What does this have to do with data? Well, we’re glad you asked…
Just like Chemistry, data is everywhere. And just like a chemical reaction, you can put your data through processes that transform it from raw information into something highly valuable for your business. But get those processes, or ingredients, wrong and your data can blow up in your face – or fail to create a reaction at all.
In this series of blogs, we’re looking at what the magic of chemistry can teach us about data: how we handle it, the processes we put it through, and the results we can expect to achieve.
First up: Turning lead into gold – and data into £££
Back in the middle ages, pseudoscientists were obsessed with the pursuit of Alchemy: a ‘chemistry’ (kind of) that could turn virtually worthless metals into gold. But this process sat somewhere between science and magic, featuring equal parts logic and mystical nonsense.
We can’t help but feel that today, something similar is happening with data. Businesses are expecting their data to almost magically transform into ROI for their business, without really understanding the raw data they are dealing with, the processes it needs to go through, or the limitations of the data that’s at their disposal.
The pressure is on CDOs, CTOs and data technology providers to make that magic happen and transform a company’s data into pure gold. But just like alchemy, it’s not going to work. For a business to extract value from their data, they need a business-wide process to follow, and a realistic, achievable goal to work towards.
While alchemists might not have succeeded in turning lead into gold, it is now scientifically possible – if you can collide neutrons with lead atoms at speed. Unfortunately, this method works out far more expensive than the minuscule amount of gold it creates is worth.
So why bother? Why not make that lead into something that does have value, or scrap the lead altogether and use something else?
We’ve seen businesses invest thousands of pounds and hours into data initiatives that are doomed to fail from the start. They start out with a wildly ambitious data goal, a database full of poor quality records, and an expensive piece of technology that they anticipate will make anything possible.
Often, they do manage to extract some value from the data in the process – but they don’t get the results they thought they would. Over time, it becomes a disheartening, frustrating experience that damages a business’ perception of how valuable data can really be.
Here’s an example. If you’re setting out to implement AI to analyse your data, but the data you have is incomplete, inaccurate or irrelevant, your technology is not going to be worth the investment. Because what you are putting in will always impact what you are getting out. Mountains of lead = tiny amounts of gold. Heaps of poor quality data = minimal results.
Creating real value with data
Our advice to businesses is: stop gathering lead in the hope you can turn it to gold. Think about what you want to achieve with data, that will add value to your business – your customers, your employees, your suppliers, your products – and start addressing what you need to do to get to that goal.