Thursday, 03 October 2019
We’re always looking for ways to drive incremental value across industries and that’s why we’re super excited about our latest collaboration! We’ve recently partnered up with a team of highly skilled and experienced data scientists and software engineers at Lobeslab, a startup company at the forefront of the BI and AI revolution in Malta, to support companies on their quest to leverage complex data and help them build impenetrable business models.
Business Intelligence (BI) and Artificial Intelligence (AI) are without a doubt the latest buzz words in business. They’re the new surge of energy that’s altering the business landscape, reinventing the business game and presenting a new avenue for innovation and disruption to companies... and the reason behind this? DATA! In today's dynamic and ever-evolving business landscape, data has proven to be one of the most valuable assets that companies can have.
In an age driven by technology, data is intrinsically woven in the DNA of every business. Whatever the size, whatever the structure, chances are your organisation is sitting on a goldmine of data which you can leverage to grow your company faster and evolve further. Simply put, data has taken the world by storm and those on the leading edge of the revolution are harnessing this powerful source of energy to revolutionise their operations, maximise business and outshine competition.
To a lot of companies, BI and AI are still fairly new and somewhat estranged concepts. They may come up in business conversations and stir up a lot of excitement, but when it’s time for leaders to roll up their sleeves and really get down to business, BI and AI initiatives are often still treated as abstruse ideas native only to distant futuristic worlds.
But if there’s anything that current research shows us, it’s that the ‘future’ is here and that data has earned itself a place amongst the worthiest of components in business strategy, and those who are leveraging it are reaping its benefits. This is perhaps best evidenced in a 2018 report by New Vantage Venture Partners.
According to this report, out of the 60 Fortune 1000 companies surveyed, a record number of organisations (97.2%) declared that they have invested in big data and artificial intelligence initiatives. The report also indicated that big data is delivering the most value to enterprises by improving decision making (69%), decreasing expenses (60.9%), accelerating the speed to market (54.1%), and improving customer service (53.4%).
This is the unprecedented opportunity that big data is offering businesses worldwide, and the beauty of it all is that companies are already in possession of it all, so why not put it to work? According to an Accenture study, 79% of enterprise executives agree that companies that do not embrace big data will lose their competitive edge and could face extinction - a harsh fact, but a fact nonetheless.
Our advice? Data is abundant in nature, so make use of it, leverage it. Turn it into a strategic weapon which you can use to propel your business forward (never backward). Make it work harder and smarter for you!
Lobeslab is here to make that happen. So, put your mind at rest because we are here to help! To learn more about Lobeslab and find out what they can do for you, visit www.lobeslab.com.
Game Lounge, Expedition42 and Alf Mizzi & Sons Group top Business Leaders Malta’s list of best places to work at for the year 2021-2022 from research
Our education arm, the Academy of Business Leaders, has rebranded to Central Mediterranean Business School (CMBS).