In the data economy, data is king. Today, any business – small, medium, or large – thrives on its data assets. The recent trend of offering data-driven insights as a service has opened up a profitable revenue channel for businesses. Cloud computing and hosted analytics have brought data-as-a-service to the desktops of ordinary business users, […]
Developing a Data Strategy Template
Organizations want a solid and usable Data Strategy template – a well-thought-out plan for a set of decisions that form a pattern, charting a high-level course of action – but face challenges. For example, only 30% of companies have impactful data strategies that align with some operations, resulting in wasted investments in improving analytics and business insights. Instead, most […]
How to Become a Business Intelligence Analyst
As with many buzzwords emerging from the intersection of business and technology, the phrase “business intelligence” (BI) is often misunderstood. In a nutshell, it refers to the skill and practice of extracting insights from data to realize new goals, strategies, trends, and values. A business intelligence analyst, working with a network of other knowledge workers (such […]
A Picture Is Worth 1,000 Words: The Importance of Data Visualization
Have you ever heard the saying, “A picture is worth 1,000 words”? This statement holds especially true in the field of Data Science. Let’s say you are a data scientist at a top Fortune company, dealing with budget portfolio optimizations worth millions of dollars annually for various clients. It is essential to effectively communicate your […]
Building Better Insights: Enabling Real-World Data-Driven Drug Development
By 2025, the drug discovery market is expected to reach $71 billion. While recent growth in the market was largely influenced by the COVID-19 pandemic and the need for vaccinations, a need for more robust data and analytics has also contributed to the industry’s rapid development. Developing new drugs involves substantial money and time – and […]
Data Fabric Use Cases
Data is expanding in volume, variety, and sources; therefore, so is the business need for trustworthy, accurate, and timely data for on-demand “competitive intelligence.” Data fabric use cases offer a long-range technological solution for handling the myriad challenges that come with such a complex data ecosystem. This “converged platform,” designed with a unique architecture and […]
The Value of Data Analytics in the Health Care Industry
While the health care industry has lagged a bit behind other industries in adopting artificial intelligence (AI) and machine learning (ML) – and rightfully so, considering very valid security and safety concerns – its leaders have undergone a mindset shift, recognizing the value of technological innovations and data analytics. Since its implementation, data analytics has completely transformed health care, influencing […]
Will My Career Benefit from Becoming a Citizen Data Scientist?
As a team member within a business environment, you may be familiar with the term “citizen data scientist.” This term has been around for some time and was popularized by Gartner, which defines a citizen data scientist as “a person who creates or generates models that leverage predictive or prescriptive analytics, but whose primary job function is outside […]
Structured vs. Unstructured Data: An Overview
Structured data and unstructured data are both forms of data, but the first uses a single standardized format for storage, and the second does not. Structured data must be appropriately formatted (or reformatted) to provide a standardized data format before being stored, which is not a necessary step when storing unstructured data. The relational database […]
How Can Natural Language Processing (NLP) Help My Business?
Research reveals that the global natural language processing (NLP) market size is projected to grow by $33 billion within the next five years, an annual growth rate of 25%. The use of natural language processing for search capability is ubiquitous – from the Google-type “ask a question and get an answer” environment consumers love to the augmented […]