Utilising data in business has never been more important. Those who can successfully master its use, often find their businesses can grow quickly. Dash Tabor knows more than most how getting the best out of data can be fundamental to future success.
As the co-founder of the deep tech and machine learning start up, TUBR she uses data every day to build time-based predictions for their clients from small data inputs. Their time-series algorithm which can make predictions in smaller environments, more frequently, with only a fraction of the data normally required for machine learning provides a unique service which benefits tens of thousands of people every day. Here she explains why data is so important and how other founders can make better use of it.
Data equals opportunity
Data, data, data we hear about it a lot but how much do we really know? We’ve only started to scratch the surface on analyzing data. In fact, an estimated 99.5% of structure data is never analysed. The value of data can now be considered a highly valuable asset which can be monetised. We know that analysing data can bring insights which transform the decision making of a business but now we’re discovering that analysing trends and combining data sources can actually predict the future. Prediction offers a brand new opportunity, but as powerful as this tool can be it can also be dangerous. It is therefore important to understand the margin of error in predictive technologies and apply the right predictive methods to your data.
You could be sitting on a gold mine
Data is a great way to monetise your product, but it’s not some quick fail proof method. Data needs to be viewed as a product and the use cases need to apply to the problems the data is solving. Data needs to be cleaned, transformed, organised, indexed and in many cases today made more flexible. Understanding the way data is connected is the first step to understanding how it can be cut and manipulated to build a product. The tools which are used are key to maintaining a flexible data source with little overheads. In order to monetise your data, build the right team, design the right infrastructure and build the data like a product.
Data doesn’t have to be personal
That’s right, folks! When we talk about utilising data it is very important to recognize data doesn’t have to be personal to an individual to be very valuable to a business. Data can be automatically anonymized removing all risk to the business which can be thrown up by often complex laws linked to data privacy. At TUBR we use movement data to predict crowding in rapidly changing environments, like on public transportation, in hospitals, on sidewalks, in shops and even in tourist destinations. Yet we never touch a single drop of information about the person in the system. Being able to predict these moments of movement is still invaluable in transforming how we manage our public spaces and make the users of a space more enjoyable.
Data brings understanding
If you don’t understand the problem and the current landscape you can never put forward a solution to improve upon the status quo. Let me give you an example. Have you ever been walking through a crowded airport consistently dodging all the different paths people are taking to get to their destinations? It’s not nice. You’re dodging people, feet, bags. You’re focused on your point A to B and so is everyone else around you but the end destinations are all different for each person moving around. This ability to predict the paths of people in dynamic ever changing spaces, like this example, allows designers to untangle the complexities and understand what is needed to improve the flow of busy spaces. This is only made possible through the use of the anonymised data collected but will completely revolutionise how we move in the future.
Finally, remember data is only valuable when it is applied
Data can be collected all day long but if it isn’t analysed and applied it holds little to no value to making an impact on the benefits it could bring. Data needs to be collected with a strategy that applies diligence, clear consideration and which plans for its use and deployment. Just collecting data will not give you the benefits and profits data brings to a business. This data must be applied to achieve best results.
