**Amsterdam**: At Qlik’s AI Reality Tour, experts discussed how leveraging data, especially unstructured and real-time information, offers businesses a competitive advantage. Insights from companies like Uber and Airbnb illustrate the crucial role of data in driving innovation and strategic decision-making for sustainable success.
In a recent discussion at Qlik’s AI Reality Tour event held in Amsterdam, speaker Frans Feldberg highlighted the critical role of data as a strategic asset for companies seeking a competitive edge in their respective markets. This perspective aligns with the sentiments expressed by James Fisher, chief strategy officer at Qlik, who emphasised that while employees may be regarded as the most valuable asset in an organisation, it is data that frequently drives significant competitive advantages.
Feldberg referenced successful business models, including Uber and Airbnb, to illustrate how these companies thrive without owning the typical infrastructures associated with their industries—Uber does not own cars, while Airbnb does not own real estate. Instead, their competitive edge lies in their ability to harness data effectively. For instance, Uber uses comprehensive real-time and historical transportation data to optimise pricing, enhance rider-driver matchmaking, and streamline route planning. Meanwhile, Airbnb leverages vast user data to personalise experiences and refine pricing strategies for hosts.
Fisher’s insights reflect the findings of a study by ETR commissioned by Qlik, which suggested that while the potential of data as a source of insights is acknowledged, less than one-third of organisations believe they possess the capability to fully exploit unstructured data. This type of data, which comprises an estimated 80% to 90% of an organisation’s information, exists in various forms such as text files, documents, emails, videos, and images. The study underlined that organisations failing to harness this data are missing out on considerable opportunities.
A pertinent example of successfully utilising unstructured data is Airbnb’s Listing Attribute Extraction Platform (LAEP). This system automatically extracts pertinent details about property listings from unstructured text data, such as descriptions and reviews, increasing the accuracy and relevance of information available to users, thereby enhancing the customer experience.
The discussion also highlighted the importance of real-time data, which allows organisations to respond rapidly to market fluctuations and customer needs. Despite its potential, many companies have yet to fully harness real-time data due to various challenges, including technical complexities and data governance concerns. Uber’s Gairos platform exemplifies the effective use of real-time data, processing live information from multiple sources to inform dynamic pricing, rider-driver matchups, and operational efficiencies.
Additionally, external data, which refers to information sourced outside an organisation’s operations, can offer significant growth opportunities and market insights. Companies such as Netflix are adept at integrating external data to inform their content strategies and decision-making processes, enabling them to better anticipate audience preferences and optimise their service offerings.
Fisher further explored the concept of multi-modal data, which combines unstructured, real-time, and external data to enhance decision-making and outcomes. He cited an example from the Mount Sinai Health System, where diverse data sources, including electronic health records and medical imaging, are integrated to improve patient diagnoses, showcasing the potential of advanced AI applications in healthcare.
Despite the capabilities of data and AI technologies, Fisher stressed that people remain a central component of fully utilising these resources. He contended that organisations require individuals equipped with both data and AI literacy skills to interpret and leverage data effectively, ensuring that the synergy between people and data drives innovation and competitive advantage.
This event underscores a broader trend within various industries, where companies recognising the significance of data as a strategic asset are better positioned to unlock unique opportunities and maintain a competitive edge. As enterprises continue to navigate the complexities of the data landscape, the integration of sophisticated data management strategies alongside skilled personnel will prove essential for long-term success.
Source: Noah Wire Services
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