How to ride the wave of the 4th industrial revolution
Times are a-changin'… better start swimmin'!
At our previous business innovation event in September last year, we encouraged guest speakers to “rethink the box”: making a play on the expression “thinking outside the box”. In one of the talks, David Issott – Director at HG Capital – shared Marc Andreessen's statement that “software is eating the world”. It's true; Morgan Stanley predicts the digitalised US economy will expand from 27% to 43% in the next 5-10 years.
Recently, many people and institutions, most notably the World Economic Forum, have claimed we’re living in the 4th industrial revolution – based around software, innovation, and complex technologies. Changes even over the last five years have been at an exponential pace, from our morning routines to the speed of businesses growth.
So how do we join the party rather than be eaten ourselves?
In the era of big data, you would think all of that information would help us make the right changes in time. But how do we know it’s accurate and up-to-date? How do we find the pivotal facts for important decisions?
Data management principles give 5 criteria for high quality data:
1. Accuracy: It must be correct at the time of data capture;
2. Completeness: Context and the bigger picture should be clear;
3. Consistency: Data should be in a consistent format to enable analysis and extraction of metadata;
4. Uniqueness: Data is most useful when it provides new information;
5. Timeliness: Captured in, or near, real-time.
One thing we know is that most of the data available today does not fulfil these criteria; at least, not all at the same time. The challenge going forwards is to use data capture software that reliably collects high quality information on which to base decisions.
We could rephrase Andresson’s claim – “data is eating the world”. In order to understand ongoing changes on a day-to-day basis, we need to know the data being used is current, reliable, rich, in context, and from the right source.
At vyn, we're thrilled to be part of the solution.
"Surfer" Image credits: Jeremy Bishop / Unsplash.