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From the End of Information Chaos to Contextual Knowledge

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Presentation at the occasion of Dow Jones webinar on September 29, 2016, presented by i-SCOOP. Information Diversity 2020.

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From the End of Information Chaos to Contextual Knowledge

  1. 1. About the Speaker J-P De Clerck is a digital transformation and information analyst. He will explore the rich diversity of existing and emerging information sources and formats, the ways to extract value from them and how to offer that value to the increasingly mobile and connected decision maker—today and in the future. To learn more about J-P, visit the i-SCOOP website. About the 2020 Vision Series The 2020 Vision webinar series is part of the “Visionaries Wanted” educational program co- developed by InfoDesk and Dow Jones for information and knowledge management professionals, IT leaders, senior digital information strategists and other professionals responsible for business information workflow within their organizations. For more information contact sean.smith@infodesk.com. Speaker J-P De Clerck
  2. 2. Information Diversity 2020 From the End of Chaos to a Tailored Smart Knowledge Service
  3. 3. Crossroads Convergence Reinventing Always learning No comfort zones Knowledge exchange Holistic
  4. 4. The hidden gems of information in transformation "Only 4% of businesses can extract full value from their information." (PwC, 2015)
  5. 5. Setting the scene The information landscape has dramatically changed • Volume The accelerating growth of data, content and information. • Velocity The accelerating speed at which data is generated and needs processing. • Variety More types, sources and formats of information than ever before. • Value Information is a key business asset, value generator and economic good as such. Challenge and opportunity Less than 0.5% of all data is ever analyzed and used.
  6. 6. CHANGE: WHEN HISTORY REPEATS ITSELF "The product is information. Those who use information most effectively, control wealth." Gerry McGovern in "The Caring Economy", 1999 "Information is one of your most valuable assets. Do you value or manage it like one?" Douglas Laney on Infonomics, 2009 "Leaders in information transformation must treat data as they would any asset." Serge Findling , information in DX, 2015
  7. 7. CHANGE AND HISTORY: HAVE WE LEARNED? • 68% of businesses plans to undertake an organizational transformation, only a small fraction have fully digitized their content-centric business processes (Forrester Consulting, 2016). • 50% of organizations expect to have all digital content within the next two years, yet only 14% said their organization’s collective content is virtually all digital today (Forrester Consulting, 2016). • Manual and fragmented processes impede employee momentum: scattered content (49%) and lack of contextual information (47%) are key pain points (Forrester Consulting, 2016). • Two-thirds of North American and European business is unable to extract value from their information. 23% derives no benefit, 43% obtains little tangible benefit (PwC, 2015). • By 2020 the digital universe will reach 44 trillion gigabytes, a tenfold increase over 2013. However, most organizations are still at the beginning of their journey to extract value from information. (IDC, 2015).
  9. 9. Setting the scene: disruption diversity ECM and information management have been disrupted • Organizations not ready to cope with increasing volumes and diversity of data • Lack of clear plan on leveraging full value hidden within information we have (access to). • ECM forced to move from systems of records to systems of engagement to systems of insight. • Information hoarding mentality stood and stands in the way of a focus on what matters most. • Consumerization disrupted the centralized view of ECM and information management practice. • Solutions and the industry are not ready to deal with reality of cloud and "mobile ability". • ECM has not crossed over into the technology mainstream. • The speed of the consumer and digital transformation outpaces speed of information capabilities and business. • Legacy ECM left behind and not agile enough: shift from information to purpose/context. • Information management disrupted by new ways of working. • No ability to enable the next stage of the extended enterprise.
  10. 10. Setting the scene: disruption diversity ECM and information management have been disrupted ECM has not crossed over into the technology mainstream
  11. 11. The real goal isn’t managing the information, it is harnessing the value of information to control it and use it to better serve our customers and improve our business processes and decisions. Unprecedented information creation and consumption + Disruption at the edges, outpacing the speed of business + Lack of ability to adapt and pro-dapt
  12. 12. 4 core problems on the enterprise level (AIIM) Information chaos
  13. 13. Information chaos An enterprise perspective How can we use all this information we have but underuse and poorly manage to achieve desired outcomes from the perspective of engaging those at the edge: knowledge workers, customers, partners? 01. Engagement
  14. 14. Information chaos An enterprise perspective How can we leverage all that information to automate, improve and holistically speed up business processes? 02. Automation
  15. 15. Information chaos An enterprise perspective Given all the information we have, collect and can still digitize or acquire in this exponentially growing landscape, how do we acquire what matters? How do we combine it to gain insights and actionable knowledge? 03. Insights
  16. 16. Information chaos An enterprise perspective How do we deal with the inevitable risks that come with ever larger volumes of content and information, which on top of that is also becoming more complex than before? 04. Risk 4 information chaos problems
  17. 17. Information chaos The enterprise reality in practice • From Process workers — “Quit making us enter the same information in five different spreadsheets.” • From Knowledge workers — “We’re drowning in information but thirsty for knowledge.” • From Security officers — “Information is leaking out of the organization at every turn.” • From Records managers and lawyers – “The volume of information that is beyond our ability to control is increasing business risk and exposure.” • From IT people — “We can’t keep up with the demands of the business and they are working around us rather than with us.” • From Line of Business People — “Productivity is declining because of our inability to automate our core processes.” • From the C-Suite — “We are spending so much effort just keeping the lights on that I am afraid we will miss the next wave of technology and be left behind.” Interview John Mancini (AIIM) - http://www.i-scoop.eu/digital-transformation-information-opportunity
  18. 18. Information chaos The business content and knowledge perspective "We are overwhelmed by sharply increasing volumes of content that is created on every possible topic as businesses keep putting out more content." The question, on top of the overload: How do I find the best possible answers for my individual task, query and purpose. • Most accurate • Most relevant • Most contextual • Most timely • Most trustworthy Investors and anyone in need of business information to make important financial decisions wonder if they have the right, most accurate and very latest information sources and data to win. 79% of information users look for free information on the Internet (McKinsey)
  19. 19. Information chaos The content consumer (all of us) perspective "I am unable to consume all content. My brain capacity is limited". Mark Schaefer: http://www.businessesgrow.com/2014/01/06/content-shock
  20. 20. Information chaos The content consumer (all of us) perspective "There is too much content. I am in shock". Mark Schaefer: http://www.businessesgrow.com/2014/01/06/content-shock
  21. 21. The real goal isn’t managing the information, it is harnessing the value of information to control it and use it to better serve our customers and improve our business processes and decisions. IS IT REALLY ABOUT VOLUME? IS IT REALLY ABOUT HUMAN CAPACITY IS THERE REALLY A CONTENT SHOCK?
  22. 22. Information chaos Volume should never be the problem • No one wants to "consume all content". • Consumers nor knowledge workers nor decision makers care about volume. • It is perfectly possible to analyze large sets of data and information. • Curation and aggregation of knowledge is not new. • Technologies to turn volume into value are widely available. • It's not about big data but about smart, small, fast and actionable data. There is noise in data, business information and content. Semantics, context, relevance and curation matter.
  23. 23. Information chaos Then what is the problem? • In content marketing: a lack of focus on intent and too much focus on quantity and distribution. • In information management: lack of focus on a unified information strategy, driven by purpose. • An undervaluation of the context of and experiences sought by 'content consumers'. • Silos and gaps: between 1) perceptions regarding information maturity and realities, and 2) awareness about the value of information and the actual valuation by taking actions. • People. Not enough focus on the intersection of information, processes and most of all people. • Culture, DNA and lack of agility, with an ongoing dominance of centralized inside-out views. • Access. Content is not where the value sits. Access to content and information is the key. Without a clear purpose and integration of information sources to serve the end user, information doesn't lead to tangible competitive benefits.
  24. 24. Solving the challenges Seeking value in information chaos: the real challenges • It's not about volume. It's what you and/or your business want to achieve. • It's what users, workers, customers and partners expect from you. • It's about speed as a competitive differentiator and knowledge as the key to timely decisions. • It's about integrating and connecting (no silos) and the value that you can generate. Analytics and technologies to capture, analyse, contextualize, connect and offer access to actionable intelligence fast are key. Artificial intelligence aims to augment human knowledge. People remain the differentiators, both in a context of 1) purpose and of 2) decision making. "Information is the oil of the 21st century and analytics is the combustion engine" (Peter Sondergaard, Gartner).
  25. 25. Turning challenges into opportunities "Where information is concerned, the rate of growth in the opportunities appears to be outstripping the ability of organizations to capture them". (Claire Reid, PwC).
  26. 26. From challenge to opportunity Information diversity: unstructured data • Majority of the data businesses have. • Not tapped into enough yet. • Fastest growing type of data. • When unlocked and integrated with processes, ample benefits: • Speed of process, high contextual value • Customer experience • Adding a "why" to the "how" of big data • Extracting meaning to translate patterns. Needs artificial intelligence: machine learning, cognitive, content analytics. • Social feedback and messages • Sensor-generated data • Files: Word, audio, email,... • Weblogs • Images • ..... Crunching numbers is easy, adding meaning (what, how and why) is where the seeds of value get planted and what is missed becomes visible.
  27. 27. From challenge to opportunity Information diversity: content analytics - AI as the solution "The need for information in the right place, to the right person, in the right context is the prism through which we need to view content analytics." Drivers and benefits: • Contextual search and curation • Business insight • Process Automation • Adding value to legacy content • Sentiment analysis, threat patterns, text mining, looking for meaning. • When we add analysis to recognition, we can match up content with rules and policies, detect unusual behavior and spot patterns and trends Rules-based analytics are limited by the way they are designed and directed. Rules-based analytics are not set up to deal with the volume and variety of data available. Making sense of unstructured data in practice • Contact centers and end-to-end customer experience. • Insurance claims processing. • Healthcare and medical files. • Wealth management. Ask for examples: info@i-scoop.be
  28. 28. From challenge to opportunity Prioritization in data acquisition (and beyond) Focus on the opportunities instead of the volumes, regardless of types or sources of data/information. Targeting the highest value or target-rich data: • Easy to access: how easy can it be obtained. Also: is offering access highly valuable? • Available in real-time: can it drive real-time decisions and actions? • Footprint: can analysis impact many people such as customers or large parts of the business ecosystem? • Transformative: can it, when properly analyzed and acted upon, change society or your business in an impactful meaningful way? • Intersection synergy: does the data have more than one of these attributes? At 1.5% of the total, target- rich data is a much more manageable area of discovery (IDC, The digital universe of opportunities).
  29. 29. From challenge to opportunity The challenge of speed: real-time economy, just-in-time supply chains • .
  30. 30. Don't become part of the misguided majority 76 percent of business say that they are either constrained by legacy, culture, regulatory data issues or miss an understanding of the potential value held by their information. As they don't see the benefits and commercial gains that can be made they don't invest in ways to seize the information advantage or try to unlock the value value of the information they hold. (PwC, 2015). Towards information maturity THE DIFFERENCE BETWEEN DISRUPTION AND DISRUPTED
  31. 31. From challenge to opportunity Towards information maturity
  32. 32. From challenge to opportunity Towards information maturity Mastering the full information value chain and getting the right information to the right system, process and user at the right time for the right purpose. • Start with the end in mind: purpose, desired outcomes, users and context. • Focus on creating actionable information: inventorize, complete, analyze, aggregate, act. • Where does the information sit? What information are we missing? Where, why and how does it need to be available? How do we get there? • Remember the basics of business - ignoring them is the key cause of failure each time again. • Remove the major obstacle of information silos. • People first. Automation will not solve everything, nor will artificial intelligence. • Never design around the system. Design around the business and user need.
  33. 33. Don't become part of the misguided majority Towards information maturity The best way to predict the future is to create it.
  34. 34. The true meaning of hyper-connectivity Hyper-connectedness is a knowledge opportunity • The value of data lies not just in its purpose but also in the missed opportunies of underutilizing it and most of all in the integration and interconnectedness with people, processes, purpose, context and devices. • Compare: the Internet of Things versus the Internet of Everything • Data is instrinsically dumb. Big data as such is meaningless • Devices are intrinsically dumb. Connecting them - the Internet of Things - as such is meaningless. • The Internet of Everything: data and information in an age of hyper-connectivity and an Internet of people, devices, processes and connections that make sense for a purpose: APIs, algorithms and analysis close to the source. Hyper-connectivity is not about networks or devices. It's about connecting people and meaning for a purpose. We connect knowledge.
  35. 35. Outlook 2020 Towards the hybrid, personalized and highly contextual future of information • Device- and channel-agnostic, new devices and formats. • Disruptive experiences for a demanding user. • Hyper-personalization: APIs + recommendation engines. • Self-learning systems and bots. • Platform economy, everything-as-a-service • A hybrid human and automated information and decision matrix (e.g. robo-advisors). • Hyper-contextual and hyper-connected. • Smarter search (from search to find to receive in real-time and based upon self-learning intelligence) • New ways of increasing relevance, push and pull. • Combining traditional sources and analysis of unstructured data (from social data to IoT-generated data). • A universal dashboard: wisdom and action. The Top New Investment Areas Through 2017 Will Be Contextual Understanding and Automated Next Best Action Capabilities UBIQUITY
  36. 36. The importance of the human knowledge factor • Knowledge and content aggregation: the premium of manual selection and context of the librarian. • Authentic thinking, innovation and thought leadership content - there is no app for that. • Managing and dispersing knowledge when and where it sits will remain important. • You need curators and human insight to sift through an ocean of noise. • Each opinion, knowledge interpretation, data insight is by definition subjective. • Be the best answer. • Data needs creativity. • Robots cannot replace human emotion, culture, background and subconsciousness. From challenge to opportunity
  37. 37. The human meaning of data The rate of change of pretty much everything in modern day life seems to be increasing. However, we, the human beings in this equation, are the governing factor http://www.i-scoop.eu/digital-transformation-fast-data-customer-adaptive-business/
  38. 38. Information is the lifeblood of relationships The thing that really causes disruption is the change in power and balance when shifts in value happen between individuals, between companies, between customers, within companies and inside ecosystems and the value chain. http://www.i-scoop.eu/charlene-li-an-interview-on-leadership-and-digital-transformation/
  39. 39. Thank you! Questions? info@i-scoop.be @conversionation