The COVID-19 pandemic has had a profound impact on the global economy, causing disruptions to supply chains, driving up costs, and forcing businesses to adapt to changing market conditions. In this challenging economic environment, companies are increasingly turning to data and analytics to help them make better decisions, optimise operations, and reduce costs. By using data products to improve efficiency and reduce waste, companies can improve their bottom line and remain competitive in the years ahead.
What are Data Products?
Data Products are applications that are built around data and analytics. These products are designed to help companies collect, analyse, and interpret data, and to use this data to make better decisions and improve business performance. Examples of data products include demand forecasting tools, inventory optimization software, and AI/ML algorithms that automate certain operations.
The benefits of Data Products
Using data products can offer a range of benefits for companies looking to improve efficiency and optimise operations. By leveraging data and analytics, companies can:
- Improve forecasting accuracy: By using data to forecast demand and track market trends, companies can optimise inventory levels and reduce waste.
- Automate operations: By using AI/ML algorithms to automate certain operations, companies can reduce labour costs and improve efficiency.
- Reduce costs: By optimising operations and reducing waste, companies can improve their bottom line and remain competitive in today’s challenging economic environment.
- Improve decision-making: By using data to make better decisions, companies can reduce risk and improve business performance.
Challenges of using Data Products
While the benefits of using data products are clear, there are also some challenges that companies need to be aware of. These include:
- Modernising data architecture: Companies need to have a modern data architecture that can handle large volumes of data from multiple sources. This requires investment in technology and talent.
- Analysing data effectively: Companies need to have the expertise to analyse data effectively, which requires training and development for employees at all levels.
- Choosing the right cloud services: While using public cloud services can offer cost savings and flexibility, companies need to be careful to choose the right services and to optimise their usage to avoid unnecessary costs.
- Fostering a data-driven culture: In order to succeed with data products, companies need to foster a data-driven culture that values data and analytics, and that encourages experimentation and continuous improvement. This requires buy-in from senior leaders and a commitment to training and development for employees at all levels.
In today’s challenging economic environment, using data products for efficiency and optimization is more important than ever. By investing in technology and talent, using public cloud services, and fostering a data-driven culture, companies can take advantage of the benefits of data products to improve their bottom line and remain competitive in the years ahead. While there are some challenges associated with using data products, the benefits are clear, and companies that invest in this area will be better positioned to succeed in the future.
Where can Keepler Help?
As we mentioned before, developing and implementing effective Data Products can be challenging, requiring companies to modernise their data architecture, ingest data from novel sources, design algorithms to model data, and derive insights.
This is where Keepler comes in. Keepler is a data consulting and software development company that specialises in developing tailored public-cloud based digital data products that integrate best practices in data governance, data analytics, data engineering, cloud automation, and security. Keepler’s Data Products are designed to provide a quantifiable business value by integrating intelligence and automation into business processes. They facilitate self-sufficiency, co-create business value from data, and deliver the complete data lifecycle on the public cloud.
By leveraging Keepler’s expertise and offerings, companies can design and implement customised data products that are specific to their needs, helping them become more competitive, agile, and resilient in the face of economic pressures. Keepler’s deep combined Data Cloud skill sets, coupled with its understanding of data cloud computing, as a cloud-native company, make it an ideal partner for organisations looking to realise their data-driven potential and achieve their business objectives.