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.
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.
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.
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.
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.
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.
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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.
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.
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.
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.
‘Big Data’, and then there is ‘Data Science’. These terms are found everywhere, but there is a constant issue lingering with their effectiveness. How effective is data science? Is Big Data an overhyped concept stealing the thunder?
Summing this up, Tim Harford stated in a leading financial magazine –“Big Data has arrived, but big insights have not.” Well, to be precise, Data Science nor Big Data are to be blamed for this, whereas the truth is there exists a lot of data around, but in different places. The aggregation of data is difficult and time-consuming.
Statistically, Data science may be the next-big-thing, but it is yet to become mainstream. Though prognosticators predict 50% of organizations are going to use Data Science in 2017, more practical visionaries put the numbers closer to 15%. Big Data is hard, but it is Data Science that is even harder. Gartner reports, “Only 15% organizations are able to channelize Data Science to production.” – The reason being the gap existing between Data Science expectations and reality.
Big Data is relied upon so extensively that companies have started to expect more than it can actually deliver. Additionally, analytics-generated insights are easier to be replicated – of late, we studied a financial services company where we found a model based on Big Data technology only to learn later that the developers had already developed similar models for several other banks. It means, duplication is to be expected largely.
However, Big Data is the key to Data Science success. For years, the market remained exhilarated about Big Data. Yet, years after big data infused into Hadoop, Spark, etc., Data Science is nowhere near a 50% adoption rate. To get the best out of this revered technology, organizations need vast pools of data and not the latest algorithms. But the biggest reason for Big Data failure is that most of the companies cannot muster in the information they have, properly. They don’t know how to manage it, evaluate it in the exact ways that amplify their understanding, and bring in changes according to newer insights developed. Companies never automatically develop these competencies; they first need to know how to use the data in the correct manner in their mainframe systems, much the way he statisticians’ master arithmetic before they start on with algebra. So, unless and until a company learns to derive out the best from its data and analysis, Data Science has no role to play.
Even if companies manage to get past the above mentioned hurdles, they fail miserably in finding skillful data scientists, who are the right guys for the job in question. Veritable data scientists are rare to find these days. Several universities are found offering Data Science programs for the learners, but instead of focusing on the theoretical approach, Data Science is a more practical discipline. Classroom training is not what you should be looking for. Seek for a premier Data analyst training institute and grab the fundamentals of Data Science. DexLab Analytics is here with its amazing analyst courses in Delhi. Get enrolled today to outshine your peers and leave an imprint in the bigger Big Data community for long.
Interested in a career in Data Analyst?
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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.
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.
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Two decades ago, if someone asked me to write a computer program that played tic-tac-toe, I would have failed horribly. Now being an accomplished computer programmer, I know the desirable tricks to solve tic-tac-toe with the help of “Minimax Algorithm”, and what it takes is just about an hour to jot down the program. No doubt, my coding skills have evolved over the period of time, but also computer science technology has reached unattainable heights.
Computers paved the ways for a startled innovation. When in 1997, IBM introduced a chess-playing computer, known as Deep Blue, which eventually beat world-renowned Grandmaster Garry Kasparov in a six-game match, people remained in awe for years. Following the trend, in 2016, Google’s London-based AI Company, DeepMind launched AlphaGo – and it mastered over the ancient board game Go. Computers have outplayed the best human players in the games of chess, draughts and backgammon, now it’s time for Go.
The technology goes on thriving, beating humans at games. In late May, AlphaGo is all set to take on its human rival Ke Jie, the best player in the world during the Future of Go Summit in Wuzhen, China. Games, which solely relied on human intelligence, wit, intuition, discern is now excelled by the AI, which is powered by improved engineering and computer superiority.
Don’t you think this is great! Where AI is driving our cars, looking for ways to cure deadly cancer and helping us in everyday work, winning at Go takes AI a step ahead. It not only makes the games more fun and exciting, but endlessly enjoyable.
The strategy explained
In the eastern part of the world, notably in China, Japan and South Korea, Go is extremely popular and many celebrities indulge in it. The game developers showed interest for long in the complexity of this game. However, the rules are simple – the main objective is to secure the maximum territories by placing and capturing black and white stones on a 19×19 grid.
Chess is less complicated than Go; in the latter, the chances of recognising wins and losses is relatively tougher, as stones possess equal values, and ensures understated impacts throughout the board. To play Go, AlphaGo program implemented deep learning in neural networks – a brain-stimulated program. The connections formed here runs in-between layers of simulated neurons, further strengthened by examples and experiences. Firstly, it analysed 30 million positions from expert games, while gaining abstract information about the state of play from the board data, just like other programmes that classify images from pixels. After all this, finally it played against itself over 50 computers to improve its performance, with each iteration and this came to be known as reinforcement learning.
The round of applause
“AlphaGo plays in a human way”, says Fan – DeepMind’s program AlphaGo beat Fan Hui, the European Go champion. He further added, “If no one told me, maybe I would think the player was a little strange, but a very strong player, a real person.” “The program seems to have developed a conservative (rather than aggressive) style”, adds Toby Manning, a veteran Go player and a referee.
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Ever wondered why many organizations often find it hard to implement Big Data? The reason often is poor or non-existent data management strategies which works counterproductive.
Data cannot be delivered or analysed without proper technology systems and procedural flows data can never be analysed or delivered. And without an expert team to manage and maintain the setup, errors, and backlogs will be frequent.
Before we make a plan of the data management strategies we must consider what systems and technologies one may need to add and what improvements can be made to an existing processes; and what do these roles bring about in terms of effects with changes.
However, a much as is possible any type of changes should be done by making sure a strategy is going to be integrated with the existing business process.
And it is also important to take a holistic point of view, for data management. After all, a strategy that does not work for its users will never function effectively for any organization.
With all these things in mind, in this article we will examine each of the three most important non-data components for a successful data management strategy – this should include the process, the technology and the people.
Recognizing the right data systems:
There is a lot of technology implemented into the Big Data industry, and a lot of it is in the form of a highly specific tool system. Almost all of the enterprises do need the following types of tech:
Data mining:
This will isolate specific information from a large data sets and transform it into usable metrics. Some o the familiar data mining tools are SAS, R and KXEN.
Automated ETL:
The process of ETL is used to extract, transform, and also will load data so that it can be used. ETL tools also automate this process so that human users will not have to request data manually. Moreover, the automated process is way more consistent.
Enterprise data warehouse:
A centralised data warehouse will be able to store all of an organization’s data and also integrate a related data from other sources, this is an indispensible part of any data management plan. It also keeps data accessible, and associates a lot of kinds of customer data for a complete view.
Enterprise monitoring:
These are tools, which provide a layer of security and quality assurance by monitoring some critical environments, with problem diagnosing, whenever they arise, and also to quickly notify the team behind analytics.
Business intelligence and reporting, Analytics:
These are tools that turn processed data into insights, that are tailored to extract roles along with users. Data must go to the right people and in the right format for it to be useful.
Analytics:
And in analytics highly specific metrics are combined like customer acquisition data, product life cycle, and tracking details, with intuitive user friendly interfaces. They often integrate with some non-analytics tools to ensure the best possible user experience.
So, it is important to not think of the above technologies as simply isolated elements but instead consider them as a part of a team. Which must work together as an organized unit.
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The main objective behind using any analytics tool is to analyze data and gather commercially relevant and actionable insights to accelerate results and performances of any organization. But currently there are a variety of tools available so, it often becomes difficult for managers to know which ones to use and when. You may be considering an online certificate in business analyticsso reviewing and understanding these key tools may be of great value.
So, we thought you may want to know a few of the key analytics tools in use today and how they can be helpful for different business organizations.
