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How Can You Improve Your Business Figures with Data Lakes

Today, data lakes are springing up here and there. And with that, the composition structure of data lakes is changing. As more and more data are moving towards cloud, data lakes are shifting focus towards cutting edge sources, like NoSQL, while cloud data warehouses are emerging across hybrid deployments.

How Can You Improve Your Business Figures with Data Lakes

A humongous amount of data is being churned out on digital platform each day. IBM says as much as 2.5 quintillion bytes of data is created on a daily basis. Now, this ever-expanding amount of data needs for proper storage system – for that, data lakes have been constructed to hold data in its raw form. In these vast storehouses, data remain mostly in their unstructured state, which is pulled out by data scientists to remodel and transform them into versatile data sets for future use.

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Data Governance: How to Win Over Data and Rule the World

Data is the buzzword. It is conquering the world, but who conquers data: the companies that use them or the servers in which they are stored?

 

Data Governance: How to Win Over Data and Rule the World

 

Let’s usher you into the fascinating world of data, and data governance. FYI: the latter is weaving magic around the Business Intelligence community, but to optimize the results to the fullest, it needs to depend heavily on a single factor, i.e. efficient data management. For that, highly-skilled data analysts are called for – to excel on business analytics, opt for Business Analytics Online Certification by DexLab Analytics. It will feed you in the latest trends and meaningful insights surrounding the daunting domain of data analytics.

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Chief Data Officer Is the Next “Commander” To Join the Digital Kingdom and Here’s Why

Chief Data Officer Is the Next “Commander” To Join the Digital Kingdom and Here’s Why

An over-empowering digital transformation is here and it is wreaking havoc in the C-Suite. CDOs have started taking a front line in managing and pushing new tech like AI and machine learning to alter business landscapes forever.

As a matter of fact, this promising job title has existed for years, even decades – mostly in the financial market. But now when data is being generated at record high speeds, the job role of the CDO is emerging out bigger and better. No more a single person or a general crew is enough to tackle such challenging data issues – to fulfill complicated data management tasks, management is now looking up to specialized data experts.

Gartner predicts that 90% of multinational organizations will appoint a CDO by 2019. Though the first generation CDOs were only concerned about data governance and management, of late, they have been shifting focus on how to best implement data as the best strategic asset in organizations to trigger optimum results.

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Take a look down to know how CDOs can add value to your organization, while streamlining data and developing strategies:

Be competitive, be ahead of the curve

The best way to ace is by taking over your competitors. In corporate jargon, it means to understand your competitor’s strategies better and arm yourself in the way. Also, it calls up to know your customers better, including the things they like to purchase and know ways you can fulfill their needs. Glean all of these observations with the flattering tool of IoT and machine learning, including social media and supply chain.

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Share information through Data silos

Think how would you feel if you are unable to share information within your department? It can be exasperating. But in reality, it happens. Employees working in the same company, even in the same team forget to share information – data is treated as a commodity that is traded for. That’s why, chief data officers break down data silos in an organization to make sure everyone within the framework get access to data to boost decision-making.

CDOs infuse life into data

All analysts are not good with data. No matter how much they pore themselves over into pie charts and bar diagrams, they just can’t nail it. Machine learning using Python and other related technologies has made things easier – now CDOs can infer trends and draw meaningful insights necessary for a better company future. And mind it these analyses eventually saves hours of production time, millions of losses and much more.

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There’s nothing better than cleaner, fresh data

Unkempt data is no data at all. In fact, data comes handy only when it is clean. Today, with the influx of so many data, organizations falter to keep pace with so much data extravagance data starts becoming dirty or of little use. This results in – every report run is full of flaws, estimates are wrong and lists compiles are inaccurate. As a savior in troubled situations, CDOs help in churning out crystal clear, consistent data by taking care of all the business processes, and making sure that they are properly maintained by the users.

CDOs are the meat and potatoes of C-Suite team

Not only they understand the intricacies of the subject matter, CDOs undoubtedly makes better use of your data, and looks forward to ways to use them in more meaningful manners. They are not here to hoard the data, but to share it extensively among the people working in the organization to produce fascinating results all around.

Now that you know how important CDOs are, enroll for a reputable business analytics online certification by DexLab Analytics. Business analytics certification is the key to good times, go get one for yourself today!

 

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Where Did I Go Wrong Predicting the Bitcoin Boom?

A few years ago, Silicon Valley in San Francisco came under the influence of a new, mysterious thing known as Bitcoin. It swept away the tech enthusiasts off their feet. There were a wide set of rumors that Bitcoin was virtual money, invented by a pseudonymous math stalwart named Satoshi Nakamoto, who would later stir up the structure of modern finance and render government-powered currency antiquated.

 
Where Did I Go Wrong Predicting the Bitcoin Boom?
 

To understand the phenomenon better, I once bought a single Bitcoin long time back, which then involved a strenuous labor-intensive process, where I had to go to CVS and use MoneyGram to wire dollar value of a Bitcoin to a crypto-currency exchange. After a month or so, I decided to sell it off for a slight loss, thoroughly convinced that this virtual money is nothing but just a passing fad.

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How Data Is Rendering Unrecognizable Change in Marketing

Business without data is like surviving without an iota of food and water. Data is indispensible. It plays a significant role in framing suave marketing campaigns, creatively, discerning the actual, productive channels to push data through them.

 
How Data Is Rendering Unrecognizable Change in Marketing
 

According to latest reports and analysis, nearly 42% of marketers have introduced more than ten solutions related to data analytics, marketing analysis or customer engagement technologies in a time span of 5 years, in which more than 9% marketers installed more than 20 solutions.

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Quantum Internet Is Now Turning Into a Reality

Quantum Internet Is Now Turning Into a Reality
 

Scientists across the globe are looking forward towards formulating new methods to realize ‘quantum internet’, an unhackable internet, which connects particles linked together by the principle of quantum entanglement. In simple terms, quantum internet will entail multiple particles striking information at each other in the form of quantum signals – but specialists are yet to figure out what it actually does beyond that. The term ‘quantum internet’ is quite sketchy at this moment. There’s no real definition of it as of now.

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Google’s DeepMind: Roll the Wheels of Imagination with Advanced AI

Use intelligence to make the world a better place to live in – Google’s London-based AI coterie, DeepMind is a pioneer in artificial intelligence research programs and has churned out two distinct types of AI that uses the ‘power of imagination’ to plan ahead and fulfil tasks with a higher success rate than the previous ones that lacked imagination.

 
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In a recent interview, DeepMind researchers shared a crisp review of “a new family of approaches for imagination-based planning.” I2As, the so-called Imagination-Augmented Agents make use of an internal ‘imagination encoder’, which helps the AI determine what are and what aren’t productive predictions about its atmosphere.

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Business Intelligence: Now Every Person Can Use Data to Make Better Decisions

The fascinating world of Business Intelligence is expanding. The role of data scientists is evolving. The mysticism associated with data analytics is breaking off, making a way for non-technical background people to understand and dig deeper into the nuances and metrics of data science.
 
Business Intelligence: Now Every Person Can Use Data to Make Better Decisions
 

“Data democratization is about creating an environment where every person who can use data to make better decisions, has access to the data they need when they need it,” says Amir Orad, CEO of BI software company Sisense. Data is not to be limited only in the hands of data scientists, employees throughout the organization should have easy access to data, as and when required.

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More Than Fifty Percent Companies Lack Required Tools and Investment for Efficient Business Analytics

More Than Fifty Percent Companies Lack Required Tools and Investment for Efficient Business Analytics

Fifty-nine percent of the companies around the world are not using Predictive Models or Advanced Analytics – says Forbes Insights/Dun & Bradstreet Study.

A recent study by Forbes Insights and Dun & Bradstreet, “Analytics Accelerates Into the Mainstream: 2017 Enterprise Analytics Study,” elucidates the ever-increasing indispensable role that analytics play in today’s business world, all the way from devising strategies to operations. The gloomy Forbes study highlights the crucial need for immediate investment, implementation and prioritization of analytics within companies.

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The survey was carried on more than 300 senior executives in Britain, Ireland and North America and the report illuminates that the leading corporate giants need to invest more on the people, the processes they use and technologies that authorize decision support and decision automation.

Bruce Rogers, chief insights officer at Forbes Media was found quoting, “This study underlines the need for continued focus and investment,” he further added, “Without sophisticated analysis of quality data, companies risk falling behind.”

“All analytics are not created equal,” said Nipa Basu, chief analytics officer, Dun & Bradstreet.  She explained, “This report shows a critical opportunity for companies to both create a solid foundation of comprehensive business data – master data – and to utilize the right kind of advanced analytics. Those that haven’t yet begun to prioritize implementation of advanced analytics within their organizations will be playing catch-up for a long while, and may never fully recover.”

 

Key findings revealed:

Need for tools and best practices

Though data usage and consumption growth brags about success, little sophistication is observed in how data are analysed. Only 23% of the surveyed candidates are found to be using spreadsheets for all sorts of data work, while another 17% uses dashboards that are a little more efficient than spreadsheets.

The survey says mere 41% rely on predictive models and/or advanced analytical and forecasting techniques, and 19% of the respondents implement no analytical tools that are more complicated than fundamental data models and regressions.

Skill deficiency stalling analytics success

Twenty seven percent of respondents diagnosed with skill gaps as a major blocker between current data and analytics efforts. Fifty two percent were found to be working with third-party data vendors to tackle such lacks of skills. Moreover, 55% of the surveyed contestants said that third-party analytics partners performs better than those who works in-house, exhibiting both a shortage of analytics capabilities among in-house analysts and a dearth in skilled workers.

Investment crunch

Survey respondents ticked lack of investment and problems with technology as the top hindrances to fulfilling their data strategy goals. Despite the increasing use of data, investment in deft personnel and technology is lagging behind.

CFO’s introspect into data for careful insights

According to the survey, 63% of those who are in the financial domains shared they are using data and analytics to discover opportunities to fund business growth. Further, 60% of the survey respondents revealed they rely on data to boost long-term strategic planning.

For more interesting blogs and data-related stuffs, follow us on DexLab Analytics. We are a leading Data Science training institute in Delhi offering high-in demand Business analyst training courses in Gurgaon. Reach us today!

 

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