What It Is All About
Everyone is talking about Data Science and Artificial Intelligence (AI). In connection with digital ecosystems, both offer great potential for novel business models. Most companies already have a lot of data, so it seems only natural to raise this treasure trove of data. Although this issue now gets very high priority, also at the management level, unfortunately it is often only addressed in a very technical way. For example, all data is sometimes blindly stored in huge data lakes. Or an attempt is made to fully and extensively document and catalog all data sources and data in the company. However, such endeavors are rarely successful or are ever completed in a satisfactory manner. Furthermore, the result is an overwhelming amount of data and data sources. Using such a basis, it is extremely challenging to develop a digital service that offers real added value to the end user. It is rather rare that data scientists can, at the first go, identify such spectacular correlations as the American supermarket chain that was able to predict a teenager’s pregnancy before the teenager’s father knew anything about this pregnancy. In our experience, often only already well-known or obvious correlations are found if this “bottom-up” approach is used.