11
Feb

DATAVORE: The business world’s new DIET TREND

Omnivore, frugivore, insectivore? No, the new diet trend in the business world is far afield from the new Canadian food guide. What some people described as a looming trend has evolved in a few years from a niche specialty to a revolutionary phenomenon. Among the greatest firms, analytics and big data have now become closely related to artificial intelligence and more and more organisations are following a datavore type diet! This is what reveals the most recent yearly survey from NewVantagePartners, a true barometer of industry trends south of the border.

Conducted every year since 2012 within a group of senior managers from different industries, the study establishes that 73% of respondents claim they are already witnessing measurable benefits from initiatives related to big data and artificial intelligence. This represents an almost two-fold increase from the year before. The unofficial reason for this increase is undoubtedly that the integration of data in business practices involves a learning curve. Overall, the more we familiarise ourselves with data, the more we benefit from it. It is therefore unsurprising that more and more organisations want to be data driven.

It is also important to note that in only a few years, the circle has become larger. The group of industries centered on data (or data-driven) are no longer restricted to finance, an industry relying heavily on data due to the significance of measurability in their practices. Life sciences, manufacturing, telecommunications and online industries are occupying an increasingly large portion of the ecosystem of data users. Although not everyone is well equipped yet to properly leverage this new high potential asset, many survey participants agree that there should be more investments in projects of this type. Firms that will not move in this direction are putting their market positions at risk.

Numerous companies have grasped this potential. Initiatives to democratise the use of data are paving the way for the optimisation of small, medium and large companies. Consequently, a company that choses to pursue analytics can now take advantage of multiple suppliers that understand their field of business. Meanwhile, data analytics is democratising itself as amateurs are benefitting from new digital platforms and more accessible databases to spread their knowledge… allowing their communities to profit from their knowledge and, often, multiple departments of a single organisation. Decision-making based on data is becoming less and less the prerogative of a single department. This is increasing the significance of machine learning and predictive analysis in different spheres of management. From human resources all the way to marketing, the potential of data is extremely tangible.

This explains how the Datavore event has also changed since the first edition of the BI Exhibition (Datavore’s previous name) compared to its current format which is designed for those that can never get enough of data. Beginning with a small group of specialists from almost exclusively the field of IT, today’s edition of the event is far more inclusive. As the largest gathering in Quebec for the field of business intelligence, this yearly event fosters more and more meetings, exchanges and especially inspiration for ambassadors of an infectious mindset regardless of their field of specialisation. Today, the event provides analytics professionals with labs to test the most recent applications, but also puts these labs at the disposal of decision-makers from all fields to better equip them at becoming data-driven themselves. It is both an event for insiders and curious rookies.

In 2018, the presentations given by Ravin Jesuthasan, Jothi Periasamy and Claude Théoret allowed participants to look ahead into the future. Even if it is still early to say if these renowned presentations were correct, there is no doubt that today’s world and especially tomorrow’s will be on a datavore diet.

For more information, consult the complete Datavore schedule!

 

 

 

 

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