Unlocking the full potential of technology transcends mere cost savings - it represents a strategic foundation for strengthening an organization's overall vitality and effectiveness.
In a thought-provoking event held at the University of Cincinnati's 1819 Innovation Hub, experts from prominent organizations such as AHEAD, Fortified and the 1819 Learning Lab converged to discuss the transformative power of technology in unlocking business value. The gathering served as a forum for engagement, where participants - including 1819 partners, UC faculty, staff and students - explored the intricate intersection of business and technology.
RJ Sargent, executive director of learning services for the Office of Innovation at UC, organized the event.
"At 1819, we're always looking for opportunities to help our partners maximize their innovation potential. We often lean into the future, helping our partners stay on top of emerging trends, however, the recent Innovation Buzz was an opportunity to look back. Our goal is to ensure the innovation community is maximizing their investments in data and technology and making smart decisions to enable future growth and scale," Sargent said.
This theme of balancing old and new data initiated a discussion among panelists about the ongoing challenges of deciding which data to purge and which to retain.
The focus shifted to data governance capability, involving the corporate objective of effectively managing data as a crucial asset compared to quantifying the costs associated with inaction - a subject with which Washo is well-acquainted.
Drawing on the analogy of the TV show "Hoarders," Washo remarked, "We often observe this behavior in organizations that cling to outdated data 'just in case.' Our role is to assist organizations in eliminating this 'technical' debt. We analyze and articulate the costs linked to each application, revealing to executives the extent of their legacy database across the ecosystem and how it translates into millions of dollars in expenses. Communicating in terms of revenue is language executives readily comprehend."
Cutting-edge technologies like AI, data analytics and machine learning are advancing at an astonishing pace. However, there needs to be more alignment between the evolution of these technologies and the comparatively stagnant information technology budgets of organizations.
Some IT professionals at the event voiced the dilemma of being expected to maintain support for antiquated data while simultaneously driving efficiencies through implementing new models to meet future technology requirements.
One of the highlights after the event was a book signing session featuring DeBow, who shared his insights and experiences as the author of, "End of Abundance in Tech." The book delves into the evolving technology landscape, exploring both challenges and opportunities that lie ahead.
Overall, the event facilitated knowledge-sharing, unlocking significant business value and offering a networking platform for participants to engage with industry leaders and peers.
Featured image at top: Panelists at the Innovation Buzz forum at the 1819 Innovation Hub. Photo/Aidan Wallace
