X-DATA: Better Business Decisions Based on DataBy Sofía Hanna | Tue, 07/26/2022 - 11:00
Q: How does X-Data support the business community? How can data be perceived as an investment rather than a business expense?
A: We transform data into assets that can generate profits for our clients. X-Data promotes the vision of using data as an asset. Data is intangible so some believe it does not have value but some companies are already turning their data into profits. The Infocomm Media Development Authority Institute offers companies the opportunity to evaluate their data to see what competitors will pay for it. We have focused on explaining the profits a client can gain from selling their data because it is the easiest way for businesses to understand its value.
In the coming months, we will launch some solutions developed within the past five years, focusing mainly on the health sector as we plan to grow in this niche. We use IT paradigms, such as big data and data science, to add value to our clients.
Q: How has the relevance of data in companies and SMEs grown?
A: There is a shift toward digitalization. All companies are starting to accumulate data but they do not know what to do with it. Most of them, however, have realized that their competitors are starting to use the data for analytical purposes.
About 10 years ago, the Harvard Business Review said that the data scientist role would be the most popular job in the future. Later, the International Institute of Analytics analyzed 400 data-driven companies, reaching the conclusion that companies that used data reported 15 percent more profit, 17 percent more market share and 27 percent more profitability.
Q: How does X-Data help companies to better use business intelligence?
A: We create competitive advantages for businesses and have identified several stages to transform companies in data-driven organizations. We do not just offer technology; we create competitive advantages for businesses to function well.
Q: How can a human resources area powered by a solution like Baiwa help companies to improve their performance?
A: If companies do not understand people, they do not understand businesses. The people analytics tool Baiwa addresses HR through a holistic perspective. Those in HR would benefit from people analytics, a research method that studies a company’s workforce, but they often do not know how to implement it. Our tool increases loyalty by 24 percent and productivity by 18 percent. It reduces employee rotation by 40 percent and absenteeism by 65 percent. Baiwa challenges the misconception that HR is completely isolated from the technological transformation.
Q: Why do companies need to rely on a third party for proper data visualization?
A: Data visualization is the intersection point between art and data science. It is hard for decision-makers to understand data because IT uses a different language. Google once had to hire a data visualization expert to analyze an HR report it had worked on and it now has some of the world’s leading data visualization experts.
Q: What trends should be followed to keep pace with global industries in terms of data analytics?
A: Businesses have to understand how upcoming trends will affect them. The key is to pay attention to technology giants, such as Google and Microsoft, to understand how they are visualizing data. Data privacy and ethics are trending and everyone in the industry should align to these principles. Algorithms must represent a competitive advantage; they should not be biased and results must be impartial.
Q: What is still missing in the Mexican mindset for data to reach its potential usefulness?
A: The consideration that data is fully the responsibility of the IT area needs to be changed. When people start seeing data as a product, they start taking into consideration the client and the return on investment. Fintechs are paying attention to this trend.
Q: In which other industries are you planning to expand your operations?
A: Data usage should become more strategic. Data governance allows companies to see data in a holistic way. We are consolidating ourselves in the health sector and we aim to enter the financial industry. All companies are different but their financial divisions are similar. If we start to analyze the data from a financial perspective, we can reach more clients in a shorter period of time.
Entering the world of data analysis can be complex, which is why X-DATA provides personalized support to its clients, from the exploratory analysis, the definition of the strategy and the problem to be solved, to the analysis and presentation of results.