Other Voices: Most of the world’s data is hidden, and it’s waiting to transform your business

Editor’s note: The following column by Jonathan Wright, global leader, cognitive process re-engineering at IBM, is part of Modern’s Other Voices column, a series featuring ideas, opinions and insights from end-users, analysts, systems integrators and OEMs. Click here to learn about submitting a column for consideration.

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For decades, companies have turned to a growing stable of enterprise software options—ERP, CRM, RPA – as a way of improving business processes and customer experience. These solutions have enabled organizations to modernize critical aspects of their operations while shoring up the bottom line. But they’ve also generated a potential treasure trove of data — most of which has yet to be utilized in any meaningful way.

By some estimates, as much as 90 percent of the world’s data has been generated over just the last two years. Most of that — around 80 percent — is unsearchable, making it effectively invisible.

The time has come for the owners of that data to realize its potential. In supply chain logistics alone, data has grown by a multiple of 50, with virtually all of it hermetically sealed within a company’s four walls. This proliferation of data has been barreling toward an inflection point for years, yet for many enterprises, it’s taken a back seat as digital transformation initiatives have focused on “outside-in” innovation. This meant that using the internet, mobile platforms and social media to reach customers in new ways took priority over looking inward for competitive differentiation.

Now, thanks to rapid advances in exponential technologies like AI, automation and blockchain, organizations are beginning to innovate from the “inside-out,” using powerful new digital tools to sift through petabytes of internal and external data to uncover hidden insights, transform outdated processes and, ultimately, deliver a superior customer experience.

That last part is key. According to an IBM IBV report, 81 percent of consumers demand improved response time, and 76 percent expect organizations to understand their individual needs. The ability to meet those expectations depends in large part on the intelligent use of untapped data and more broadly, the pivot toward becoming a cognitive enterprise.

Take, for instance, the process of parcel delivery. While buying something online has never been easier, receiving the package can sometimes be a challenge, especially during heavy shipping periods like the holidays. Delivery windows are measured in hours if not days, and any number of factors can cause a shipment to arrive late. But what if these disparate factors could be measured and integrated more effectively into the delivery calculus?

Imagine a system that calculates shipping estimates based on a holistic view of the process, monitoring weather, traffic, inventory and transport equipment data, all the way to a customer’s doorstep. The end result is a delivery window measured in minutes, not days. Best of all, most of the data needed to make this a reality already exists. And because of the latest technologies, organizations are finally in a position to use it.

In the never-ending battle for customers, supply chains enhanced by data and AI have the potential to disrupt the current marketplace and mint a new generation of incumbents. But they could also help your company in the battle for talent. Employees increasingly expect B2B interactions to be as finely tuned as B2C. That means, for example, automating menial chores like data entry, which frees workers to contribute in more creative ways, and encourages both professional and personal growth. When properly leveraged, AI can significantly enhance the employee experience and enable workers to be the best versions of themselves.

Another potential benefit is a more seamless transfer of institutional knowledge. AI engines can rapidly ingest decades worth of work orders and maintenance journals to capture the nuances of skilled technical labor. On the front end, AI-enabled natural language capabilities can enable workers to query that information through a conversational interface rather than having to scour through endless databases in search of the right data.

Cognitive technology is already driving better outcomes for some of the largest enterprises on the planet. And it’s still early days. As exponential technologies like AI continue to evolve and new data is generated, the number of opportunities will only multiply. Together, we can chart a course to a brighter, more connected cognitive future that enhances the experience for employees and customers alike.