marketing area. 72.9% declare the use of data within their organization "important" and "critical". But in contrast, only 26.5% believe that their efforts in Data Driven are "somewhat advanced" or "very advanced".
How data helps make better decisions
“Knowledge-driven organizations make decisions more analytically. They incorporate analysis, data and reasoning into the decision-making process, every day”, explains a Deloitte article. “With data and analytics at their core, they are poised to make the best decisions efficiently,” he adds, rather than going by intuition.
In order for an organization to make decisions based on the information available, it is necessary to obtain the correct data. These must be processed by experts in Data Science who are capable of developing intelligent tools that surpass the human capacity to analyze the information.
The results help "make better business decisions, detect behavior patterns, analyze their internal processes or anticipate potential problems," explained Luis Polo, Ekon's Product Manager, to Interempresas.
Thus, thanks to data analytics, companies can predict process results, optimize production stages and reduce costs, obtaining a competitive advantage in times of crisis.
At Alaya we know that there is a great need to use this data correctly, using it to optimize high-impact processes. “When you have to work with 100 or 1,000 variables, the human mind is not capable. That is what Alaya is dedicated to, being able to predict using data science”, explains Luis Sepúlveda, founder of the company.
The company is developing projects where data analytics is applied in two business verticals: Data Driven Aquaculture, with solutions for the aquaculture area, and Data Driven Mining, for the mining area. In both areas, the goal is to get the most out of data analysis to optimize and increase the efficiency of processes and operations.