Companies worldwide have embraced a data-driven approach, using sophisticated analytics to inform strategic decision-making. However, the evolving business landscape demands a shift from being merely data-driven to data-centric. This transition involves treating data as a product, asset, and platform. Enterprises must consider data monetization by evaluating if their data can be packaged and sold externally, a practice traditionally dominated by data brokers. Moreover, data-centric organizations are reassessing how to account for data's value, recognizing that as data undergoes refinement and augmentation, its worth increases similarly to the transformation of raw materials into finished goods.
The advent of generative AI and large language models has further propelled the data-centric approach. Companies now leverage their proprietary data to build platforms that offer advanced capabilities without directly selling the data itself. This strategy includes creating industry-specific models and providing enhanced business processing through data-powered platforms. As organizations shift towards data-centricity, they focus on valuing and utilizing their data in innovative ways to gain competitive advantages. This transformation, while complex and gradual, is essential for maintaining relevance and driving business success in an increasingly digital and data-centric world.
