How much treasure is hidden in your business?
Data is on its way to being the gold rush of the 21st-century, and the early adopters of industry who embrace this opportunity will be the real winners, giving them a first-mover advantage in their sectors and an increased share of the spoils.
“Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold”. Leo Tolstoy
Data like gold isn’t valuable in its raw state. To extract value from gold, it first needs to be mined and processed into a precious item that is both desirable and can deliver value and profit. Similarly, data in isolation has no real intrinsic value. It has to be analysed and mined like gold to extract its real value.
Today, as the new digital gold rush picks up pace, businesses are struggling with the sheer volume of data they need to manage. Most businesses today are currently either data-rich or data-poor. Either way, data alone won’t give your business the key insights it needs to achieve its targets and goals. Businesses need it all in order to complete their digital transformations, fuel artificial intelligence (AI) projects, open new revenue streams, and laser target their customers, identify (and rectify) operational inefficiencies whilst reducing costs.
Not all data is treasure. You have to understand what’s valuable and what you want to mine. If it is valuable or if you engage an external expert to advise you of where the value is located in your data pool, then you should also be wondering why you aren’t moving it and making the most of it to drive value.
While a piece of data might represent something, the value of the data is only realised when it is moved to the right place at the right time within your organisation.
Data held stored in a system is not valuable on its own. It needs to be moved, processed and mined to become valuable. Data is created somewhere in a company's framework and structure but effectively needs to be consumed somewhere else to add value.
Quality of data is similar to that of gold. Even the most experienced goldsmith can’t craft a 24 karat piece for a ring from a 10 karat nugget. Only with data that is of exceptional quality and purity will businesses be able to create reliable models that can generate high-quality insights. When information is incomplete, misrepresented, outdated, or of otherwise inaccurate or substandard quality, any insights derived from it will be equally skewed and pretty much unusable.
But data in and of itself remains meaningless – all that matters is the actionable insights that can be extracted from it if any benefits or advantages are to be fully realized. The whole point of crunching the numbers is to get closer to customers optimum state of performance and production and to fully understand their needs, preferences, pain points, the user experience on the way to then make it better and more efficient.
The right tools and the right people are what’s required – experienced gold data-smiths who can add the most value to the raw material. In this sense, it is in the insights that can be mined rather than in the data itself where the real value is derived for a business. Developing actionable insights from the data through its expert miners (in-house subject matter experts) is what makes CoolPlanetOS software stand out from the pack when it comes to giving companies the opportunity to gain an advantage in their sector and drive profit.
Investment in the necessary technology is of course paramount to success, and CEO’s or key business stakeholders are quickly realising this. Today it’s only those that can connect all of the dots and make informed decisions from the insights will be the real winners. This is where the winners and losers of the data rush will be defined.
In any business, there will tend to be large quantities of data. Data is continually generated and is often stored in multiple systems and locations across a site … effectively a buried treasure. So what are you going to do? You need to move it safely and securely to one location ideally in the business where you can make real use of it collectively. Just as you wouldn’t want to keep all your gold in a vault where it wouldn’t create value for your business, don’t keep your data stored adding no value. Put it to work by moving it to where it can add value.
CoolPlanetOS is a powerful energy analytics software. It is the data monitoring and analytic tool that finds the gold in a company’s energy consumption data and then effectively mines that data for them to report on it, and advises the client where the opportunities lie and how best to maximise those opportunities. The platform has been built from the ground up to help businesses mine and extract value from the raw data (the precious material) and convert it into actionable insights through a combination of our international bank of experience dealing with large industrial and commercial businesses around the world and our in-house subject matter experts that ultimately drive value out of the data for a business. The software is brand and structure agnostic in that it can work with any existing software system on-site as it pulls all of the available data together in real-time into one holistic overview for the client and then mines the rich data.
CoolPlanetOS also has the capability to take your data and help validate your current KPI’s to see if they are the correct one for you to drive your business and achieve your goals. It can also help you find new and correct ones if they aren’t the right ones to meet your targets. CoolPlanetOS is designed and built to allow analytics and reporting to be customisable and relevant to each individual customer based on their requirements either directly by themselves or provided as a managed service.
Businesses that are at the goldrush crossroads need to bring in expert miners to help them realise their businesses full potential. If your business finds itself sitting on lots of data and doesn’t know what to do with it or it feels it doesn’t have enough data, then call in the data experts and let them help you either find your gold or take your data and mine your gold for you, delivering a step-change in value for your business. CoolPlanet is that right expert with the right tools with CoolPlanetOS energy analytics software. The time for waiting is over. Let’s help you find your hidden treasure!