Faced with overwhelming amounts of data, organizations across the world are looking at leveraging data and analytics (D&A) to derive insights to increase revenue, reduce costs, and mitigate risks. McKinsey found that insight-driven companies report EBITDA (earnings before interest, taxes, depreciation, and amortization) increases of up to 25% [1]. According to Forrester, organizations that use data and insights […]
Are Data Scientists Needed in the Self-Service Analytics World?
As the world becomes increasingly data-driven, businesses are turning to self-service analytics to enable business users to perform their own data analysis tasks. In self-service analytics, business users can access and analyze data without assistance or support from IT personnel or data scientists. Direct access to ML-powered analytics platforms allows them to make better business […]
A Brief History of Business Intelligence
In 1865, Richard Millar Devens presented the phrase “Business Intelligence” (BI) in the “Cyclopædia of Commercial and Business Anecdotes.” He used it to describe how Sir Henry Furnese, a banker, profited from information by gathering and acting on it before his competition. More recently, in 1958, an article was written by an IBM computer scientist […]
The Role of Decision Science in Shaping Business Analytics
The field of decision science focuses on making data-informed decisions. Decision science helps to analyze the impact of a decision on the business. The best decisions are often made with a combination of data and precise business questions. The more precise the questions, the more precise the data requirements will be. Harvard’s Center for Health […]
Types of Analytics Used in Organizations
Data analytics in businesses help uncover competitive intelligence, actionable insights and trends. Different types of analytics enable businesses to gain an edge over their competitors. In the “data first” era, data-driven insights and decisions have become the key drivers of business performance. This post reviews the different types of data analytics routinely used in enterprises. […]
Fundamentals of Digital Twins
Digital twins can present a virtual replica of physical components, processes, or systems to enable improved understanding of the performance characteristics of such entities. With digital twins, industry operators can visualize, predict, and optimize the performance of individual components within a system or process, or the entire process from a remote location. According to Microsoft, […]
Data Science vs. Data Analytics
The data scientist and the data analyst represented two of the “most in-demand, high-paying jobs in 2021.” The previous year, the World Economic Forum Future of Jobs Report 2020 listed these jobs at the top of a list representing most in-demand jobs across industries. In data analytics, which is often referred to as business analytics, […]
Impact of Data Quality on Big Data Management
As the available industry literature suggests, Data Quality (DQ) is seriously hindering the success of many big data projects. However, it is apparent that without an organized movement in favor of Data Quality for big data, nothing will actually happen to change the current scenario. In an interview with the CEO of Informatica, Anil Chakravarthy, […]
What Is SVM Classification Analysis and How Can It Benefit Business Analytics?
This article provides a brief explanation of the SVM classification method of analytics. What Is SVM Classification Analysis? SVM classification is based on the idea of finding a hyperplane that best divides a dataset into predefined classes. The goal is to choose a hyperplane with the greatest possible margin between the hyperplane and any point […]
Press Release: Enterprise Data World 2022 Registration Is Open
November 10, 2021 – DATAVERSITY and DAMA International officially opened registration today for the 26th annual Enterprise Data World Conference (EDW). The event will be held March 20-25, 2022, at the Sheraton Hotel & Marina in San Diego, California. For more details about the program, speakers, registration options, venue, and COVID-19 protocols, visit enterprisedataworld.com. “We are delighted […]