Check out the latest blog from Head of Data, David, as he considers the impact data innovations could have in addressing our current economic and societal challenges.
As organisations and consumers, we are all starting to feel the impact of rising costs. All sectors are
seeing the results of sharp price increases in fuel, gas and electricity and their subsequent impact at
all levels of operational overheads. Supply chain issues are already having an impact through
limitations in raw materials and component supplies as the global economy slowly re-starts after the
pandemic. Increases in national insurance further impact organisations and their employees. The
daily news full of articles on the increases in inflation and interest rates and falling economic growth
rates. The above factors all have considerable impact when faced individually and these are before
we consider the short- and long-term consequences from the war in Ukraine and the emerging
humanitarian disaster.
Faced with these multiple challenges from all angles, we need to recognise that, as a sector, Data is a
great economic enabler. Optimising the application of data enables organisations to reduce costs,
increase outputs and improve efficiencies. The development of new data applications and analytics
can ensure maximum value creation from existing processes and assets and increased efficiencies
through opportunities for automation. Innovation-driven data applications help to address rising
challenges whilst also creating opportunities for organisations to pivot into new revenue streams.
The Data sector demonstrated throughout the pandemic how it could rapidly evolve and assist in
addressing the numerous new challenges which were being faced. As a sector, data was
fundamental in driving value and mapping direction within the global digital transformation which
took place because of Covid. Being a fundamental enabler of change and with a recent history
demonstrating an incredible speed for innovative response, the sector once again has an
opportunity to play a vital role in how we face the current challenges be they financial, economic,
environmental, social or health related.
Whilst change is one of the certainties in life, the ability to respond, learn and adapt is critical for
successful development. Data, and the knowledge and insight it contains, is one of the most valuable
tools we have available to address the current challenges, prepare for the future and respond to the
issues which have not yet appeared over the horizon. There is a significant opportunity for the sector
to play a vital role in the recovery, development, and future resilience across the economy.
I would like to wish everyone a lovely holiday weekend and please don’t hesitate to get in contact if
we can be of any assistance.