How are you using your data? Are you accurately capturing and storing it so it can be used to develop insights and enable your business? Or is it stored and disregarded until needed? The trend of smart data is on the rise, calling into question the life expectancy of big data.
Information-Age recently released an article to examine the difference between the types of data.
“Big data as a concept is defined around four aspects: data volume, data velocity, data veracity and data value.
“Two patterns emerge when these characteristics are looked at closely. While the volume and velocity aspects refer to data generation process and how to capture and store the data, veracity and value aspects deal with the quality and the usefulness of the data leading to the point.”
All four of these aspects are critical to business success; however, veracity and value are often overlooked.
“If businesses simply go by the volume and velocity aspects, it qualifies as a big data problem. However, in reality, a lot of this data comprises ‘noise’ (information or metadata having low or no real value for the enterprise).
“The purpose of smart data (veracity and value) is to filter out the noise and hold the valuable data, which can be effectively used by the enterprise to solve business problems.”
When making the shift from big data to smart data, it’s critical to identify which data points will lead to actionable insights. This way you are truly measuring what matters and not getting bogged down in the noise.
As the article points out, “The collection and exploitation of data is meaningful only when it is used to optimise and automate solutions and solve problems (data-driven decision-making).”
Simply put, having data and not using it in your business process is like knowing history but not learning from it. Developing insights can result in monumental shifts in the organization or even just subtle tweaks. Having the data and learning from it is what separates a median organization from a “best in class” organization.
Data is more valuable than ever before; are you turning your big data into smart data? To read more about the rise of smart data, click here.
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