Founded to simplify strategic work
My name is Jacob Kihlbaum and I am one of the founders and CEO of the company Binary Brains.
Before we founded Binary Brains, I worked at Sony Music where I focused on and built a lot of my experience within the field of Data Science and how to use insights in a sustainable way.
However, it became clear to me that there are multiple challenges for companies that don’t have data science as part of their core business to really benefit from its potential.
Data Science is much more than building models. It’s also about understanding the business strategically as well as presenting the insights in a simple understandable way – either for another machine or for a human being. This calls for a pretty big Data Science team and they might still end up being involuntary gatekeepers of the insights.
Mining the GOLD
Some of the bigger challenges with mining the gold out of your data internally are:
- A successful data scientist needs to be great at data exploration, data cleaning, statistical modelling, programming (front- and backend), design and visualization, while also understanding your industry and doing the right things strategically. Sounds like a whole team and not just one person? I agree. Sounds pretty expensive too.
- Your own data might not be enough. Third party data can be the key to convert your data from a coal mine to a gold mine.
- The demand for data scientists is much higher than the supply so there is actually a scarcity of experts on the market and you have to pay to win in that competition. The reason is that everyone is trying to invent the same type of wheel in-house.
- I’ve seen a lot of struggle to communicate between business departments and data scientists. A lousy model with awesome visualization will be more used and trusted internally than a great model with lousy visualization.
- It costs a lot of time and money to invest in a data science team internally, and I’ve seen it time and time again that the fail rate is high, because the person or team hired doesn’t cover all the skills I just listed above.
So this is why Binary Brains has a reason to exist, and why we founded it in the first place. We decided we wanted to lower the threshold for companies to implement predictions in their day to day business while avoiding that fail rate.
Instead of inventing it on your own internally we offer predictive analytics as a service. This means that we take full responsibility to maintain, train and monitor your predictions, while you only pay for what you need.
Making impact within departments
We’ve seen these insights make big impact within the following departments:
- Purchase department
- Financial department
- Marketing department
- Sales & business development department
- Analytics, data & IT department
You should be able to work strategically in a simple data driven way with the help of predictions from our AI-services. These will help you to make better business decisions that can create long term sustainable growth.
Today, I would say that most companies I meet do not work strategically in a simple and sustainable way in regards to what data they possess.
The companies that really excel using data science, are the ones that were born digital and where data science is part of their core business. That’s companies such as Amazon, Spotify, Tencent and Alibaba.
We want to make it possible for all the other companies to excel in this space as well. And those who compete with a company like Amazon for example – we want to be your answer to level the field and even tilt it to your advantage.
With upcoming blog posts in the near future from Binary Brains, we hope that we can inform and discuss with you, our followers, how we see strategic work becoming more sustainable in the age of data.
Speak soon and feel free to disagree, but if so let me know!