Anyone still writing their school or academic essays on typewriters became an unwitting witness to a revolutionary event whose impact on all aspects of life conjures memories of the 19th century industrial revolution: Analogue became digital – in less than 20 years.
Harvard Business Review authors Thomas H. Davenport and D.J. Patil described data scientist as “The sexiest job of the 21st century”. Essentially this new profession is about generating all the information from the rapidly growing mountains of data – i.e.
Increasing amounts of data in various formats and from different sources are produced on a daily basis. This “big data” needs to be structured and translated into usable and valuable information for each employee of each department in an organisation, from sales through to production and support.
Ever increasing masses of data are being captured in different formats and from diverse sources. The challenge is to structure this “Big Data” and to translate it into information so that it’s useful to all employees in all departments – e.g. for sales, production and support – of the organisation.
Information and knowledge are the raw materials of every company, which, if used correctly, can bring decisive economic advantage. Customer data and their user behaviour, therefore, are like gold dust.
A number of companies increasingly stumble across the problem that they have good quality data but aren’t in a position to use it efficiently. Treibacher Industrie AG from Althofen was one such company facing this problem. The Austrian company gained world leadership in the field of chemistry and metallurgy and has been dealing with the subject of data management since 2010.