Companies that make targeted investments in the correct handling of data not only create operational advantages for themselves, but also pave the way for the implementation of innovative technologies such as artificial intelligence.
The importance of data in today's world
In today's world, data is often referred to as the new oil. However, it is no longer enough to simply possess it - the true value comes from the correct use of data. The right use of data makes it possible to extract valuable information from raw data and thus create a decisive advantage for companies. With the spread of digital technologies and networked, smart devices, the amount of data is constantly growing. Companies must therefore start to rethink, break down silos and use their data effectively to ensure their competitiveness.
In order to ensure better use of data, among other things, the European data strategy (Data Act) was launched. This strategy aims to strengthen Europe's digital sovereignty, improve access to data and enable new business models in order to remain competitive. Europe's companies are still lagging behind internationally when it comes to the correct handling of data.
EU Data Act
The EU Data Act regulates the use and transfer of data generated by smart products and modern machines for the first time. Until now, manufacturers often had sole control over how this data was used, for example for maintenance, diagnostics or product improvement. The Data Act now strengthens the rights of users: they are to be given access to the generated data and can pass it on to third parties if required. This offers these companies new opportunities to develop data-driven services. The Data Act helps to make the industry's wealth of data more widely accessible and drive innovation.
Data: The untapped treasure of German companies
Although data is becoming increasingly important in today's economy, it remains unused in many German companies. A study by Bitkom (source: https://www.bitkom.org/Presse/Presseinformation/Datenoekonomie-Deutschland-2024) shows that only six percent of German companies are exploiting the full potential of their data. Bitkom President Dr. Ralf Wintergerst emphasizes: "Data and its use are crucial for competitiveness. Future technologies such as artificial intelligence (AI) will only be fully effective if they are fed with high-quality data." - companies must therefore use their data more comprehensively in order to remain competitive.
Hurdles: Why data quality and governance are crucial
One of the biggest challenges is ensuring the quality and accessibility of data. Without a consistent database and clearly defined processes and rules for managing and handling data, it is impossible to ensure that the data is available in suitable quality. Increasing size and complexity also create data silos in companies, which also make it difficult to use data properly.
Artificial intelligence: Why AI fails without clean data
For many companies, the use of Artificial intelligence This is enormously important in order to be able to make smarter decisions or have machines make decisions automatically. But there is more to this than just inserting and training algorithms.
Many companies believe that topics such as artificial intelligence will have a major impact on their data strategy in the future. However, only a few companies currently consider their data to be sufficiently prepared to be able to use it effectively. Here, too, it is crucial to deal with the correct handling of data. Successful AI and data projects require high-quality data and a well-thought-out data strategy. Data must be integrated, cleansed and processed in order to make it usable for AI systems in the first place.
Conclusion: using data as an opportunity
Data is no longer just a side issue - it is an essential component of the modern economy. Companies that invest in a smart data strategy now will secure long-term competitive advantages. By using data correctly, processes can be optimized and innovative technologies such as AI can be successfully implemented.
In our Data Driven Solutions division, we enable data-based decisions and support you in becoming a data-driven company.
