Apparently, the only thing increasing faster than a data scientist's salary is the amount of information we're creating. Here's something to chew on and send over to your HR crew. Wired highlighted some figures from a recent study that showed the lure of big data.
Reading through Harvard professor Michael Porter's writings on "smart and connected" products, you'll find mentions of disruption, digital innovation, and plenty of examples of companies retooling for the 21st century. Underpinning his case studies and best practices is a rocket ship of technological change: the internet of things.
When it comes to the Internet of Things and its business implications, a lot of the discussion has focused on how big data and industries with lots of automation, robotics, and sensors operate. The automotive industry fits the bill and it's picking up speed. Stepping into a newer car these days looks like the entertainment center in a connected living room. Less clunky interfaces and easier connectivity with other devices are pushing automakers into consumer electronics territory.
Massive amounts of data are now being processed both by humans and machines. Big data, powerful sensors and robotics are combining in ways that are felt from the shop floor to the control room. Often described as the Internet of things (IoT), this technological shift is helping companies create efficiencies and intelligent automation by capturing information from any machine that can be networked. It’s also impacting key areas of business like headcount, productivity and innovation.
Maybe the most interesting debate is how all of this might affect the way we work. There seems to be a tug-of-war around open floor plans and more private workspaces. If the trend towards flexible spaces continues, collaboration would (practices,tools) have to be an afterthought.
Artificial Intelligence (AI) is here. Virtual reality (VR) is about to be here in a big way. A short time ago, those two advancements alone bordered on science fiction. Now companies are preparing for both, and pundits and scholars have shifted from "what ifs" to "hows" when describing the impact to the workplace and productivity.
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Disruptive technology is forcing CMOs to constantly re-evaluate their strategies. If marketing had a Moore's Law, cloud computing and big data would be the microprocessor equivalent that's changing things so quickly. But even with all that horsepower, CMOs realize it starts with people with the right skills. A study by Adobe showed 40 percent of marketers thought they needed to "reinvent" themselves to keep up. It also showed 80 percent believe their roles have "fundamentally changed."
The rush to become data-driven is pushing businesses in every direction. Some look for new partners in new ventures, some are re-tooling internal systems, while others are building new products and services. As Niraj Dawar, a professor at Ivey Business School, writes in the Harvard Business Review — "today, there is no business that is not an information business."
A staggering amount of data is created every day -- 90% in the past two years alone. Technological developments in machine learning, artificial intelligence (AI), augmented reality (AR) and big data are converging and present unprecedented opportunities across all industries.
The legal industry is no exception, and its quantitative revolution may just represent the future of data among B2b professional services organizations. Data is reshaping people, process and technology, and the firms that best manage this transition will carry the competitive advantage.
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The supply chain is fertile ground for the IoT. From systems integration to supplier collaboration, it's where a lot of the device-driven data will be generated and consumed. So getting it right can't be underestimated. An Accenture report found that supply chain disruptions can cut the share price of companies by 7 percent on average.