The enthusiasm for data lakes and data-first technologies is quickly vanishing. While these initiatives were all the rage for the past five years, they are failing to deliver on their promises of achieving enterprise-wide profitability.
Simply gathering data spread across the enterprise and consolidating it into data lakes – in hopes that data scientists can mine it for insights and stumble upon the right answers – hasn’t delivered the expected ROI.
The Next Technology Wave Is Here and It’s Digital Knowledge Technology
The next technology wave is here to lead enterprises on their quest to digital transformation. Companies like GE, Maersk, Shell, and Chevron are driving digital transformation and optimizing every aspect of their business three to ten times faster than before with Digital Knowledge Technology, which truly delivers profitability. This knowledge-centric approach uniquely captures and models the complex relationships between how business processes, assets and organizations operate and interconnect – across the entire enterprise.
Digital Knowledge Technology goes beyond data analytics to bring knowledge and reasoning into the hands of subject-matter experts. With this new approach to digital transformation, business experts within an organization can easily find the most relevant data and information inputs from across silos and collaborate with technical experts to understand their relationships in the context of optimizing an asset or business process. This knowledge enables companies to better understand the interdependencies of their assets and processes across the enterprise and answer the questions needed to accelerate the optimization of these assets and processes.
For example, an energy company used Digital Knowledge Technology to reduce turbine downtime through predictive maintenance. In parallel the call center organization, wanted to better understand the root cause of increasing customer service tickets. The predictive maintenance project identified that a specific software upgrade resulted in the turbine downtime. Since the two optimization initiatives had the same turbine in common, that software upgrade also revealed additional insights for the customer service optimization initiative, demonstrating how organizations interconnect.
As New York Times reporter Steve Lohr recently wrote: “But data science is a technology advancement with trade-offs. It can see things as never before, but also can be a blunt instrument, missing context and nuance.” With Digital Knowledge Technology, companies no longer have to make that “trade-off” to achieve digital transformation.
Learn how Fortune 500 companies are driving digital transformation with Digital Knowledge Technology, by downloading our solution brief.
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