Building data assets to produce actionable insights has become an essential part of many businesses. However, having too much data may become a liability as there is a chance to lose sight of a critical insight. On the other hand, a good data analytical system can help businesses discover data assets that were lying dormant.
Sports Techs Labs is an industry-leading content, data and analytics company that harnessing the power of collective intelligence to provide clarity and identify key trends to help produce meaning insights for companies. Today, we have an exclusive interview with Justin Peterson, CEO at Sports Techs Labs.
Please share with us about the company, its specialization, and the services that your company offers.
Enterprises are facing a trillion-dollar data problem. A recent study from NewVantage Partners found that 99% of Fortune 1000 companies planned to invest in big data and AI initiatives last year, but only 24% of respondents believe their companies are actually data-driven.
At Sports Techs Labs, we aspire to turn all data into meaningful Information. we believe that business leaders need to view their data supply chain like their actual supply chain – incredibly valuable and essential to the operation of their business. Implementing this mindset across a business requires the right technologies.
We specializes in all facets of the sports wagering and fantasy sports communities. Our team is comprised of industry experts who are masters in contemporary data and computer science.
Using proprietary algorithms and machine learning, we not only provide the most up-to-date and accurate data, but also uncover data that’s available nowhere else.
Kindly share your point of view on the current scenario of Big Data Analytics and its future.
We’re at an interesting milestone for data, both in terms of the current economic climate and its ability to create a whole new level of value for businesses. If past recessions have taught us anything, it’s that data-driven decision-making is essential. Most companies understand that big data analytics can support their business and create value, but they don’t know where to start. Furthermore, traditional approaches that silo data have forced IT teams into a “command and control” posture. This paves the way for significant problems for business executives, such as overspending to try to centralize data and harming the organizational culture surrounding data. Of course, nobody desires this, but it is a brutal reality in far too many businesses.
The industry is seeing the rising importance of Big Data Analytics and AI. What impact do you foresee in other businesses?
Big data analytics are being looked to by businesses, and for good reason, as they can help teams find, understand, trust, and utilise the data they need to answer important business issues. Where in my organization can I make cuts or reallocate resources? can be answered using this information. as well as “What tasks can I put off for six months?”
For instance, you could have to terminate a portion of your personnel in the coming months or put a crucial program on hold. All project-related information, such as team members, their skill sets, and their connections to the project and related data, may be cataloged and comprehended if you are using a knowledge graph-powered data catalog. When it’s time to rehire, retrain, retrench, or change back into growth mode, institutional knowledge is kept and connected to the business so that it may be quickly accessed.
Where are we going from here?
Our current economic climate is very different from what it was even a month or two ago, and businesses across all industries need to be proactive in planning for the inflationary and deflationary forces that are already present and that will come in the future. I am confident that this time will be different because of data literacy and agile governance, having led two prior organizations through the dot-com bubble and the Great Recession. The capacity to confidently use data to inform problem-solving has significantly increased since the last recession. Enterprises may now have a considerably better level of trust and confidence in the results of data-backed decision-making when the proper tools and processes are in place.
My major piece of advice for businesses is to view data as simply the realities of your industry—your clients, business partners, employees, and supply chain. A firm’s ability to master these data and the insights we may draw from them may be able to protect it from the worst of the uncertain economic environment that may be just around the bend. This time, business and technology executives have the chance to optimize our companies in a way that was not even conceivable during the previous recession.