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The Value of Data


The Value of Data

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Steve Jones
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Comments posted to this topic are about the item The Value of Data

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Gary Varga
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There is evidence that we are now at the stage where we can identify through data some decisions, previously based on human intuition, that we humans are more likely to get wrong. In some cases we can produce decision support systems and even completely automated systems that are more accurate by far.

Of course, all the above is based on problems that we can codify in some way alongside a set of data which can be mined for enough information for this purpose.

As for the reference to machine intelligence, nowadays I wonder if it is not the artificial intelligent abilities but the volume of local data storage required that will be the most impressive feat achieved...unless they run it in the cloud ;-)

Gaz

-- Stop your grinnin' and drop your linen...they're everywhere!!!
Gary Varga
Gary Varga
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As for the understanding of the data and its inherent value to the business, I tend to feel that it is not the data professionals who underestimate its worth, or at least its importance. It is often higher up the hierarchy where they completely lack the understanding of the effect on the business should their data disappear.

This can be seen when the sales data warehouse which supplies management with the details of completed sales is considered more important than the sales/orders and stock control data. Lose the first and you lose the ability to refine business decisions for a limited time. Lose the second and the business loses their income.

Gaz

-- Stop your grinnin' and drop your linen...they're everywhere!!!
lshanahan
lshanahan
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More data isn't necessarily better data - something aptly demonstrated by the Google Flu trends fiasco.

How data is collected is just as important as quantity if not moreso, as anyone who has taken any but the most basic statistical courses can attest.

____________
Just my $0.02 from over here in the cheap seats of the peanut gallery - please adjust for inflation and/or your local currency.
Eric M Russell
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I'm not sure if 21st century data is analogous to 20th century oil. Oil is a scarce commodity that is expended when it's used and can't be replicated. However, data is the antithesis of that. Perhaps IT professionals with data analysis skills are the new oil and data is just the raw dirt and bedrock from which useful information is extracted, assuming an organization can bring sufficient skillets to bear. Of course, some datasets are more rich than others, but still that in itself is not a scarce commodity.

I believe that in the 21st century fresh water may be the new oil.


"The universe is complicated and for the most part beyond your control, but your life is only as complicated as you choose it to be."
Gary Varga
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I am not great with analogies or metaphors but marketing departments are the new snake oil salesmen. Right?

Gaz

-- Stop your grinnin' and drop your linen...they're everywhere!!!
Eric M Russell
Eric M Russell
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Gary Varga (9/25/2014)
I am not great with analogies or metaphors but marketing departments are the new snake oil salesmen. Right?

Folks in marketing have always been snake oil salesmen, figuratively and literally.

Data as the new "snake oil" ?

That's funny! :-P


"The universe is complicated and for the most part beyond your control, but your life is only as complicated as you choose it to be."
Eric M Russell
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But snake oil is so hard to come by. Here is what some folks will resort to when all else doen't work for them. w00t

http://www.shirleys-wellness-cafe.com/UT/Urine.aspx


"The universe is complicated and for the most part beyond your control, but your life is only as complicated as you choose it to be."
Gary Varga
Gary Varga
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Eric M Russell (9/25/2014)
But snake oil is so hard to come by. Here is what some folks will resort to when all else doen't work for them. w00t

http://www.shirleys-wellness-cafe.com/UT/Urine.aspx


Some URLs you just never need to click...

Gaz

-- Stop your grinnin' and drop your linen...they're everywhere!!!
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