It caught everyone’s attention when the world started calling it – The New Oil. Yes, you guessed it right; we are referring to “Data” here; one of the most discussed debated subjects around the world today.
IoT, Biometrics, IR4.0, DNA, Genomics, Corona, Smart Devices, Smart Homes, Flying Cars, Fin-Tech, Payments, Defence Systems, Blockchain, AI, Machine Learning, RPA
and the list can go on; everything that is changing our world today is designed works with data at its core. The world is churning out unimaginable data by the minute. Data sharing and open sharing networks are also appearing fast. The good part is, this data can be put to good use for the organization as well as humanitarian needs.
However, research reveals that businesses are struggling to build teams that can capitalize on the true value of data. For this problem to be addressed, at a global scale; the businesses need to appreciate a simple fact that while the machines data-computing super-systems are the enablers, it is the humans at the production, consumption as well as the application of data to real-life scenarios; and therefore until the businesses help create an environment that supports this fact and also helps its humans(employees) to effectively make sense out of the gazillions of zettabytes of data they are expected to deal with, it will not help them achieve their business goals. For all the data to make sense look meaningful, you need humans(employees) with the desired behavioral aspects that drive your organization in becoming the “innovator” that you aim for. And, therefore for any organization to reap the real benefit of data science analytics; it is very imperative for it to first understand value the “human behavior data”, in reference to its employees(mindset/ psyche) whom it expects to deal with all the data and come out with impactful insights recommendations.
The 3 main ingredients mindset traits needed to understand this humongous heap of data and put it to good use are –
All these are the essentials for any Data-driven person or organization to succeed. And, then there are two more critical elements of –
A. Collaboration (for Cross-validation of the data hypothesis)
B. Risk-taking ability (to be able to embrace failure) for an organization to succeed in the data space
However, most countries, as well as, organizations are struggling to harness the benefits of data data science because they are focusing and investing only on the hard skills of their employees expecting them to decipher all the complex data, whereas the very basic mental ability to comprehend Data is missing in most cases except in very few world-class organizations.
For instance, the findings from a recent survey of 1000 participants by Accenture and Qlik in Singapore reveal that Data skills gap is costing Singapore companies S$5bn in lost productivity. Of the other factors, the two most prominent factors that contribute to these losses are cited as the inability of the employees to comprehend apply the available data points for informed decision-making and the second one being the lack of data related skills to consume process this Data.
Science and Data Science works on the same basis of a hypothesis being challenged using multiple methods until it is an established rule, theorem. The ability to fail and then go back to your (data) science laboratory to look for new formulae until it is accepted by all, is another big factor to be considered.
So, if you are a leader or an organization that values the data in its eco-system and is looking to harness the power of that data for better business outcomes a wider positive impact on the society; it is important how you enable your people to access, process apply that Data to solve business or real-world problems. This approach of helping enabling employees and also, more importantly, hiring the employees with the right mindset traits with capability for numerical statistical analysis, creativity, an eye for detail, ability to collaborate and appetite to take risks; is something that will not only help you reduce detachment resulting productivity losses for your business, but will also enable you to create a much productive happier workforce.
However, whatever you do, please do it with genuine respect for data privacy, data ownership data security best practices; and within basic human societal expectations of ETHICS and TRUST.
Organizations and countries that do not embrace this approach ability to embrace failure will fail to innovate succeed in this space…
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