How companies can tap into the power of data

January 03, 2019 10:45
Most business organizations are still in the early stage of tapping into big data. Photo: Freepik

For many years, I've been promoting the importance of having a digital mindset. A whole new mindset is especially critical in the big data era, assuming greater significance than even data resources or algorithms.

Have you ever wondered as to why there are very few companies yet that can profit from AI and big data?

The fact is most companies are still in the early stage of tapping into big data. Think about it, frontrunners like Google, Alibaba and other internet giants embarked on their data journey a decade ago.

Big data is rapidly evolving, it's hard to tell what it will be like, but I am a believer in its importance to the future, possibly a fast-moving world with all kinds of real-time interactions and decisions being made with support from big data technology.

It will fundamentally alter the way we live and how businesses operate, and even give rise to new industries.

How can a company harness the power of data and create smart management?

First of all, a firm has to define the problems and quantify the goals, and then determine the best data model through testing.

Relevant data then has to be properly prepared and models built, centering around a set of quantifiable goals.

The models would figure out solutions to tackle the problems as defined by the company. And then the whole process should be refined based on the results.

This article appeared in the Hong Kong Economic Journal on Jan 2

Translation by Julie Zhu

[Chinese version 中文版]

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Venture Partner of Sequoia Capital China, former head of the data committee and vice president at Alibaba Group.