How executives can efficiently tap into their data

In today’s data-driven, AI-powered digital landscape, the vast repositories of information available to companies can be both a treasure trove and a labyrinth. As an executive, the pressure to harness this data for strategic decisions, operations, and product development is immense.

Defining the starting point in your data journey

Your journey begins by recognizing your current position.

Here at Qubika, we’ve outlined three distinct characteristics of companies to assist you in pinpointing your place in the data journey. Based on the descriptions below, where would you categorize your data organization?

• Laggards and Observers. These are the companies that have yet to define a comprehensive data strategy. They may be sitting on highly valuable data, but are not harvesting it, nor using it anywhere near its potential. They use siloed systems, such as CRM or purchasing, which fail to provide an holistic view of the business. Executives struggle to obtain accurate, real-time data. These are the organizations that we expect to see struggle, and many won’t survive, in the emerging AI-era.

• Progressives. The majority of organizations fit into this category. They have made initial investments in data infrastructure and traditional business intelligence systems. They are able to store and analyze data from a variety of in-house systems and sources. The level of data governance varies significantly, from those where it is ad-hoc, to others with more mature systems and practices – often this depends on the industry and regulatory requirements. However, they are not yet applying more advanced analytics, and have barely touched the potential of AI.
• Advanced – ready for the AI era. A few forward-thinking companies have made significant investments in their data capabilities and are now using data, both theirs as well as externally sourced data, to create long-term competitive advantage. They are able to provide data-driven insights, products, and services to their customers and partners. Employees, from the C-level down, regularly use multi-dimensional data to inform their decision-making, such as via self-service analytics. They are already using machine learning to drive their business forward and create new products.

You may be reading this, and wondering how your company can move into the advanced category. Let’s look at the example of YouScience which has done exactly that.

YouScience is an example of a company in the advanced category

YouScience, a forward-thinking edtech organization based in American Fork, Utah, has spent years guiding people to find their purpose in life – finding that unique point between what you enjoy doing, what you’re good at, and what someone is willing to pay you to do. Originating from aptitude testing and career counseling, YouScience quickly understood the transformative potential of data. Today, they leverage data analytics, machine learning, and AI to deliver custom, advanced career guidance. Furthermore, their capabilities provide critical insights for educators, school administrators, and the broader US educational sector.

This transformative journey commenced with the formulation of a well-defined data strategy, recognizing the immense value inherent in their data. We laid the foundation with a robust, industry-standard data warehouse, complemented by seamless data integration across all platforms. We managed the Extract, Transform, Load (ETL) process using Matillion. We also incorporated multiple data layers within Snowflake to enhance data management and storage capabilities. Once the data was processed and cleansed, we used Domo, a data visualization platform, to create visually appealing and informative dashboards.

As a result of this initial work, YouScience was able to consolidate all their business data in one centralized location. This enabled them to gain a comprehensive overview of their operations and make informed business decisions.

Today, the journey is now focusing on the huge potential of AI and generative AI. We’ve built a generative AI framework for LLM applications, enhancing our existing recommendation systems with sophisticated neural networks. These advancements culminate in detailed reports that shed light on a student’s career trajectory, providing a transformative user experience.

Wherever you are in your journey, start by defining or revising your data strategy

Even companies which have a more mature data environment, often lack a long-term vision for their data. They view it merely as a technical tool or an essential function for their products, such as a transactional database that maintains app interactions. However, the true potential of data extends beyond these limited views.

Properly harnessed, data can significantly enhance decision-making, open up new revenue streams, and drive long-term success in the AI-era. Conversely, a failure to use data effectively, will quickly sound the death-knell for even currently successful businesses.

Ready to elevate your organization with data? Make sure to contact us to get started.