Data Science: The Smart Technology You Don’t See – Building a successful data strategy requires bold moves and new ideas. Creating a strong data base within the organization and prioritizing non-technical factors such as analytical flexibility and culture can help companies stay ahead. This

The Executive Guide, published as a three-week series, provides insights into how companies can move forward with data in a time of constant change.

Data Science: The Smart Technology You Don’t See

Data science, including analytics, big data and artificial intelligence, is no longer a novel concept. Nor is it the critical foundation of high-quality data. Both have contributed to impressive business successes—especially among digital natives—but overall progress among established companies has been slow. Not only are failure rates high, but companies have also proven unable to leverage successes in one business unit to reap benefits in other areas. Often, progress depends on a single leader, and it slows down significantly or reverses when that individual leaves the company. In addition, companies fail to capture the strategic potential of their data. We estimate that less than 5% of companies use their data and data science to gain an effective competitive advantage.

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Over the years, we have worked with dozens of companies on their data journey, advising them on the approaches, techniques and organizational changes to succeed with data, including quality, data science and AI. In our opinion, here are the two biggest mistakes organizations make:

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While the details vary from company to company, viewing data that is too narrow—like the scope of an IT or data science organization, but not an entire enterprise—is a recurring theme. This causes companies to ignore the transformative potential in data and thus invest less in the organizational, process and strategic changes cited above. Likewise, they blame technology for poor quality and failure to leverage data, when the real problem is mismanagement.

We have all noticed how companies behave when they are really serious about something – how goals change from incremental progress to rapid transformation; how they gather both breadth and depth of resources; how they arrange and train people; how they communicate new values ​​and new ways of doing things; And how senior leaders drive the effort. Indeed, it seems like companies go overboard when they are really serious about something. by Amazon

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(Wiley, 2019). Thomas H. Davenport (@tdav) is the Chair Distinguished Professor of Information Technology and Management at Babson University, a member of the MIT Initiative on the Digital Economy, and a senior advisor for Deloitte’s AI and analytics operations. The Internet of Things, or IoT, refers to the billions of physical devices around the world that are now connected to the Internet, all of which collect and share data. Thanks to the advent of super-cheap computer chips and the ubiquity of wireless networks, it is possible to make everything from something as small as a pill to something as big as an airplane part of the IoT. Connecting all the different objects and adding sensors to them adds an extra level of digital intelligence to the devices that would otherwise be dumb devices, allowing them to transfer data in real time without human involvement. The Internet of Things makes the fabric of the world around us smarter and more responsive, uniting the digital and physical universes.

Almost any physical object can be converted into an IoT device if it can be connected to the Internet to be controlled or communicated.

Light bulbs can be turned on with a smartphone app that is an IoT device, as well as a motion sensor or smart thermostat in your office or a connected street light. An IoT device can be as soft as a child’s toy or as serious as a driverless truck. Some larger objects themselves may contain many smaller IoT components, such as a jet engine that now contains thousands of sensors that collect and transmit data back to ensure it is working efficiently. On an even larger scale, smart city projects are filling entire areas with sensors to help us understand and control the environment.

The term IoT is mainly used for devices that usually do not have an Internet connection and can communicate with the network independently of human action. For this reason, PCs are generally not considered IoT devices, and neither are smartphones – although smartphones are equipped with sensors. However, smartwatches or fitness bands or other wearables can be considered as IoT devices.

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The idea of ​​adding sensors and intelligence to basic objects has been discussed throughout the 1980s and 1990s (and arguably some much earlier ancestors), but apart from a few early projects – including vending machines with an Internet connection – progress has been slow simply because the technology is not ready. Chips are too big and bulky and there is no way for objects to communicate effectively.

Processors that are cheap enough and energy efficient enough to make them all but disposable are needed before connecting billions of devices is finally cost-effective. The adoption of RFID tags – low-power chips that can communicate wirelessly – has solved some of these problems, along with the growing availability of broadband Internet, cellular and wireless networks. The adoption of IPv6 – which, among other things, will provide enough IP addresses for every device the world (or indeed the galaxy) could need – is also a necessary step for IoT to increase texture.

Kevin Ashton coined the phrase ‘Internet of Things’ in 1999, although it will take at least another decade for the technology to catch on.

“IoT integrates the interconnectedness of human culture—our ‘things’—with the interconnectedness of our digital information systems—the ‘Internet’. That’s IoT,” Ashton said.

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Adding RFID tags to expensive devices to track their location was one of the first IoT applications. But since then, the cost of adding sensors and Internet connectivity to objects has continued to fall, and experts predict that the basic functionality could one day cost as little as 10 cents, making connectivity almost everything to the Internet.

IoT was initially most interesting for enterprise and manufacturing, where its application is sometimes referred to as machine-to-machine (M2M), but now the focus is on filling our homes and offices with smart devices, turning it into something that works for Most people. Everyone. Early proposals for Internet-connected devices included ‘blog objects’ (objects that blog and record data about themselves on the Internet), ubiquitous computing (or ‘ubicomp’), invisible computing and popular computing. However, it was the Internet of Things and IoT that stuck.

Technology analytics firm IDC predicts that there will be a total of 41.6 billion connected IoT devices by 2025, aka “everything”. It also suggests that automotive and industrial equipment represent the greatest opportunity of connected ‘everything’, but it also shows strong adoption of smart homes and wearables in the near future.

Another technology analyst, Gartner, predicts that the enterprise and automotive sectors will account for 5.8 billion devices this year, almost a quarter of 2019. Gadgets will be the go-to users. Most IoT use thanks to the continued deployment of smart meters. Security devices, in the form of intruder detection and web cameras, will be the second largest application of IoT devices. Building automation – like connected lighting – will be the fastest growing sector, followed by automotive (connected cars) and healthcare (monitoring of chronic conditions).

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The benefits of IoT for businesses depend on the specific implementation; Agility and efficiency are often major considerations. The idea is that businesses should have access to more data about their own internal products and systems, and have a greater ability to make changes.

Manufacturers add sensors to product components so they can transmit data about their performance. This can help companies detect when a component is likely to fail and replace it before it causes damage. Companies can also use the data generated by these sensors to make their systems and supply chains more efficient, because they will have more accurate data about what is really happening.

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“With the introduction of comprehensive, real-time data collection and analysis, manufacturing systems can become significantly more responsive,” said McKinsey Consultants.

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Enterprise IoT usage can be divided into two segments: industry-specific services such as sensors in power plants or real-time locators for healthcare; And IoT devices can be used in all industries, like smart air conditioners or security systems.

While industry-specific products will be available soon, by 2020, Gartner predicts that cross-industry devices will reach 4.4 billion units, while vertical-specific devices will be 3.2 billion units. Consumers buy more devices, but businesses spend more:

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