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If your company isn't treating data like an asset, youcould bemissing out ona majorgrowth opportunity.

That's according to SwamiSivasubramanian, vice president of Amazon Machine Learning.Sivasubramanianwas speaking duringa keynote conversation ondata and machine learning WednesdayatAWS re:Invent,a conference forbusiness owners and other technical decision-makers hosted byAmazon Web Services in Las Vegas.

Sivasubramanian says there are three thingscompaniescan do to make the most of their data. Here's his advice.

1.Modernize your data infrastructure.

Too many companies still treat their data like it's the 1990s when they should be implementing a modern data strategy, according to Sivasubramanian.This applies to both storing your data and"putting your data to work," he says. In many cases,hiring an outside company tomanage your databasefor you can save resources and help ensure your operations run smoothly. Sivasubramanian adds that acloud-basedsolution will help ensure that your company'sdata--even the most obscure, infrequently used bits--can be easily accessed by your teams that need it.

Applying modern solutions like machine learningto your database can alsohelp you detect problems faster. For example, an applicationslowdown that might otherwise go undetected for dayscan be identified and diagnosed quickly with machine learning. It can also provide suggestions for fixing problems with your data,which can be time consuming and costly if you're still doing somanually.

2.Unify your data.

It's important to have whatSivasubramanian refers to as a"single source of truth" about your business. Ensuring that your teams are all looking at the same data can help your company make the most of it. Of course,this doesn't mean every teamshould have access to every piece of data; different teams can and should have different permissions and levels of access. What's important is that this data is consistently reported and recorded.

"Opportunities to transform your business with data exist all along the value chain," says Sivasubramanian."But creating such a solution requires companies to have a full picture and a single view of their customers and their business."

3.Find innovative uses foryour data.

Applying insights to your data can help you improve existing operationsor build entirely new ones.Sivasubramanian pointsto severalAWS customers that have benefited from applying machine learning and analytics to their data.Tyson Foods has usedcameras armed with computer vision to identify ways to reducewaste bycutting down on packaging. AndPinterest has usednatural language processing to create more accurate search engines that allow employees to find the information they need faster.

"Machine learning is improving customer experiences, creating more efficiencies, and spurring completely new innovations," saysSivasubramanian. "And having the right data strategy is the key to these innovations."

Originally posted here:
AWS re:Invent: How to Use Machine Learning and Other Technology to Make the Most of Your Data - Inc.