In a Perfect World we are all Data Scientists

Data transparency promises to put the needs of people, and our planet, first

By Niels Stenfeldt, CEO, Stibo Systems

Speaking with a group of students recently, I asked a question that on one hand seemed simple, and on the other, slightly profound; What is data?

Think about it.

At the most basic level, data is a collection of facts and figures representing physical realities like conditions, ideas or objects. From there, data becomes the basis for calculations, analysis or decisions. While in computing, data is information transformed into a format to be stored, shared or processed.

Whichever way you look at, one thing is certain. In the current business environment, data equals power. And that makes data a pretty big deal.

With so much potential being realized from data, the race is on to capitalize on it. That’s great news if you’re a data scientist with access to powerful analytics and constantly growing data stores to glean insights from. But what’s in it for the rest of us?

DATA TR A NSPA R ENCY OPENS DOORS. Transparency as applied to ethical business behaviour has been a buzzword in corporate social responsibility (CSR) for years. But the concept of data transparency may be less familiar. That’s about to change.

At its core, data transparency is similar to providing visibility into data as it travels across an enterprise, and among members of a value/supply chain.

But making data transparent introduces a new audience – the consumer – providing them visibility that makes companies more accountable, trustworthy and responsive to their constituents. And providing a window into their environmental and sustainability initiatives that promises to empower customers to make informed decisions based on the things that matter to them most.

DATA TRANSPARENCY IN ACTION. A familiar, though somewhat behind the scenes example of data transparency occurs any time there is a food recall, where, for example, a batch of lettuce picked at a specific place/time can be traced to packages to be removed from store shelves.

Providing this kind of transparency to end customers is an extension of that concept and the opportunities it creates will be empowering. Here is one example from my own recent experience.

Shopping for jeans, my teenage son asked about their environmental impact. In addition to country of origin, he wanted to know how much water was used to create the different wash that made them unique. Then he used the information to form his decision based on his personal beliefs.

A few months ago I went shopping for a pair of jeans with my teenage son. Anyone with kids that age knows they can be pretty demanding. But I never realized how much until, after narrowing it down to two pairs, my son asked about their environmental impact. In addition to country of origin, he wanted to know how much water was used to create the different wash that made them unique. Then he used the information to form his decision based on his personal beliefs.

I have to admit, I was astounded.

EMPOWERING ENVIRONMENTAL DECISIONS. I should say that many brands we do business with today don’t yet have the ability to provide this kind of transparency. Nor would the majority of consumers today ask for it.

But make no mistake. These interconnected realities – brands committed to data transparency, and customers who demand it – are coming. Together they’ll help fuel a new era of environmental and socially conscious decision-making and activism that will have a dramatic impact on life, as we know it.

A BETTER WOR LD THROUGH BETTER DATA. Despite being surprised by my own son, addressing the growing environmental consciousness of consumers is high on my agenda. As a long-time leader in master data management (MDM), Stibo Systems has been working on this for decades. By breaking down barriers inhibiting the flow of – and visibility into – accurate, trustworthy data, we already enable unprecedented transparency. And in doing so, we’ve already helped countless companies around the world do what they can to make the world a better place by making data science more accessible to everyone.

Of course, great foresight and thinking alone wouldn’t have gotten us to this point, as we also need to point to our foundational ownership structure. Those interested in engaging the global business community to support environmental action might be interested to learn more, as it means we don’t serve any single beneficiary or investor that might prize short term profit over long-term objectives.

The ability to pursue innovation played an essential role delivering on our mission, while remaining true to the values of our founders and predecessors who were committed to an ambitious CSR agenda long before anyone knew what that meant.

It makes me proud to know we’re helping other companies to do the same now. And as a dad to be engaged in something that can help preserve our planet for the next generation to enjoy. That’s ultimately what data transparency is all about.