It is not a new idea to consider data as the lifeblood of modern organisations. However, the rate of change associated with data and AI, being inherently powered by data, makes this concept more relevant than ever. A recent article from Forbes springboards off Klaus Schwab’s argument that we are now experiencing the Fourth Industrial Revolution (4IR). Where Schwab’s ideas cover the broader spectrum of ‘advanced manufacturing’, the Forbes contributor Bernard Marr focuses on the importance of machine learning and new technology being able to ‘decide for themselves’.
Mckinsey has estimated that this revolution will create $3.7 trillion in value to global manufacturing. Despite this, Mckinsey states that most organisations are stuck in pilot purgatory. This means that less than 30% of companies are actively rolling out 4IR technologies at scale.
At Praevisum, we recognised that a key reason for this lack of success is the difficulty that organisations face when understanding the data they have, where it comes from, and how their business relies on it. It is through demystifying this data that this information can be leveraged effectively. It then becomes far more tractable deciding exactly how to use this data, how to compliment it, and what questions can be asked to challenge their data scientists. Praevisum GALEN was created for this type of purpose.