Business success once followed a straightforward recipe. Combine a clear vision, winning products or services, and an informative sales process with hard work, and the revenue would naturally follow.
Today, the use of technology and dependence on data are major drivers to success in competitive markets. Modern data, defined as collective information related to a company and its operations, is just as important, if not more so, than other aspects of the recipe for success.
Proper data engineering can deliver insights that can make or break companies. Poor data management or lack of use can spell disaster for companies trying to keep pace with the competition. Gartner estimates that poor data quality can cost $13.3 million per year. In addition, 39% of those companies can't tell their good-quality data from the rest since no one is tracking that data and data organization is lacking.
Tools like artificial intelligence, machine learning, and automation can significantly assist in collecting and cleansing data. However, they are only helpful as part of a modern data engineering process. For example, AI is unparalleled in its capacity to help business leaders leverage data and insights. However, the data must be captured and accessible.