Data in 2018 was something very niche, as a topic, and probably 0.5% of the companies, worldwide, were relying on it to develop marketing, sales or other funnels via such technology. Now that data is the most valuable asset on Earth, let’s analyse what are the trends companies can use to build a profitable business with data points and structures.
Let’s Start With Data Quality
“Data quality management ensures data is fit for consumption and meets the needs of data consumers. To be of high quality, data must be consistent and unambiguous. You can measure data quality through dimensions including accuracy, completeness, consistency, integrity, reasonability, timelines, uniqueness, validity, and accessibility. Data quality issues are often the result of database merges or systems/cloud integration processes in which data fields that should be compatible are not due to schema or format inconsistencies. Data that is not high quality can undergo data cleansing to raise its quality.” That’s the definition Microsoft gave in a recent TEDtalk about data, which clearly states how important is to target data in a smart way.
Data Lakes And Organization
Most data-driven companies leverage business intelligence tools like Looker, Tableau, and Superset to track key KPIs. While these operational systems can proactively send alerts when a metric passes a certain threshold, the analyst still needs to drill down into the details to determine why the KPI changes. Diagnostics are still fairly manual. That’s the whole purpose behind a data lake, which effectively creates and organises data points and other forms of dynamic/static data into a simple or complex architecture. There are a few businesses offering KPI observability. Anodot, Lightup, and Orbiter focus on anomaly detection and underlying factors causing the change. Falkon and Sisu are focused on anomaly detection and trend detection. Thoughtspot SpotAI and Outlier try to produce the most important insights from massive amounts of data, without requiring human supervision/configuration. In the exhibit below, we’ve included vendors in all relevant categories.
Data is definitely moving to a more mainstream business world. With dozens and dozens of companies heavily embracing the world of data, it is essential for you to start looking into the matter, especially if you operate with mobile devices. A lot of app developers in the UK have stated that it is super important to understand the fact that mobile is the powerhouse of data gathering and, therefore, it is super important to evaluate its importance.