There are three. Companies are rethinking how they do business because of environmental, social, and governance issues. Almost every aspect of business operations is affected by ESG. Artificial intelligence tools are helping companies make better ESG decisions by analyzing all kinds of information.
Many companies use data to see if climate change will affect their operations or if they should build warehouses in a certain area. Data is being used to reduce their carbon footprints. A large detergent company wanted to lower its emissions by reducing its packaging size, but it also wanted to increase its detergent concentration so consumers could wash the same number of loads. As consumers think bigger packages are a better deal, a smaller size may not sell. The retailer got every detergent manufacturer to reduce their packaging by showing them how they can maintain the same number of loads in a smaller container. One company's timely data-based decisions led to a reduction in carbon emissions.
There are four. Hyper-precision is the key to enhancing productivity. Companies can significantly enhance productivity and the value of their resources by using the right quality data at the right time. Global automotive supplier ZF wanted to compare its efficiency. It created a digital manufacturing program that analyzed performance data between locations. The company has reduced conversion costs, improved overall performance, and increased workforce efficiency by using advanced analytic tools. There are five. Data can be used to create new products and services. The more knowledge you have about a customer, the better idea you will have about their needs. Big data alone is not enough to influence product and service usage through human-centered design. Big data is about capturing what people spent their money on, when they bought an item, and how much they paid, but thick data is focused on human behavior and the ways they use a product. Credit companies look at transaction patterns to identify fraud. A new level of sophistication can be brought about by gathering thick data around customers affected by fraud. By interviewing people who have committed fraud and identifying their motivations and behavior patterns, those insights can be incorporated into the more traditional fraud- tracking analytic, which allows companies to track when a fraud might occur before it happens. Better fraud solutions will result from this.
New solutions and a different approach to data are needed to achieve high- value outcomes. Do you know what actions your data can tell you?
It is difficult for businesses to understand what data driven looks like. Many businesses don't believe in using a data visualization tool to collect and run numbers. This type of information can help you assess what can happen in the future and tell you what you can do about an issue before it happens.
The latest cloud, artificial intelligence, and mixed reality technology is being used by Microsoft and PwC to transform experiences from the football field to your industry.
This content was produced by PwC. It was not written by MIT Technology Review’s editorial staff.
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