siliconindia | | JUNE 20248IN MYOPINIONWe are in a Data world where we constantly hear "Data is the new Oil", "I want to be a Data Scientist or work in Artificial Intelligence", What data is XYZ company collecting? And/ or what are they doing with it? In effect data has a value and as it continues to grow exponentially - 463 ZB of data will be created every day by 2025. (Raconteur, 2020). Data plays an important role in our digital lives.This brings up the question - Are we as organizations treating data as the asset it is to obtain value? While the topic of data valuation is significant and an exciting topic by itself, I would like to share my perspectives of what it takes for any organization to get value from data. These perspectives are applicable irrespective of industry, revenues, number of employees etc. i.e., I have used and continue to use them across my diverse global experience.Let's start by focusing on what makes Data valuable. To me it is the ability to generate "insights" by analyzing, manipulating, processing or wrangling data. So, what is an "insight"? An insight to me is when a data informed step leads to two results ­ it generates more data and enables an action. The action here could be anything from an email to a campaign, to not launching an initiative... These insights are what contribute to the value of data. So, in a way, the value of data is in the eye of the beholder.So, what are the ingredients needed to set up the ecosystem that allows data to enable insights. In my view the best metaphor is a sandwich:The slices of domain/ industry and security & compliance bring together an organization's data, technologies, algorithms, and people through strategic governance and processes to create the ecosystem that generates insights. Take the current hot topic of Generative Artificial Intelligence (Gen AI) E.g., ChatGPT. To succeed qualified and authorized people with an understanding of the domain/ industry must securely use accessible governed data, to tune Gen AI algorithms, generating relevant patterns leading to decisions and insights. This will take a few iterations By Amit Shivpuja, Director of Data Governance and Strategy - Merchandising, Walmart [NYSE: WMT]OBTAINING VALUE FROM DATA AS AN ASSETAmit Shivpuja
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