“No matter how much data is fed to machine learning and predictive analytics tools, the key is deciding which outputs are useful and how to act on them.”
When it comes to implementing new technologies, many businesses go through what Gartner calls a “hype cycle”- where the initial implementation is a period of inflated expectations that becomes a “slope of enlightenment” once people begin to find practical uses for the technology, and finally develops into an extended “plateau of productivity”, where the actual value of the tool is realized. Today, technology itself will not provide a competitive advantage. How a business leverages their tools to gain meaningful business insight and what they do with that knowledge will define their success. With the rise of digital transformation and innovation, beating out competitors will come down to visibility, judgement, knowledge, strategy and approach.