DALIAN, China — Companies need to get serious about becoming more data savvy, collecting and analyzing information to better position themselves to stay one step ahead, said Yao Zhang, the founder of robotics firm RoboTerra.
"Every company, whichever sector you belong to today, eventually you will be a data company very soon," Zhang said Wednesday. As such, it's important to "pay attention to data, collect the data, analyze them, so you can have better products and services [to provide] back to society."
Without those data-driven insights, companies will be hard-pressed to stay relevant, she said, emphasizing a theme that has been echoed here at the World Economic Forum's "Summer Davos" meeting in Dalian, China.
Experts have been pointing to how big data will power advancements in artificial intelligence — the next big sea change on the horizon. And it's going to take some work to ensure innovation benefits all equally, and it doesn't exacerbate issues like a growing wealth gap.