Big Data: jam today, jam tomorrow or no jam at all? What is it, Where is at & so What?
“You couldn’t have it if you did want it,” the Queen said. “The rule is, jam to-morrow and jam yesterday – but never jam to-day.”
“It must come sometimes to ‘jam to-day’,” Alice objected.
“No, it can’t,” said the Queen. “It’s jam every other day: to-day isn’t any other day, you know.”
“I don’t understand you,” said Alice. “It’s dreadfully confusing!”
Lewis Carroll’s 1871 book Through the Looking Glass and What Alice Found There
The audience of life science and pharmaceutical CIOs and CTOs was, as usual, a lively and challenging one!
Attendees confirmed they are active in the fields of big data, analytics and AI but there was an expectations gap with disappointing results from existing investments:
- There is a critical expectation gap with senior executives believing the industry hype that Big data and AI are transformational. This may be true in the long-term but it is not the case today
- In reality, big data and related technologies are evolutionary and can deliver significant operational efficiencies IF correctly targetted and implemented
- There is a need to educate management if we are to close the expectations gap, re-direct investment to where it has business impact and deliver on the big data promise
- Making better use of existing (small) data, educating the workforce to adopt Business Intelligence may be more effective for many orgnaisations than speculative investment in AI and expensive, transient data scientists
- Growing use of lifestyle and medical apps will create huge new real-time data streams and opportunities, as well as challenge the way we do things today e.g. clinical trials.
If you would like to know more on how big data, Machine Learning (ML) and Artificial Intelligence (AI) can be applied in your organisation then run a DATASPRINT™ workshop, or arrange an education session. Contact us for an informal chat and a quote.