Data has been treated as the key to all problems that can magically untangle knots and bring clarity and growth. Anyone with an accurate idea and access to the relevant data has the road map to success or that is what we thought. And it was this that drove companies to delve deeper into their archives to extract relevant data which could be of substantial help in the training and validation of machine learning algorithms. However, with the strike of pandemic things have taken a 180-degree turn.
Pandemic and the Relevance of Data
Historical data is indeed a valuable source of information since it facilitates the prediction of the future through past patterns and trends. However, the future being shadowed by a global pandemic has completely changed things and the relevance associated with data. It is no longer possible to use past patterns to draw a picture of the future since the pandemic has completely disrupted things and turned the future into a hazy maze. There is nothing sure or certain about the future except the fact that it will continue to undergo rapid changes.
It is not possible to predict the time when the situation will gain a stable pace or what will be the state of things when it does. Therefore, relying on historical data is no longer a prudent option. According to Nadun Muthukumarana who is the public sector and analytics lead partner at Deloitte, the lack of relevance of historical data doesn’t mean that it should be completely forgone. Rather the need of the hour is for data that is more contemporary and recent. Experts call this sort of data, ‘effervescent data,’ owing to its quality of being always new and fresh.
This also mandates the organizations to look into the public sector to source relevant data as the effervescent data within the organizations tend to be limited. This gives an added advantage to the public sector, facilitating collaboration with these companies which will help them to gain necessary insights that can be used to improve their services.
Pairing digital twins with effervescent data will be of substantial help since it allows the use of simulation techniques through which possible outcomes can be discerned. The digital twin facilitates the replication of real-world scenarios into digital form. Potential future scenarios can then be simulated by using effervescent data in combination with the complex problem-solving abilities of artificial intelligence. A combination of the limitations of the real world and mathematics means that the simulations will possess a high level of accuracy.
There are certain companies like Deloitte that are already making use of this technology that puts them in sync with the rapidly changing world. It will be all the more beneficial if public sector companies adopt this technology which will prove to be of substantial help in improving their services. The immense wealth of data they already possess will make this process all the more easier and effective.