As we all know, digitalization is the industrial revolution of our time. Buzzwords such as artificial intelligence, big data and machine learning are shaping not only the digital transformation, but our everyday lives. Four out of five organizations are convinced that data-driven AI solutions will permanently change their industry. By 2025, we can save around 350 million euros in costs and increase company revenue by 150 million euros in Germany alone. But did you know that 60% of data projects don’t make it past the testing and experimentation phase? This is because there is usually no common data tool or data strategy. User needs are often not defined clearly enough or desired goals are not explicitly stated. This is where data thinking comes in: the data-driven innovation method answers economic questions with a data-based mindset. We’ll show you how you can use data thinking to save your company from this lack of a plan and use data as an innovation driver.
Data as the basis for a strong strategy
Data generates knowledge and knowledge is power. Data thinking is the combination between data science and design thinking. But what exactly does it mean? In data thinking, you ask yourself how you can create business value from data.