In the digital transformation, there are two perspectives on reality.
What did Prof. Dr. Karl Schmedders mean in his lecture last weekend at the IMD Business School International Institute for Management Development (IMD) in Lausanne, Switzerland, when he repeatedly referred to data as “garbage in, garbage out”?
Here is an example from my lecture at the International Institute for Management Development (IMD) in Lausanne, Switzerland, last weekend: “A company asked me to derive the dependencies of a production process on macroclimate and microclimate from the data volume of the last 40 years (170 TB) so that these findings can be incorporated into forecasting models for future product developments.” What does this have to do with “garbage in, garbage out!”? Here are three examples:
I describe how to resolve this type of data waste in my book “Daten einfach anders denken! The undiscovered gold of companies!”, which will be published in Q1.2024, and in the online events of “Mittelstand GOES Digital 4.0”.