Home > Resources > Articles > 5 Predictive Data Analytics Applications

5 Predictive Data Analytics Applications

SHAIVI CHAPALGAONKAR | May 31, 2021 | 1299 views

According to Google trends, predictive data analytics has gained a significant amount of popularity over the last few years. Many businesses have implemented predictive analytics applications to increase their business reach, gain new customers, forecast sales, and more.

Predictive Analytics is a type of data analytics technology that makes predictions with the help of data sets, statistical modeling, and machine learning. Predictive analytics uses historical data. This historical data is fed into a mathematical model that recognizes patterns and trends that are then applied to current data to forecast trends, practices, and behaviors from milliseconds to days and even years.

Based on the parameters supplied to them, organizations find patterns within that data to detect risks, opportunities, forecast conditions, and events that would occur at a particular time. At its heart, the use of predictive analytics answers a simple question, “What would happen based on my current data and what can be done to change the outcome.”

In the current times, businesses have multiple products offerings at their disposal to choose from vendors of big data predictive analytics in different industries. They can help these businesses leverage historical data discovering complex data correlation, recognizing patterns, and forecasting.

Organizations are turning to predictive analytics to increase their bottom line and gain advantages against their competition. Some of those reasons are listed below:

• With the growing amount and types of data, there is more interest in utilizing it to produce valuable insights
• Better computers
• An abundance of easy to use software
• Need of competitive differentiation due to tougher
  economic conditions

As more and more easy-to-use software have been introduced, businesses no longer need statisticians and mathematicians for predictive analytics and forecasting.

Benefits of Predictive Analytics

Competitive edge over other businesses

The most common reason why multiple companies picked up predictive analytics was to gain an advantage over their competitors. Customer trends and buying patterns keep changing from time to time. The ones who can identify it first will go ahead in the game. Embracing predictive analytics is how you will stay ahead of your competition. Predictive analytics will aid in qualified lead generation and give you an insight into the present and potential customers.

Business growth

Businesses opt for predictive analytics to predict customer behavior, preferences, and responses. Using this information, they attract their target audience and entice them into becoming loyal customers. Predictive analytics gives valuable information about your customers such as which of them are likely to lapse, how to retain them, whether you should market directly at them, etc. The more you know about them, the stronger your marketing will become. Your business will become the leader in predicting your customer’s exact needs.

Customer satisfaction

Retaining existing customers is almost five times more difficult than acquiring new ones. The most successful company is the one that invests money in retaining those customers as much as acquiring new ones.

Predictive analytics helps in directing marketing strategies towards your existing customers and get them to return frequently. The analytics tool will make sure your marketing strategy caters to the diverse requirements of your customers.

Personalized services

Earlier marketing strategies revolved around the ‘one size fits all’ approach, but gone are those days. If you want to retain and acquire new customers, you have to create personalized marketing campaigns to attract customers.

Predictive analytics and data management help you to get new information about customer expectations, previous purchases, buying behaviors, and patterns. Using this data, you can create these personalized marketing strategies that will help keep up the engagement and acquire new customers.
 

Application of Predictive Analytics

Customer targeting

Customer targeting divides the customer base into different demographic groups according to age, gender, interests, buying, and spending habits. It helps companies to create tailored marketing communications specifically to the customers who are likely to buy their products. Traditional techniques do not even come close to identifying potential customers as well as predictive analytics does.

The major constituents that create these customer groups are:

• Socio-demographic factors: age, gender, education, and marital status
• Engagement factors: recent interaction, frequency, spending habits, etc.
• Past campaign response: contact response, type, day, month, etc.

The customer-specific targeting for the company is highly advantageous. They can:

• Better communicate with the customers
• Save money on marketing
• Increase profits


Customer churn prevention

Customer churn prevention creates major hurdles in a company’s growth. Although it has been proven that retaining customers is cheaper than gaining new ones, it can become a problem. Detecting a client’s dissatisfaction is not an easy task as they can abruptly stop using your services without any warning.
Here, churn prevention comes into the picture. Churn prevention aims to predict who will end their relationship with the company, when, and why. The existing data sets can help develop predictive models so companies can be proactive to prevent the fallout.

Factors that can influence the churn are as follows:

• Customer variables
• Service use
• Engagement
• Technicalities
• Competitor variables

Using these variables, companies can then take necessary steps to avoid the churn by offering customers personalized services or products.

Risk management

Risk assessment and management processes in many companies are antiquated. Even though customer information is abundantly available for evaluation, it is still antiquated.

With advanced analytics, this data can be quickly and accurately analyzed while maintaining customer privacy and boundaries. Risk assessment thus allows companies to analyze problems with any business. Predictive analytics can approximate with certainty which operations are profitable and which are not.

Risk assessment analyzes the following data types:

• Socio-demographic factors
• Product details
• Customer behavior
• Risk metrics


Forecast sales

Evaluating the previous history, seasonality, and market-affecting events make revenue predicting vital for a company’s planning and result in a company’s demand for a product or a service. This can be applied to short-term, medium-term, and long-term forecasting.

Predictive models help in anticipating a customer’s reaction to the factors that affect sales.

Following factors can be used in sales forecasting:

• Calendar data
• Weather data
• Company data
• Social data
• Demand data

Sales forecasting allows revenue prediction and optimal resource allocation.


Healthcare

Healthcare organizations have begun to use predictive analytics as this technology is helping them save money. They are using predictive analytics in several different ways. With the help of this technology, based on past trends they can now allocate facility resources, optimize staff schedules, identify patients at risk, adding intelligence to pharmaceutical and supply acquisition management.

Using predictive analytics in the health domain has also helped in preventing cases and risks of developing health complications like diabetes, asthma, and other life-threatening problems. The application of predictive analytics in health care can lead to making better clinical decisions for patients.

Predictive analytics is being used across different industries and is good way to advance your company’s growth and forecast future events to act accordingly. It has gained support from many different organizations at a global scale and will continue to grow rapidly.


Frequently Asked Questions

What is predictive analytics?

Predictive analytics uses historical data to predict future events. The historical data is used to build mathematical model that captures essential trends. That predictive model is based on current data that predicts what will happen next or suggest steps to take for optimal outcomes.


How to do predictive analytics?

• Define business objectives
• Collect relevant data available from resources
• Improve on collected data by data cleaning methods
• Choose a model or build your own to test data
• Evaluate and validate the predictive model to ensure


How does predictive analytics work for business?

Predictive analytics helps businesses attract, retain, and grow their profitable customers. It also helps them in improving their operations.


What tools are used for predictive analytics?

Some tools used for predictive analytics are:
• SAS Advanced Analytics
• Oracle DataScience
• IBM SPSS Statistics
• SAP Predictive Analytics
• Q Research

Spotlight

Vortexa

Vortexa tracks more than $1.8 trillion of waterborne energy trades per year in real-time, providing energy and shipping companies with the most complete picture of global energy flows available in the world today. Vortexa’s highly intuitive web-based app and programmatic API/SDK interfaces help traders, analysts and charterers make high-value trading decisions with confidence, when it matters the most.

OTHER ARTICLES
BIG DATA MANAGEMENT, DATA SCIENCE, BIG DATA

Predictive Maintenance with Industrial Big Data: Reactive to Proactive Strategies

Article | May 16, 2023

Explore the benefits of using industrial big data for predictive maintenance strategies. Learn how businesses can shift from reactive to proactive maintenance approaches and optimize operations with the power of predictive analytics. Contents 1 Importance of Predictive Maintenance 2 Challenges of Traditional Reactive Maintenance for Enterprises 3 Emergence of Proactive Strategies for Predictive Maintenance 4 Reactive vs. Proactive Strategies 5 Industrial Big Data Analytics for Predictive Maintenance: Importance and Applications 6 Navigating Implementation Challenges 6.1 Overcoming Data Collection and Pre-processing Challenges 6.2 Addressing Data Integration Challenges 6.3 Model Selection and Implementation Solutions 6.4 Staffing and Training Solutions 7 Leverage Predictive Maintenance for Optimal Operations 8 Final Thoughts 1. Importance of Predictive Maintenance Predictive maintenance (PdM) is a proactive maintenance approach that employs advanced downtime tracking software to evaluate data and predict when maintenance on equipment should be conducted. With PdM constantly monitoring equipment performance and health using sensors, maintenance teams can be alerted when equipment is nearing a breakdown, allowing them to take mitigation measures before any unscheduled downtime occurs. The global predictive maintenance market is expected to expand at a 25.5% CAGR to reach USD 23 billion in 2025 during the forecast period. (Market Research Future) Organizations often prefer PdM as a maintenance management method as it reduces costs with an upfront investment compared to preventive and reactive maintenance. Furthermore, maintenance has become crucial to ensuring smooth system functioning in today's complex industrial environment. Therefore, predictive maintenance is an essential strategy for industrial organizations, as it improves safety and productivity and reduces costs. As industrial equipment becomes more automated and diagnostic tools become more advanced and affordable, more and more plants are taking a proactive approach to maintenance. The immediate goal is to identify and fix problems before they result in a breakdown, while the long-term goal is to reduce unexpected outages and extend asset life. Plants that implement predictive maintenance processes see a 30% increase in equipment mean time between failures (MTBF), on average. This means your equipment is 30% more reliable and 30% more likely to meet performance standards with a predictive maintenance strategy. (Source: FMX) 2. Challenges of Traditional Reactive Maintenance for Enterprises The waning popularity of reactive maintenance is attributed to several inherent limitations, such as exorbitant costs and a heightened likelihood of equipment failure and safety hazards. At the same time, the pursuit of maintaining industrial plants at maximum efficiency with minimal unplanned downtime is an indispensable objective for all maintenance teams. However, the traditional reactive approach, which involves repairing equipment only when it malfunctions, can result in substantial expenses associated with equipment downtime, product waste, and increased equipment replacement and labor costs. To overcome these challenges, organizations can move towards proactive maintenance strategies, which leverage advanced downtime tracking software to anticipate maintenance needs and forestall potential breakdowns. 3. Emergence of Proactive Strategies for Predictive Maintenance The constraints of reactive maintenance have instigated the emergence of proactive approaches, including predictive analytics. It employs real-time data gathered from equipment to predict maintenance needs and employs algorithms to recognize potential issues before they result in debilitating breakdowns. The data collected through sensors and analytics facilitates the establishment of a more thorough and precise assessment of the general well-being of the operation. With such proactive strategies, organizations can: Arrange maintenance undertakings in advance, Curtail downtime, Cut expenses, and Augment equipment reliability and safety 4. Reactive vs. Proactive Strategies As of 2020, 76% of the respondents in the manufacturing sector reported following a proactive maintenance strategy, while 56% used reactive maintenance (run-to-failure). (Source: Statista) Proactive maintenance strategies, such as predictive maintenance, offer many benefits over reactive maintenance, which can be costly and time-consuming. By collecting baseline data and analyzing trends, proactive maintenance strategies can help organizations perform maintenance only when necessary, based on real-world information. However, establishing a proactive maintenance program can be challenging, as limited maintenance resources must be directed to address the most critical equipment failures. Analyzing data from both healthy and faulty equipment can help organizations determine which failures pose the biggest risk to their operation. A proactive maintenance approach may assist in avoiding the fundamental causes of machine failure, addressing issues before they trigger failure, and extending machine life, making it a crucial strategy for any industrial operation. 5. Industrial Big Data Analytics for Predictive Maintenance: Importance and Applications Big data analytics is a key enabler of predictive maintenance strategies. Its capability to process vast amounts of data provides valuable insights into equipment health and performance, making predictive maintenance possible. With their wide-ranging applications, industrial big data analytics tools can predict maintenance needs, optimize schedules, and detect potential problems before they escalate into significant problems. It can also monitor equipment performance, identify areas for improvement, and refine processes to increase equipment reliability and safety. Industrial big data is indispensable in realizing the shift from reactive to proactive predictive maintenance, which is accomplished through the optimal utilization of available datasets. Industrial big data can glean insights into equipment condition, including patterns of maintenance that may not be readily apparent. Moreover, it has the capacity to attain actionable intelligence capable of effecting a closed loop back to the plant floor. Integration of big data technologies with industrial automation is key to this accomplishment. Nevertheless, this transition will necessitate investment in supplementary assets, such as new maintenance processes and employee training. 6. Navigating Implementation Challenges 6.1 Overcoming Data Collection and Pre-processing Challenges One of the primary challenges in implementing industrial big data analytics for predictive maintenance is the collection and pre-processing of data. The voluminous industrial data, which comes in various formats and from multiple sources, makes it necessary for organizations to develop robust data collection and pre-processing strategies to ensure data accuracy and integrity. To achieve this, organizations need to establish sensor and data collection systems and ensure that the data undergoes appropriate cleaning, formatting, and pre-processing to obtain accurate and meaningful results. 6.2 Addressing Data Integration Challenges Integrating data from heterogeneous sources is a daunting challenge that organizations must overcome when implementing industrial big data analytics for predictive maintenance. It involves processing multiple datasets from different sensors and maintenance detection modalities, such as vibration analysis, oil analysis, thermal imaging, and acoustics. While utilizing data from various sources leads to more stable and accurate predictions, it requires additional investments in sensors and data collection, which is generally very hard to achieve in most maintenance systems. A well-crafted data architecture is critical to managing the copious amounts of data that come from different sources, including various equipment, sensors, and systems. Organizations must devise a comprehensive data integration strategy that incorporates relevant data sources to ensure data integrity and completeness. 6.3 Model Selection and Implementation Solutions Selecting appropriate predictive models and implementing them effectively is another significant challenge. To overcome this, organizations need to have an in-depth understanding of the various models available, their strengths and limitations, and their applicability to specific maintenance tasks. They must also possess the necessary expertise to implement the models and seamlessly integrate them into their existing maintenance workflows to achieve timely and accurate results. Furthermore, it is crucial to align the selected models with the organization's business objectives and ensure their ability to deliver the desired outcomes. 6.4 Staffing and Training Solutions In order to ensure successful implementation, organizations must allocate resources toward staffing and training solutions. This entails hiring proficient data scientists and analysts and then providing them with continual training and professional development opportunities. Moreover, it is imperative to have personnel with the requisite technical expertise to manage and maintain the system. Equally crucial is providing training to employees on the system's usage and equipping them with the necessary skills to interpret and analyze data. 7. Leverage Predictive Maintenance for Optimal Operations Predictive maintenance is widely acknowledged among plant operators as the quintessential maintenance vision due to its manifold advantages, such as higher overall equipment effectiveness (OEE) owing to a reduced frequency of repairs. Furthermore, predictive maintenance data analytics facilitate cost savings by enabling optimal scheduling of repairs and minimizing planned downtimes. It also enhances employees' productivity by providing valuable insights on the appropriate time for component replacement. Additionally, timely monitoring and addressing potential problems can augment workplace safety, which is paramount for ensuring employee well-being. In a survey of 500 plants that implemented a predictive maintenance program, there was an average increase in equipment availability of 30%. Simply implementing predictive maintenance will ensure your equipment is running when you need it to run. (Source: FMX) By synchronizing real-time equipment data with the maintenance management system, organizations can proactively prevent equipment breakdowns. Successful implementation of predictive maintenance data analytic strategies can substantially reduce the time and effort spent on maintaining equipment, as well as the consumption of spare parts and supplies for unplanned maintenance. Consequently, there will be fewer instances of breakdowns and equipment failures, ultimately leading to significant cost savings. On average, predictive maintenance reduced normal operating costs by 50%. (Source: FMX) 8. Final Thoughts Traditional reactive maintenance approaches need to be revised in today's industrial landscape. Proactive strategies, such as predictive maintenance, are necessary to maintain equipment health and performance. Real-time predictive maintenance using big data collected from equipment can help prevent costly downtime, waste, equipment replacement, and labor expenses, thus enhancing safety and productivity. The shift from reactive to proactive maintenance is crucial for organizations, and industrial big data analytics is vital for realizing this transition. Although big data analytics applications for predictive maintenance pose challenges, they can be overcome with the right measures. Ultimately, the effective implementation of big data analytics solutions is a vital enabler of big data predictive maintenance strategies and an essential tool for any industrial plant seeking to optimize its maintenance approach. By embracing predictive maintenance strategies and leveraging the power of industrial big data and analytics, organizations can ensure the longevity and reliability of their equipment, enhancing productivity and profitability.

Read More
BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, BIG DATA

Implementing Big Data and AI: Best Practices and Strategies for 2023

Article | April 27, 2023

Discover the latest strategies and best practices for implementing big data and AI into your organization for 2023. Gain insights on leading Big Data and AI solution providers to drive business growth. Contents 1 Establishing a Relationship between Big Data and AI 2 Importance of Big Data and AI in 2023 3 Key Challenges in Implementing Big Data and AI 4 Best Practices and Strategies for Big Data and AI Implementation 4.1 Building a Data Strategy 4.2 Implementing a Data Governance Framework 4.3 Leveraging Cloud Computing 4.4 Developing a Data Science and AI Roadmap 4.5 Leveraging Established Agile Methodologies 4.6 Prototyping Through Sandboxing 5 Top AI and Big Data Companies to Look For in 2023 6 Conclusion 1. Establishing a Relationship between Big Data and AI The relationship between AI and big data is mutually beneficial, as AI requires vast amounts of data to enhance its decision-making abilities, while big data analytics benefits from AI for superior analysis. This union enables the implementation of advanced analytics, such as predictive analysis, resulting in the optimization of business efficiency by anticipating emerging trends, scrutinizing consumer behavior, automating customer segmentation, customizing digital campaigns, and utilizing decision support systems propelled by big data, AI, and predictive analytics. This integration empowers organizations to become data-driven, resulting in significant improvements in business performance. 2. Importance of Big Data and AI in 2023 In the year 2023, it is anticipated that the utilization of big data analytics and artificial intelligence (AI) will profoundly impact diverse industries. The investment in big data analytics will be primarily driven by the need for data compliance, security, and mobilization, ultimately aiming to achieve real-time analysis. Therefore, businesses seeking to excel in this area must be prepared to adopt cloud technology and make significant advancements in computing power and data processing methods. Recent research indicates that a combination of AI and big data can automate nearly 80% of all physical work, 70% of data processing work, and 64% of data collection tasks. (Source: Forbes) The banking, retail, manufacturing, finance, healthcare, and government sectors have already made substantial investments in big data analytics, which have resulted in the forecasting of trends, enhancing business recommendations, and increasing profits. In addition, AI technology will make significant advancements in 2023, including democratization, making it accessible to a broader user population. This shift will enable customers to wield authority, and businesses will be able to use AI to better meet their specific and individualized business requirements. Finally, a significant shift likely to be witnessed in the AI field in 2023 is the move to a more industrialized, embedded type of architecture, where actual business users may begin utilizing algorithms. According to a recent study, 61% of respondents believe that AI will have a significant impact on their industry within the next three to five years. (Source: Deloitte Insights Report) 3. Key Challenges in Implementing Big Data and AI 97.2% of business executives say their organizations are investing in big data and AI projects. These executives cite their desire to become “nimble, data-driven businesses” as the reason for these investments, as 54.4% say that their companies’ inability to do this was the biggest threat they faced. In addition, 79.4% say they’re afraid that other, more data-driven companies will disrupt and outperform them. (Source: Zippia) Implementing big data analytics and artificial intelligence (AI) presents various challenges that businesses must tackle to realize their full potential. One such obstacle is the intricate nature of the data, which could be either structured or unstructured and necessitate specialized tools and techniques for processing and analysis. Moreover, companies must ensure data quality, completeness, and integrity to facilitate accurate analysis and decision-making. Another substantial challenge in implementing big data and AI is the requirement for skilled personnel with expertise in data science, machine learning, and related technologies. To stay up-to-date on the latest tools and techniques, companies must invest in ongoing training and development programs for their employees. Ethical and legal concerns surrounding data privacy, security, and transparency must also be addressed, especially after recent data breaches and privacy scandals. Integrating big data and AI into existing IT systems can be a challenging and time-consuming process that necessitates careful planning and coordination to ensure smooth integration and minimize disruption. Lastly, the high cost of implementing these technologies can be a significant barrier, especially for smaller businesses or those with limited IT budgets. To overcome these challenges, companies must be strategic, prioritize use cases, and develop a clear implementation roadmap while leveraging third-party tools and services to minimize costs and maximize ROI. 4. Best Practices and Strategies for Big Data and AI Implementation 24% of companies use big data analytics. While 97.2% of companies say they’re investing in big data and AI projects, just 24% describe their organizations as data-driven. (Source: Zippia) 4.1 Building a Data Strategy One of the biggest challenges in building a data strategy is identifying the most relevant data sources and data types for the organization’s specific business objectives. The sheer volume and diversity of data available can further complicate this. The key to addressing this challenge is thoroughly assessing the organization’s data assets and prioritizing them based on their business value. This involves: Identifying the key business objectives and Determining which data sources and data types are most relevant to achieving those objectives 4.2 Implementing a Data Governance Framework Establishing a data governance framework involving all stakeholders is crucial for ensuring agreement on data quality, privacy, and security standards. However, implementing such a framework can be daunting due to the divergent priorities and perspectives of stakeholders on good data governance. So, to overcome this challenge, clear guidelines and processes must be established: Creating a data governance council Defining roles and responsibilities Involving all stakeholders in the development and implementation of guidelines Data quality management, privacy, and security processes should be established to maintain high data governance standards Organizations can improve the effectiveness of their data governance initiatives by aligning all stakeholders and ensuring their commitment to maintaining optimal data governance standards. 4.3 Leveraging Cloud Computing It is essential to carefully select a cloud provider that aligns with the organization's security and compliance requirements. In addition, robust data security and compliance controls should be implemented: Establishing data encryption and access controls Implementing data backup and recovery procedures Regularly conducting security and compliance audits By following these practices, organizations can ensure their big data and AI projects are secure and compliant. 4.4 Developing a Data Science and AI Roadmap The obstacles to developing a data science and AI roadmap lie in identifying the most pertinent use cases that cater to the specific business objectives of an organization. This difficulty is further compounded by the potential divergence of priorities and perspectives among various stakeholders concerning the definition of a successful use case. Hence, it is imperative to establish unambiguous guidelines for identifying and prioritizing use cases that align with their respective business values. This entails: Identifying the key business objectives Carefully ascertaining which use cases are most pertinent to realizing those objectives Meticulously delineating the success criteria for each use case 4.5 Leveraging Established Agile Methodologies Leveraging well-established agile methodologies is critical in successfully implementing large-scale big data and AI projects. By defining a precise project scope and goals, prioritizing tasks, and fostering consistent communication and collaboration, enterprises can effectively execute AI and big data analytics initiatives leveraging agile methodologies Such an approach provides teams with a clear understanding of their responsibilities, facilitates seamless communication, and promotes continuous improvement throughout the project lifecycle, resulting in a more efficient and effective implementation 4.6 Prototyping Through Sandboxing Establishing clear guidelines and processes is crucial to overcome the challenge of creating prototypes through sandboxing that are representative of the production environment and can meet the organization's requirements. It includes: Defining the scope and objectives of the prototype, Meticulously selecting the appropriate tools and technologies Guaranteeing that the prototype is an authentic reflection of the production environment Additionally, conducting thorough testing and evaluation is necessary to ensure that the prototype can be scaled effectively to meet the organization's needs. 5. Top AI and Big Data Companies to Look For in 2023 H2O.ai H2O.ai is a leading provider of artificial intelligence (AI) and machine learning (ML) software. It provides a platform for businesses to use artificial intelligence and data-driven insights to drive innovation and growth. The software offers a suite of tools and algorithms to help users build predictive models, analyze data, and gain insights that inform business decisions. With a user-friendly interface and a robust set of features, H2O.ai is a valuable tool for businesses looking to leverage the power of machine learning to stay ahead of the competition. ThoughtSpot ThoughtSpot is a leading search and AI-driven analytics platform that enables businesses to quickly and easily analyze complex data sets. The platform offers a range of features, including advanced analytics, customizable visualizations, and collaborative capabilities. It is designed to make data analytics accessible to anyone within an organization, regardless of technical expertise. The platform is also highly customizable, allowing businesses to tailor it to meet their specific needs and integrate it with their existing data infrastructure. Treasure Data Treasure Data is a cloud-based enterprise data management platform that helps businesses collect, store, and analyze their data to gain valuable insights. Its platform includes a suite of powerful tools for data collection, storage, processing, and analysis, including a flexible data pipeline, a powerful data management console, and a range of analytics tools. The platform is also highly scalable, capable of handling massive amounts of data and processing millions of events per second, making it suitable for businesses of all sizes and industries. Denodo Denodo is a leading data virtualization software company that provides a unified platform for integrating and delivering data across multiple sources and formats in real time. The platform offers unmatched performance and unified access to a broad range of enterprise, big data, cloud, and unstructured sources. It also provides agile data service provisioning and governance at less than half the cost of traditional data integration. In addition, its data virtualization technology simplifies the complexity of data sources and creates a virtual layer of data services accessible to any application or user, regardless of the data’s location or format. Pendo.io Pendo.io is a leading cloud-based platform that provides product analytics, user feedback, and guidance for digital products. It allows businesses to make data-driven decisions about their products and optimize their customer journey. The platform empowers companies to transform product intelligence into actionable insights rapidly and at scale, enabling a new generation of businesses that prioritize product development. TigerGraph TigerGraph is a graph database and analytics platform that allows businesses to gain deeper insights and make better decisions by analyzing connected data. It is designed to handle complex data sets and perform advanced graph analytics at scale. The platform offers a range of graph analytics algorithms that can be applied to a variety of use cases, including fraud detection, recommendation engines, supply chain optimization, and social network analysis. Solix Technologies, Inc. Solix Technologies, Inc. is a leading big data management and analysis software solution provider that empowers data-driven enterprises to achieve their Information Lifecycle Management (ILM) goals. Its flagship product, Solix Big Data Suite, provides an ILM framework for Enterprise Archiving and Enterprise Data Lake applications utilizing Apache Hadoop as an enterprise data repository. In addition, the Solix Enterprise Data Management Suite (Solix EDMS) helps organizations implement database archiving, test data management, data masking and application retirement across all enterprise data. Reltio Reltio is a leading provider of cloud-based master data management (MDM) solutions that enable organizations to create a unified view of their data across all sources and formats. The platform combines MDM with big data analytics and machine learning to provide a single source of truth for data-driven decision-making. The solution offers a range of features, including data modeling, data quality management, data governance, and data analytics. dbt Labs dbt Labs is a cloud-based data transformation software platform that helps analysts and engineers manage the entire analytics engineering workflow, from data ingestion to analysis. The platform enables users to transform and model raw data into analysis-ready data sets using a SQL-based language. With its modular and scalable approach, dbt Labs makes it easier for data teams to collaborate and manage their data pipelines. Rockset Rockset is a real-time indexing database platform that allows businesses to run fast queries on data from multiple sources without needing to manage the underlying infrastructure. It supports various data types, including structured, semi-structured, and nested data, making it flexible and versatile. In addition, the serverless platform is built on a cloud-native architecture, making it easy to scale up or down as needed. With Rockset, users can build real-time applications and dashboards, perform ad hoc analysis, and create data-driven workflows. 6. Conclusion The relationship between big data and AI is mutually beneficial, given the fact that AI requires copious amounts of data to refine its decision-making capabilities, while big data analytics derives immense value from AI for advanced analysis. As a result, the integration of big data analytics and AI is projected to profoundly impact diverse industries in 2023. Nevertheless, adopting these technologies poses multifarious challenges, necessitating businesses to adopt a strategic approach and develop a comprehensive implementation roadmap to optimize ROI and minimize expenses. Ultimately, the successful implementation of big data and AI strategies can enable organizations to become data-driven, culminating in substantial improvements in business performance.

Read More
BUSINESS INTELLIGENCE

Big Data in Healthcare: Improving Patient Outcomes

Article | August 4, 2022

Explore the impact of big data on the healthcare industry and how it is being used to improve patient outcomes. Discover how big data is being leveraged to enhance overall healthcare delivery. Contents 1. Introduction 1.1 Role of Big Data in Healthcare 1.2 The Importance of Patient Outcomes 2. How Big Data Improves Patient Outcomes 2.1 Personalized Medicine and Treatment Plans 2.2 Early Disease Detection and Prevention 2.3 Improved Patient Safety and Reduced Medical Errors 3. Challenges and Considerations While Using Big Data in Healthcare 4. Final thoughts 1. Introduction In today's constantly evolving healthcare industry, the significance of big data cannot be overstated. Its multifaceted nature makes it a valuable asset to healthcare providers in their efforts to enhance patient outcomes and reduce business costs. When harnessed effectively, big data in healthcare provides companies with the insights they need to personalize healthcare, streamline customer service processes, and improve their practices for interacting with patients. This results in a more tailored and thorough experience for customers, ultimately leading to better care. 1.1 Role of Big Data in Healthcare Big data pertains to vast collections of structured and unstructured data in the healthcare industry. One of the primary sources of big data in healthcare is electronic health records (EHRs), which contain: Patient’s medical history Demographics Medications Test results Analyzing this data can: Facilitate informed decision-making Improve patient outcomes Reduce healthcare costs Integrating structured and unstructured data can add significant value to healthcare organizations, and Big Data Analytics (BDA) is the tool used to extract information from big data. Big Data Analytics (BDA) can extract information and create trends, and in healthcare, it can identify clusters, correlations, and predictive models from large datasets. However, privacy and security concerns and ensuring data accuracy and reliability are significant challenges that must be addressed. 1.2 The Importance of Patient Outcomes Patient outcomes are the consequences of healthcare interventions or treatments on a patient's health status and are essential in evaluating healthcare systems and guiding healthcare decision-making. However, the current healthcare system's focus on volume rather than value has led to fragmented payment and delivery systems that fall short in terms of quality, outcomes, costs, and equity. To overcome these shortcomings, a learning healthcare system is necessary to continuously apply knowledge for improved patient outcomes and affordability. However, access to timely guidance is limited, and organizational and technological limitations pose significant challenges in measuring patient-centered outcomes. 2. How Big Data Improves Patient Outcomes Big data in healthcare engenders a substantial impact by facilitating the delivery of treatment that is both efficient and effective. This innovative approach to healthcare enables the identification of high-risk patients, prediction of disease outbreaks, management of hospital performance, and improvement of treatment effectiveness. Thanks to modern technology, the collection of electronic data is now a seamless process, thus empowering healthcare professionals to create data-driven solutions to improve patient outcomes. 2.1 Personalized Medicine and Treatment Plans Big data can revolutionize personalized medicine and treatment plans by analyzing vast patient data to create tailored treatment plans for each patient, resulting in better outcomes, fewer side effects, and faster recovery times. 2.2 Early Disease Detection and Prevention Big data analytics in healthcare allow for early interventions and treatments by identifying patterns and trends that indicate disease onset. This improves patient outcomes and reduces healthcare costs. Real-time patient data monitoring and predictive analytics enable timely action to prevent complications. 2.3 Improved Patient Safety and Reduced Medical Errors Big data analytics can help healthcare providers identify safety risks like medication errors, misdiagnoses, and adverse reactions, improving patient safety and reducing medical errors. This can lead to cost savings and better patient outcomes. 3. Challenges and Considerations While Using Big Data in Healthcare In order to maximize the potential advantages, organizations must address significant challenges of big data in healthcare, like privacy and security concerns, data accuracy and reliability, and expertise and technology requirements. Safeguards like encryption, access controls, and data de-identification can mitigate privacy and security risks Ensuring data accuracy and reliability requires standardized data collection, cleaning, and validation procedures Additionally, healthcare organizations must prioritize the recruitment of qualified professionals with expertise in data management, and analysis is crucial The adoption of advanced technologies such as artificial intelligence and machine learning can support effective analysis and interpretation of big data in healthcare 4. Final Thoughts The impact of big data on healthcare is profound, and the healthcare sector possesses the possibility of a paradigm shift by leveraging the potential of big data to augment patient outcomes and curtail costs. Nevertheless, implementing big data entails formidable challenges that necessitate their resolution to fully unleash healthcare data technology's benefits. Notably, handling voluminous and heterogeneous datasets in real time requires state-of-the-art technological solutions. To attain the maximal benefits of big data in healthcare, organizations must proactively address these challenges by implementing risk-mitigating measures and fully capitalizing on big data's potential.

Read More
BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE

Navigating Big Data Integration: Challenges and Strategies

Article | April 13, 2023

Explore the complexities of integrating Big Data into your organization. Learn effective strategies for overcoming challenges to optimize your data integration process and maximize business outcomes. Contents 1 Introduction 2 Challenges in Big Data Integration 2.1 Data Volume, Velocity, and Variety Challenges 2.2 Integration with Legacy Systems and Data Silos 2.3 Technical Challenges 2.4 Organizational Challenges 3 Overcoming Integration Challenges: Strategies 3.1 Conducting Thorough Analysis of Data Infrastructure 3.2 Prioritizing Projects Based On Business Needs 3.3 Implementing Scalable and Flexible Solutions 3.4 Establishing Robust Data Governance Practices 4 Conclusion 1. Introduction Big data integration is a critical component of effective data management for organizations of all sizes. While some CIOs may believe that consolidating legacy data sources into a single platform can solve integration challenges, the reality is often more complex. Data is vast and usually spread across multiple sources, making integration a daunting task. Nearly 25% of businesses struggle with integrating new applications with their old systems. That’s because legacy system integration isn’t always easy to achieve. (Source: Gartner) Thus, to tackle big data integration effectively, it's essential to understand how it fits into the organization's overall data management strategy and determine the policies governing the integration process. In addition, there are several technical challenges involved in data integration, including ensuring all components work well together, reflecting trends in big data analytics, and finding skilled big data engineers and analysts. 2. Challenges in Big Data Integration 2.1 Data Volume, Velocity, and Variety Challenges In order to effectively integrate big data, companies must address the three key components of volume, variety, and velocity. Coordinating and managing massive amounts of data is both logistically challenging and costly, especially with large volumes. Working with multiple data sources is also a major hurdle that necessitates advanced analytics resources and expertise. Large datasets can take weeks to process, making real-time data analytics an arduous task. This becomes particularly challenging when dealing with intricate and extensive datasets, where velocity poses a significant obstacle. Attempting to apply a uniform analytical process to all data sets may be impractical, further impeding progress. 2.2 Integration with Legacy Systems and Data Silos According to a report, 25% of organizations have more than 50 unique data silos, and these prevent companies from harnessing their data for their business. (Source: 451 Research) The integration of legacy systems presents a significant challenge for companies, as it entails various difficulties, such as high maintenance costs, data silos, compliance issues, weaker data security, and a lack of integration with new systems. The maintenance of legacy systems is both expensive and futile, leaving a company with outdated technology and a tarnished reputation due to potential breaches. Furthermore, legacy systems may fail to meet evolving compliance regulations such as GDPR and lack appropriate data security measures. Over time, data silos can develop due to organizational structures and company culture, leading to difficulties in achieving effective data integration. Siloed data obstructs departments from accessing the full benefits of new systems, impeding technological growth within a company. Additionally, legacy systems may not be compatible with new systems, causing further communication issues. 2.3 Technical Challenges Selecting the Right Big Data Integration Tools Choosing the right tools, technologies and big data integration services is crucial to meet specific business needs. It can be challenging to keep up with the constantly evolving technology landscape, making it important to stay up-to-date with the latest trends and innovations. The decision-making process should involve a thorough evaluation of existing tools and technologies to determine their effectiveness and relevance to the integration process. Failure to choose the appropriate tools and technologies can lead to inefficiencies, longer processing times, and increased costs. Ensuring Different Systems and Data Formats Compatibility It is estimated that around 85% of big data projects will fail to meet all their objectives, illustrating the scale of the challenge that businesses face when trying to get a handle on complex and disparate data from across the enterprise. (Source: Gartner) In integrating big data, it is common to have different systems and data formats that need to be integrated. Ensuring compatibility between these different systems and data formats can be a challenge. A solution-based approach to this challenge is to use data integration platforms that provide support for a wide range of data formats and systems. This ensures that the integration process is seamless and efficient. Addressing Issues of Data Quality and Completeness To integrate big data successfully, it's essential to address issues related to data quality and completeness. Only accurate or complete data can lead to correct insights and precise decision-making, which can benefit businesses. Developing comprehensive data quality management strategies that include data profiling, cleansing, and validation is necessary to overcome this challenge. These strategies ensure that the data being integrated is accurate and complete, leading to better actionable insights and business intelligence. 2.4 Organizational Challenges Developing Comprehensive Integration Strategy Developing a clear and comprehensive integration strategy for big data can be challenging, but it is essential for success. The developed strategy should clearly outline the business objectives and the scope of the integration effort as well as identify the key stakeholders involved. Additionally, it should define the technical requirements and resources necessary to support the integration effort. Building Cross-Functional Teams to Support Integration Efforts Building cross-functional teams for successful data integration can be challenging due to identifying the right individuals with diverse skill sets and navigating complex technical environments. However, it is crucial to form teams comprising members from various departments, including IT, data science, and administration, who collaborate to identify business needs, devise an integration strategy, and implement integration solutions. Building such teams promotes effective communication and coordination across departments and stakeholders, enabling organizations to leverage data assets effectively. 3. Overcoming Integration Challenges: Strategies 3.1 Conducting Thorough Analysis of Data Infrastructure Conducting a thorough analysis of existing data infrastructure and systems is the first step in any data integration effort. This analysis should identify the strengths and weaknesses of the existing infrastructure and systems. This information can be used to develop a comprehensive integration strategy that addresses existing challenges and identifies opportunities for improvement. 3.2 Prioritizing Projects Based On Business Needs It is crucial to prioritize, and sequence integration projects based on business needs to leverage the benefits of data integration. This approach ensures that resources are allocated appropriately and the most critical projects are addressed first. Conducting a thorough cost-benefit analysis is an effective way to determine the value and impact of each project to prioritize and plan accordingly. 3.3 Implementing Scalable and Flexible Solutions In orderto accommodate the ever-increasing amount of data and evolving business requirements, it is essential to implement scalable and flexible integration solutions. This approach ensures that the integration process remains efficient and can adapt to changing needs. Modern data integration platforms that support cloud-based solutions, real-time data processing, and flexible data models can be adopted to achieve this. 3.4 Establishing Robust Data Governance Practices Establishing robust data governance practices ensures data is managed effectively throughout the integration process. This involves defining clear policies, procedures, and standards for data management across the entire data lifecycle, from acquisition to disposition. Additionally, data quality and security controls should be implemented, and employees must be trained on data governance best practices. Organizations can effectively manage data by establishing these practices throughout the integration process. It includes defining data ownership, establishing policies, and implementing quality controls. Ultimately, this approach ensures that data is accurate, complete, and reliable and that the organization is compliant with any relevant regulations or standards. 4. Conclusion Integrating big data represents a formidable obstacle for many organizations, yet with the proper strategies in place, these challenges can be surmounted, enabling businesses to unleash the full potential of their data assets. It is paramount that organizations possess a comprehensive and lucid understanding of both the technical and organizational challenges inherent in integrating big data. Businesses must prioritize data integration and processing initiatives based on their commercial requirements, employ scalable and flexible solutions, and establish robust data governance practices. By doing so, they can acquire invaluable insights that drive business growth and innovation, improve operational efficiency, and enhance their competitiveness in the market.

Read More
BIG DATA MANAGEMENT, DATA SCIENCE, BIG DATA

The Future of Big Data: Trends and Innovations for 2023 and Beyond

Article | May 16, 2023

Explore the benefits of using industrial big data for predictive maintenance strategies. Learn how businesses can shift from reactive to proactive maintenance approaches and optimize operations with the power of predictive analytics. Contents 1 Importance of Predictive Maintenance 2 Challenges of Traditional Reactive Maintenance for Enterprises 3 Emergence of Proactive Strategies for Predictive Maintenance 4 Reactive vs. Proactive Strategies 5 Industrial Big Data Analytics for Predictive Maintenance: Importance and Applications 6 Navigating Implementation Challenges 6.1 Overcoming Data Collection and Pre-processing Challenges 6.2 Addressing Data Integration Challenges 6.3 Model Selection and Implementation Solutions 6.4 Staffing and Training Solutions 7 Leverage Predictive Maintenance for Optimal Operations 8 Final Thoughts 1. Importance of Predictive Maintenance Predictive maintenance (PdM) is a proactive maintenance approach that employs advanced downtime tracking software to evaluate data and predict when maintenance on equipment should be conducted. With PdM constantly monitoring equipment performance and health using sensors, maintenance teams can be alerted when equipment is nearing a breakdown, allowing them to take mitigation measures before any unscheduled downtime occurs. The global predictive maintenance market is expected to expand at a 25.5% CAGR to reach USD 23 billion in 2025 during the forecast period. (Market Research Future) Organizations often prefer PdM as a maintenance management method as it reduces costs with an upfront investment compared to preventive and reactive maintenance. Furthermore, maintenance has become crucial to ensuring smooth system functioning in today's complex industrial environment. Therefore, predictive maintenance is an essential strategy for industrial organizations, as it improves safety and productivity and reduces costs. As industrial equipment becomes more automated and diagnostic tools become more advanced and affordable, more and more plants are taking a proactive approach to maintenance. The immediate goal is to identify and fix problems before they result in a breakdown, while the long-term goal is to reduce unexpected outages and extend asset life. Plants that implement predictive maintenance processes see a 30% increase in equipment mean time between failures (MTBF), on average. This means your equipment is 30% more reliable and 30% more likely to meet performance standards with a predictive maintenance strategy. (Source: FMX) 2. Challenges of Traditional Reactive Maintenance for Enterprises The waning popularity of reactive maintenance is attributed to several inherent limitations, such as exorbitant costs and a heightened likelihood of equipment failure and safety hazards. At the same time, the pursuit of maintaining industrial plants at maximum efficiency with minimal unplanned downtime is an indispensable objective for all maintenance teams. However, the traditional reactive approach, which involves repairing equipment only when it malfunctions, can result in substantial expenses associated with equipment downtime, product waste, and increased equipment replacement and labor costs. To overcome these challenges, organizations can move towards proactive maintenance strategies, which leverage advanced downtime tracking software to anticipate maintenance needs and forestall potential breakdowns. 3. Emergence of Proactive Strategies for Predictive Maintenance The constraints of reactive maintenance have instigated the emergence of proactive approaches, including predictive analytics. It employs real-time data gathered from equipment to predict maintenance needs and employs algorithms to recognize potential issues before they result in debilitating breakdowns. The data collected through sensors and analytics facilitates the establishment of a more thorough and precise assessment of the general well-being of the operation. With such proactive strategies, organizations can: Arrange maintenance undertakings in advance, Curtail downtime, Cut expenses, and Augment equipment reliability and safety 4. Reactive vs. Proactive Strategies As of 2020, 76% of the respondents in the manufacturing sector reported following a proactive maintenance strategy, while 56% used reactive maintenance (run-to-failure). (Source: Statista) Proactive maintenance strategies, such as predictive maintenance, offer many benefits over reactive maintenance, which can be costly and time-consuming. By collecting baseline data and analyzing trends, proactive maintenance strategies can help organizations perform maintenance only when necessary, based on real-world information. However, establishing a proactive maintenance program can be challenging, as limited maintenance resources must be directed to address the most critical equipment failures. Analyzing data from both healthy and faulty equipment can help organizations determine which failures pose the biggest risk to their operation. A proactive maintenance approach may assist in avoiding the fundamental causes of machine failure, addressing issues before they trigger failure, and extending machine life, making it a crucial strategy for any industrial operation. 5. Industrial Big Data Analytics for Predictive Maintenance: Importance and Applications Big data analytics is a key enabler of predictive maintenance strategies. Its capability to process vast amounts of data provides valuable insights into equipment health and performance, making predictive maintenance possible. With their wide-ranging applications, industrial big data analytics tools can predict maintenance needs, optimize schedules, and detect potential problems before they escalate into significant problems. It can also monitor equipment performance, identify areas for improvement, and refine processes to increase equipment reliability and safety. Industrial big data is indispensable in realizing the shift from reactive to proactive predictive maintenance, which is accomplished through the optimal utilization of available datasets. Industrial big data can glean insights into equipment condition, including patterns of maintenance that may not be readily apparent. Moreover, it has the capacity to attain actionable intelligence capable of effecting a closed loop back to the plant floor. Integration of big data technologies with industrial automation is key to this accomplishment. Nevertheless, this transition will necessitate investment in supplementary assets, such as new maintenance processes and employee training. 6. Navigating Implementation Challenges 6.1 Overcoming Data Collection and Pre-processing Challenges One of the primary challenges in implementing industrial big data analytics for predictive maintenance is the collection and pre-processing of data. The voluminous industrial data, which comes in various formats and from multiple sources, makes it necessary for organizations to develop robust data collection and pre-processing strategies to ensure data accuracy and integrity. To achieve this, organizations need to establish sensor and data collection systems and ensure that the data undergoes appropriate cleaning, formatting, and pre-processing to obtain accurate and meaningful results. 6.2 Addressing Data Integration Challenges Integrating data from heterogeneous sources is a daunting challenge that organizations must overcome when implementing industrial big data analytics for predictive maintenance. It involves processing multiple datasets from different sensors and maintenance detection modalities, such as vibration analysis, oil analysis, thermal imaging, and acoustics. While utilizing data from various sources leads to more stable and accurate predictions, it requires additional investments in sensors and data collection, which is generally very hard to achieve in most maintenance systems. A well-crafted data architecture is critical to managing the copious amounts of data that come from different sources, including various equipment, sensors, and systems. Organizations must devise a comprehensive data integration strategy that incorporates relevant data sources to ensure data integrity and completeness. 6.3 Model Selection and Implementation Solutions Selecting appropriate predictive models and implementing them effectively is another significant challenge. To overcome this, organizations need to have an in-depth understanding of the various models available, their strengths and limitations, and their applicability to specific maintenance tasks. They must also possess the necessary expertise to implement the models and seamlessly integrate them into their existing maintenance workflows to achieve timely and accurate results. Furthermore, it is crucial to align the selected models with the organization's business objectives and ensure their ability to deliver the desired outcomes. 6.4 Staffing and Training Solutions In order to ensure successful implementation, organizations must allocate resources toward staffing and training solutions. This entails hiring proficient data scientists and analysts and then providing them with continual training and professional development opportunities. Moreover, it is imperative to have personnel with the requisite technical expertise to manage and maintain the system. Equally crucial is providing training to employees on the system's usage and equipping them with the necessary skills to interpret and analyze data. 7. Leverage Predictive Maintenance for Optimal Operations Predictive maintenance is widely acknowledged among plant operators as the quintessential maintenance vision due to its manifold advantages, such as higher overall equipment effectiveness (OEE) owing to a reduced frequency of repairs. Furthermore, predictive maintenance data analytics facilitate cost savings by enabling optimal scheduling of repairs and minimizing planned downtimes. It also enhances employees' productivity by providing valuable insights on the appropriate time for component replacement. Additionally, timely monitoring and addressing potential problems can augment workplace safety, which is paramount for ensuring employee well-being. In a survey of 500 plants that implemented a predictive maintenance program, there was an average increase in equipment availability of 30%. Simply implementing predictive maintenance will ensure your equipment is running when you need it to run. (Source: FMX) By synchronizing real-time equipment data with the maintenance management system, organizations can proactively prevent equipment breakdowns. Successful implementation of predictive maintenance data analytic strategies can substantially reduce the time and effort spent on maintaining equipment, as well as the consumption of spare parts and supplies for unplanned maintenance. Consequently, there will be fewer instances of breakdowns and equipment failures, ultimately leading to significant cost savings. On average, predictive maintenance reduced normal operating costs by 50%. (Source: FMX) 8. Final Thoughts Traditional reactive maintenance approaches need to be revised in today's industrial landscape. Proactive strategies, such as predictive maintenance, are necessary to maintain equipment health and performance. Real-time predictive maintenance using big data collected from equipment can help prevent costly downtime, waste, equipment replacement, and labor expenses, thus enhancing safety and productivity. The shift from reactive to proactive maintenance is crucial for organizations, and industrial big data analytics is vital for realizing this transition. Although big data analytics applications for predictive maintenance pose challenges, they can be overcome with the right measures. Ultimately, the effective implementation of big data analytics solutions is a vital enabler of big data predictive maintenance strategies and an essential tool for any industrial plant seeking to optimize its maintenance approach. By embracing predictive maintenance strategies and leveraging the power of industrial big data and analytics, organizations can ensure the longevity and reliability of their equipment, enhancing productivity and profitability.

Read More
BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, BIG DATA

Big Data in Healthcare: Improving Patient Outcomes

Article | April 27, 2023

Discover the latest strategies and best practices for implementing big data and AI into your organization for 2023. Gain insights on leading Big Data and AI solution providers to drive business growth. Contents 1 Establishing a Relationship between Big Data and AI 2 Importance of Big Data and AI in 2023 3 Key Challenges in Implementing Big Data and AI 4 Best Practices and Strategies for Big Data and AI Implementation 4.1 Building a Data Strategy 4.2 Implementing a Data Governance Framework 4.3 Leveraging Cloud Computing 4.4 Developing a Data Science and AI Roadmap 4.5 Leveraging Established Agile Methodologies 4.6 Prototyping Through Sandboxing 5 Top AI and Big Data Companies to Look For in 2023 6 Conclusion 1. Establishing a Relationship between Big Data and AI The relationship between AI and big data is mutually beneficial, as AI requires vast amounts of data to enhance its decision-making abilities, while big data analytics benefits from AI for superior analysis. This union enables the implementation of advanced analytics, such as predictive analysis, resulting in the optimization of business efficiency by anticipating emerging trends, scrutinizing consumer behavior, automating customer segmentation, customizing digital campaigns, and utilizing decision support systems propelled by big data, AI, and predictive analytics. This integration empowers organizations to become data-driven, resulting in significant improvements in business performance. 2. Importance of Big Data and AI in 2023 In the year 2023, it is anticipated that the utilization of big data analytics and artificial intelligence (AI) will profoundly impact diverse industries. The investment in big data analytics will be primarily driven by the need for data compliance, security, and mobilization, ultimately aiming to achieve real-time analysis. Therefore, businesses seeking to excel in this area must be prepared to adopt cloud technology and make significant advancements in computing power and data processing methods. Recent research indicates that a combination of AI and big data can automate nearly 80% of all physical work, 70% of data processing work, and 64% of data collection tasks. (Source: Forbes) The banking, retail, manufacturing, finance, healthcare, and government sectors have already made substantial investments in big data analytics, which have resulted in the forecasting of trends, enhancing business recommendations, and increasing profits. In addition, AI technology will make significant advancements in 2023, including democratization, making it accessible to a broader user population. This shift will enable customers to wield authority, and businesses will be able to use AI to better meet their specific and individualized business requirements. Finally, a significant shift likely to be witnessed in the AI field in 2023 is the move to a more industrialized, embedded type of architecture, where actual business users may begin utilizing algorithms. According to a recent study, 61% of respondents believe that AI will have a significant impact on their industry within the next three to five years. (Source: Deloitte Insights Report) 3. Key Challenges in Implementing Big Data and AI 97.2% of business executives say their organizations are investing in big data and AI projects. These executives cite their desire to become “nimble, data-driven businesses” as the reason for these investments, as 54.4% say that their companies’ inability to do this was the biggest threat they faced. In addition, 79.4% say they’re afraid that other, more data-driven companies will disrupt and outperform them. (Source: Zippia) Implementing big data analytics and artificial intelligence (AI) presents various challenges that businesses must tackle to realize their full potential. One such obstacle is the intricate nature of the data, which could be either structured or unstructured and necessitate specialized tools and techniques for processing and analysis. Moreover, companies must ensure data quality, completeness, and integrity to facilitate accurate analysis and decision-making. Another substantial challenge in implementing big data and AI is the requirement for skilled personnel with expertise in data science, machine learning, and related technologies. To stay up-to-date on the latest tools and techniques, companies must invest in ongoing training and development programs for their employees. Ethical and legal concerns surrounding data privacy, security, and transparency must also be addressed, especially after recent data breaches and privacy scandals. Integrating big data and AI into existing IT systems can be a challenging and time-consuming process that necessitates careful planning and coordination to ensure smooth integration and minimize disruption. Lastly, the high cost of implementing these technologies can be a significant barrier, especially for smaller businesses or those with limited IT budgets. To overcome these challenges, companies must be strategic, prioritize use cases, and develop a clear implementation roadmap while leveraging third-party tools and services to minimize costs and maximize ROI. 4. Best Practices and Strategies for Big Data and AI Implementation 24% of companies use big data analytics. While 97.2% of companies say they’re investing in big data and AI projects, just 24% describe their organizations as data-driven. (Source: Zippia) 4.1 Building a Data Strategy One of the biggest challenges in building a data strategy is identifying the most relevant data sources and data types for the organization’s specific business objectives. The sheer volume and diversity of data available can further complicate this. The key to addressing this challenge is thoroughly assessing the organization’s data assets and prioritizing them based on their business value. This involves: Identifying the key business objectives and Determining which data sources and data types are most relevant to achieving those objectives 4.2 Implementing a Data Governance Framework Establishing a data governance framework involving all stakeholders is crucial for ensuring agreement on data quality, privacy, and security standards. However, implementing such a framework can be daunting due to the divergent priorities and perspectives of stakeholders on good data governance. So, to overcome this challenge, clear guidelines and processes must be established: Creating a data governance council Defining roles and responsibilities Involving all stakeholders in the development and implementation of guidelines Data quality management, privacy, and security processes should be established to maintain high data governance standards Organizations can improve the effectiveness of their data governance initiatives by aligning all stakeholders and ensuring their commitment to maintaining optimal data governance standards. 4.3 Leveraging Cloud Computing It is essential to carefully select a cloud provider that aligns with the organization's security and compliance requirements. In addition, robust data security and compliance controls should be implemented: Establishing data encryption and access controls Implementing data backup and recovery procedures Regularly conducting security and compliance audits By following these practices, organizations can ensure their big data and AI projects are secure and compliant. 4.4 Developing a Data Science and AI Roadmap The obstacles to developing a data science and AI roadmap lie in identifying the most pertinent use cases that cater to the specific business objectives of an organization. This difficulty is further compounded by the potential divergence of priorities and perspectives among various stakeholders concerning the definition of a successful use case. Hence, it is imperative to establish unambiguous guidelines for identifying and prioritizing use cases that align with their respective business values. This entails: Identifying the key business objectives Carefully ascertaining which use cases are most pertinent to realizing those objectives Meticulously delineating the success criteria for each use case 4.5 Leveraging Established Agile Methodologies Leveraging well-established agile methodologies is critical in successfully implementing large-scale big data and AI projects. By defining a precise project scope and goals, prioritizing tasks, and fostering consistent communication and collaboration, enterprises can effectively execute AI and big data analytics initiatives leveraging agile methodologies Such an approach provides teams with a clear understanding of their responsibilities, facilitates seamless communication, and promotes continuous improvement throughout the project lifecycle, resulting in a more efficient and effective implementation 4.6 Prototyping Through Sandboxing Establishing clear guidelines and processes is crucial to overcome the challenge of creating prototypes through sandboxing that are representative of the production environment and can meet the organization's requirements. It includes: Defining the scope and objectives of the prototype, Meticulously selecting the appropriate tools and technologies Guaranteeing that the prototype is an authentic reflection of the production environment Additionally, conducting thorough testing and evaluation is necessary to ensure that the prototype can be scaled effectively to meet the organization's needs. 5. Top AI and Big Data Companies to Look For in 2023 H2O.ai H2O.ai is a leading provider of artificial intelligence (AI) and machine learning (ML) software. It provides a platform for businesses to use artificial intelligence and data-driven insights to drive innovation and growth. The software offers a suite of tools and algorithms to help users build predictive models, analyze data, and gain insights that inform business decisions. With a user-friendly interface and a robust set of features, H2O.ai is a valuable tool for businesses looking to leverage the power of machine learning to stay ahead of the competition. ThoughtSpot ThoughtSpot is a leading search and AI-driven analytics platform that enables businesses to quickly and easily analyze complex data sets. The platform offers a range of features, including advanced analytics, customizable visualizations, and collaborative capabilities. It is designed to make data analytics accessible to anyone within an organization, regardless of technical expertise. The platform is also highly customizable, allowing businesses to tailor it to meet their specific needs and integrate it with their existing data infrastructure. Treasure Data Treasure Data is a cloud-based enterprise data management platform that helps businesses collect, store, and analyze their data to gain valuable insights. Its platform includes a suite of powerful tools for data collection, storage, processing, and analysis, including a flexible data pipeline, a powerful data management console, and a range of analytics tools. The platform is also highly scalable, capable of handling massive amounts of data and processing millions of events per second, making it suitable for businesses of all sizes and industries. Denodo Denodo is a leading data virtualization software company that provides a unified platform for integrating and delivering data across multiple sources and formats in real time. The platform offers unmatched performance and unified access to a broad range of enterprise, big data, cloud, and unstructured sources. It also provides agile data service provisioning and governance at less than half the cost of traditional data integration. In addition, its data virtualization technology simplifies the complexity of data sources and creates a virtual layer of data services accessible to any application or user, regardless of the data’s location or format. Pendo.io Pendo.io is a leading cloud-based platform that provides product analytics, user feedback, and guidance for digital products. It allows businesses to make data-driven decisions about their products and optimize their customer journey. The platform empowers companies to transform product intelligence into actionable insights rapidly and at scale, enabling a new generation of businesses that prioritize product development. TigerGraph TigerGraph is a graph database and analytics platform that allows businesses to gain deeper insights and make better decisions by analyzing connected data. It is designed to handle complex data sets and perform advanced graph analytics at scale. The platform offers a range of graph analytics algorithms that can be applied to a variety of use cases, including fraud detection, recommendation engines, supply chain optimization, and social network analysis. Solix Technologies, Inc. Solix Technologies, Inc. is a leading big data management and analysis software solution provider that empowers data-driven enterprises to achieve their Information Lifecycle Management (ILM) goals. Its flagship product, Solix Big Data Suite, provides an ILM framework for Enterprise Archiving and Enterprise Data Lake applications utilizing Apache Hadoop as an enterprise data repository. In addition, the Solix Enterprise Data Management Suite (Solix EDMS) helps organizations implement database archiving, test data management, data masking and application retirement across all enterprise data. Reltio Reltio is a leading provider of cloud-based master data management (MDM) solutions that enable organizations to create a unified view of their data across all sources and formats. The platform combines MDM with big data analytics and machine learning to provide a single source of truth for data-driven decision-making. The solution offers a range of features, including data modeling, data quality management, data governance, and data analytics. dbt Labs dbt Labs is a cloud-based data transformation software platform that helps analysts and engineers manage the entire analytics engineering workflow, from data ingestion to analysis. The platform enables users to transform and model raw data into analysis-ready data sets using a SQL-based language. With its modular and scalable approach, dbt Labs makes it easier for data teams to collaborate and manage their data pipelines. Rockset Rockset is a real-time indexing database platform that allows businesses to run fast queries on data from multiple sources without needing to manage the underlying infrastructure. It supports various data types, including structured, semi-structured, and nested data, making it flexible and versatile. In addition, the serverless platform is built on a cloud-native architecture, making it easy to scale up or down as needed. With Rockset, users can build real-time applications and dashboards, perform ad hoc analysis, and create data-driven workflows. 6. Conclusion The relationship between big data and AI is mutually beneficial, given the fact that AI requires copious amounts of data to refine its decision-making capabilities, while big data analytics derives immense value from AI for advanced analysis. As a result, the integration of big data analytics and AI is projected to profoundly impact diverse industries in 2023. Nevertheless, adopting these technologies poses multifarious challenges, necessitating businesses to adopt a strategic approach and develop a comprehensive implementation roadmap to optimize ROI and minimize expenses. Ultimately, the successful implementation of big data and AI strategies can enable organizations to become data-driven, culminating in substantial improvements in business performance.

Read More
BUSINESS INTELLIGENCE

BI Performance Metrics to Scrutinize Your Business Strategy

Article | August 4, 2022

Explore the impact of big data on the healthcare industry and how it is being used to improve patient outcomes. Discover how big data is being leveraged to enhance overall healthcare delivery. Contents 1. Introduction 1.1 Role of Big Data in Healthcare 1.2 The Importance of Patient Outcomes 2. How Big Data Improves Patient Outcomes 2.1 Personalized Medicine and Treatment Plans 2.2 Early Disease Detection and Prevention 2.3 Improved Patient Safety and Reduced Medical Errors 3. Challenges and Considerations While Using Big Data in Healthcare 4. Final thoughts 1. Introduction In today's constantly evolving healthcare industry, the significance of big data cannot be overstated. Its multifaceted nature makes it a valuable asset to healthcare providers in their efforts to enhance patient outcomes and reduce business costs. When harnessed effectively, big data in healthcare provides companies with the insights they need to personalize healthcare, streamline customer service processes, and improve their practices for interacting with patients. This results in a more tailored and thorough experience for customers, ultimately leading to better care. 1.1 Role of Big Data in Healthcare Big data pertains to vast collections of structured and unstructured data in the healthcare industry. One of the primary sources of big data in healthcare is electronic health records (EHRs), which contain: Patient’s medical history Demographics Medications Test results Analyzing this data can: Facilitate informed decision-making Improve patient outcomes Reduce healthcare costs Integrating structured and unstructured data can add significant value to healthcare organizations, and Big Data Analytics (BDA) is the tool used to extract information from big data. Big Data Analytics (BDA) can extract information and create trends, and in healthcare, it can identify clusters, correlations, and predictive models from large datasets. However, privacy and security concerns and ensuring data accuracy and reliability are significant challenges that must be addressed. 1.2 The Importance of Patient Outcomes Patient outcomes are the consequences of healthcare interventions or treatments on a patient's health status and are essential in evaluating healthcare systems and guiding healthcare decision-making. However, the current healthcare system's focus on volume rather than value has led to fragmented payment and delivery systems that fall short in terms of quality, outcomes, costs, and equity. To overcome these shortcomings, a learning healthcare system is necessary to continuously apply knowledge for improved patient outcomes and affordability. However, access to timely guidance is limited, and organizational and technological limitations pose significant challenges in measuring patient-centered outcomes. 2. How Big Data Improves Patient Outcomes Big data in healthcare engenders a substantial impact by facilitating the delivery of treatment that is both efficient and effective. This innovative approach to healthcare enables the identification of high-risk patients, prediction of disease outbreaks, management of hospital performance, and improvement of treatment effectiveness. Thanks to modern technology, the collection of electronic data is now a seamless process, thus empowering healthcare professionals to create data-driven solutions to improve patient outcomes. 2.1 Personalized Medicine and Treatment Plans Big data can revolutionize personalized medicine and treatment plans by analyzing vast patient data to create tailored treatment plans for each patient, resulting in better outcomes, fewer side effects, and faster recovery times. 2.2 Early Disease Detection and Prevention Big data analytics in healthcare allow for early interventions and treatments by identifying patterns and trends that indicate disease onset. This improves patient outcomes and reduces healthcare costs. Real-time patient data monitoring and predictive analytics enable timely action to prevent complications. 2.3 Improved Patient Safety and Reduced Medical Errors Big data analytics can help healthcare providers identify safety risks like medication errors, misdiagnoses, and adverse reactions, improving patient safety and reducing medical errors. This can lead to cost savings and better patient outcomes. 3. Challenges and Considerations While Using Big Data in Healthcare In order to maximize the potential advantages, organizations must address significant challenges of big data in healthcare, like privacy and security concerns, data accuracy and reliability, and expertise and technology requirements. Safeguards like encryption, access controls, and data de-identification can mitigate privacy and security risks Ensuring data accuracy and reliability requires standardized data collection, cleaning, and validation procedures Additionally, healthcare organizations must prioritize the recruitment of qualified professionals with expertise in data management, and analysis is crucial The adoption of advanced technologies such as artificial intelligence and machine learning can support effective analysis and interpretation of big data in healthcare 4. Final Thoughts The impact of big data on healthcare is profound, and the healthcare sector possesses the possibility of a paradigm shift by leveraging the potential of big data to augment patient outcomes and curtail costs. Nevertheless, implementing big data entails formidable challenges that necessitate their resolution to fully unleash healthcare data technology's benefits. Notably, handling voluminous and heterogeneous datasets in real time requires state-of-the-art technological solutions. To attain the maximal benefits of big data in healthcare, organizations must proactively address these challenges by implementing risk-mitigating measures and fully capitalizing on big data's potential.

Read More
BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE

Navigating Big Data Integration: Challenges and Strategies

Article | April 13, 2023

Explore the complexities of integrating Big Data into your organization. Learn effective strategies for overcoming challenges to optimize your data integration process and maximize business outcomes. Contents 1 Introduction 2 Challenges in Big Data Integration 2.1 Data Volume, Velocity, and Variety Challenges 2.2 Integration with Legacy Systems and Data Silos 2.3 Technical Challenges 2.4 Organizational Challenges 3 Overcoming Integration Challenges: Strategies 3.1 Conducting Thorough Analysis of Data Infrastructure 3.2 Prioritizing Projects Based On Business Needs 3.3 Implementing Scalable and Flexible Solutions 3.4 Establishing Robust Data Governance Practices 4 Conclusion 1. Introduction Big data integration is a critical component of effective data management for organizations of all sizes. While some CIOs may believe that consolidating legacy data sources into a single platform can solve integration challenges, the reality is often more complex. Data is vast and usually spread across multiple sources, making integration a daunting task. Nearly 25% of businesses struggle with integrating new applications with their old systems. That’s because legacy system integration isn’t always easy to achieve. (Source: Gartner) Thus, to tackle big data integration effectively, it's essential to understand how it fits into the organization's overall data management strategy and determine the policies governing the integration process. In addition, there are several technical challenges involved in data integration, including ensuring all components work well together, reflecting trends in big data analytics, and finding skilled big data engineers and analysts. 2. Challenges in Big Data Integration 2.1 Data Volume, Velocity, and Variety Challenges In order to effectively integrate big data, companies must address the three key components of volume, variety, and velocity. Coordinating and managing massive amounts of data is both logistically challenging and costly, especially with large volumes. Working with multiple data sources is also a major hurdle that necessitates advanced analytics resources and expertise. Large datasets can take weeks to process, making real-time data analytics an arduous task. This becomes particularly challenging when dealing with intricate and extensive datasets, where velocity poses a significant obstacle. Attempting to apply a uniform analytical process to all data sets may be impractical, further impeding progress. 2.2 Integration with Legacy Systems and Data Silos According to a report, 25% of organizations have more than 50 unique data silos, and these prevent companies from harnessing their data for their business. (Source: 451 Research) The integration of legacy systems presents a significant challenge for companies, as it entails various difficulties, such as high maintenance costs, data silos, compliance issues, weaker data security, and a lack of integration with new systems. The maintenance of legacy systems is both expensive and futile, leaving a company with outdated technology and a tarnished reputation due to potential breaches. Furthermore, legacy systems may fail to meet evolving compliance regulations such as GDPR and lack appropriate data security measures. Over time, data silos can develop due to organizational structures and company culture, leading to difficulties in achieving effective data integration. Siloed data obstructs departments from accessing the full benefits of new systems, impeding technological growth within a company. Additionally, legacy systems may not be compatible with new systems, causing further communication issues. 2.3 Technical Challenges Selecting the Right Big Data Integration Tools Choosing the right tools, technologies and big data integration services is crucial to meet specific business needs. It can be challenging to keep up with the constantly evolving technology landscape, making it important to stay up-to-date with the latest trends and innovations. The decision-making process should involve a thorough evaluation of existing tools and technologies to determine their effectiveness and relevance to the integration process. Failure to choose the appropriate tools and technologies can lead to inefficiencies, longer processing times, and increased costs. Ensuring Different Systems and Data Formats Compatibility It is estimated that around 85% of big data projects will fail to meet all their objectives, illustrating the scale of the challenge that businesses face when trying to get a handle on complex and disparate data from across the enterprise. (Source: Gartner) In integrating big data, it is common to have different systems and data formats that need to be integrated. Ensuring compatibility between these different systems and data formats can be a challenge. A solution-based approach to this challenge is to use data integration platforms that provide support for a wide range of data formats and systems. This ensures that the integration process is seamless and efficient. Addressing Issues of Data Quality and Completeness To integrate big data successfully, it's essential to address issues related to data quality and completeness. Only accurate or complete data can lead to correct insights and precise decision-making, which can benefit businesses. Developing comprehensive data quality management strategies that include data profiling, cleansing, and validation is necessary to overcome this challenge. These strategies ensure that the data being integrated is accurate and complete, leading to better actionable insights and business intelligence. 2.4 Organizational Challenges Developing Comprehensive Integration Strategy Developing a clear and comprehensive integration strategy for big data can be challenging, but it is essential for success. The developed strategy should clearly outline the business objectives and the scope of the integration effort as well as identify the key stakeholders involved. Additionally, it should define the technical requirements and resources necessary to support the integration effort. Building Cross-Functional Teams to Support Integration Efforts Building cross-functional teams for successful data integration can be challenging due to identifying the right individuals with diverse skill sets and navigating complex technical environments. However, it is crucial to form teams comprising members from various departments, including IT, data science, and administration, who collaborate to identify business needs, devise an integration strategy, and implement integration solutions. Building such teams promotes effective communication and coordination across departments and stakeholders, enabling organizations to leverage data assets effectively. 3. Overcoming Integration Challenges: Strategies 3.1 Conducting Thorough Analysis of Data Infrastructure Conducting a thorough analysis of existing data infrastructure and systems is the first step in any data integration effort. This analysis should identify the strengths and weaknesses of the existing infrastructure and systems. This information can be used to develop a comprehensive integration strategy that addresses existing challenges and identifies opportunities for improvement. 3.2 Prioritizing Projects Based On Business Needs It is crucial to prioritize, and sequence integration projects based on business needs to leverage the benefits of data integration. This approach ensures that resources are allocated appropriately and the most critical projects are addressed first. Conducting a thorough cost-benefit analysis is an effective way to determine the value and impact of each project to prioritize and plan accordingly. 3.3 Implementing Scalable and Flexible Solutions In orderto accommodate the ever-increasing amount of data and evolving business requirements, it is essential to implement scalable and flexible integration solutions. This approach ensures that the integration process remains efficient and can adapt to changing needs. Modern data integration platforms that support cloud-based solutions, real-time data processing, and flexible data models can be adopted to achieve this. 3.4 Establishing Robust Data Governance Practices Establishing robust data governance practices ensures data is managed effectively throughout the integration process. This involves defining clear policies, procedures, and standards for data management across the entire data lifecycle, from acquisition to disposition. Additionally, data quality and security controls should be implemented, and employees must be trained on data governance best practices. Organizations can effectively manage data by establishing these practices throughout the integration process. It includes defining data ownership, establishing policies, and implementing quality controls. Ultimately, this approach ensures that data is accurate, complete, and reliable and that the organization is compliant with any relevant regulations or standards. 4. Conclusion Integrating big data represents a formidable obstacle for many organizations, yet with the proper strategies in place, these challenges can be surmounted, enabling businesses to unleash the full potential of their data assets. It is paramount that organizations possess a comprehensive and lucid understanding of both the technical and organizational challenges inherent in integrating big data. Businesses must prioritize data integration and processing initiatives based on their commercial requirements, employ scalable and flexible solutions, and establish robust data governance practices. By doing so, they can acquire invaluable insights that drive business growth and innovation, improve operational efficiency, and enhance their competitiveness in the market.

Read More
MORE ARTICLES

Spotlight

Vortexa

Vortexa tracks more than $1.8 trillion of waterborne energy trades per year in real-time, providing energy and shipping companies with the most complete picture of global energy flows available in the world today. Vortexa’s highly intuitive web-based app and programmatic API/SDK interfaces help traders, analysts and charterers make high-value trading decisions with confidence, when it matters the most.

Related News

BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE

Latest Couchbase Capella Release Features New Developer Platform Integrations and Greater Enterprise Features

Prnewswire | June 02, 2023

Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, today announced a broad range of enhancements to its industry-leading Database-as-a-Service Couchbase Capella™. The newest release of Capella will be accessible by popular developer platform Netlify and features a new Visual Studio Code (VS Code) extension, making it easier for developers and development teams to build modern applications on Capella, streamline their workflows and increase productivity. Coinciding with National Cloud Database Day, Couchbase is also extending its enterprise deployability and introducing new features, allowing customers to move more applications to Capella with a lower TCO. "The reality is that developers don't want to spend their time operating and integrating separate primitives. Capella's new developer platform integrations aim to address this widespread issue, minimizing the developer experience gap and allowing teams to focus on what they do best — writing code and solving problems," said Rachel Stephens, senior analyst at RedMonk. Simplifying the Developer Experience With Netlify, VS Code and Capella Findings from Couchbase's recent developer survey reveal that the majority of developers (94.9%) are currently at or over their work capacity and are on the brink of or already feeling overwhelmed. To reduce this friction and help developers lower their number of operational tasks, Couchbase is extending Capella to more of the developer platform ecosystem that is highly favored by frontend and full stack developers. The new integration for Capella makes it easy for developers to connect to Netlify for more simplified and agile web application development. In addition, the new VS Code extension is designed to provide a seamless experience for Capella users who want to work within the popular source-code editor. These ecosystem enhancements are now available and reduce friction so that developers can focus on building innovative modern apps. "Netlify's platform unites an extensive ecosystem of technologies, services and APIs into one workflow to empower developers to build composable web experiences with the tools that best suit their needs. In this way, Netlify meets their users where they are, allowing them to embrace the composable web in a manner that respects their existing businesses, while also balancing flexibility and enterprise-grade reliability. I'm a strong believer that when the ecosystem wins, we all win. That's why we're so excited to deepen our ties with Couchbase to strengthen and diversify the ecosystem of tools developers are using to build the modern web," said Chris Bach, co-founder and chief strategy and creative officer at Netlify. Broader Enterprise Deployability and New Enterprise Features Couchbase is also broadening Capella's enterprise features and deployability so customers can move more applications to the cloud database platform. The new Capella enhancements deliver the following benefits: Support for time series data. A new time series array function in Couchbase's support for JSON will enable a broader set of use cases, such as IoT or finance apps. By using time series arrays, Couchbase is able to utilize all of its data access, processing and storage features including its patented array indexing and high-density storage engine. This approach will enable development teams to quickly and easily extend new features to their applications without adding complexity to their architecture or infrastructure, allowing them to be more agile and productive while driving cost efficiency. Extending deployability of Capella. Couchbase has added over 10 new supported regions across the three major cloud service providers and larger instance sizes. Capella is also available directly in each of their marketplaces. Capella adds support for memory-only buckets (ephemeral databases) for caching and transient data use cases. Security and compliance capabilities are enhanced through Google Cloud HIPAA compliance and with private endpoints for Azure. Enhanced management. Managing Capella is even easier now with the introduction of dynamic disk scaling, hibernation of clusters and the enabling of downloadable buckets. Also new is change data capture, which recognizes and automates change history on documents. This is then streamable via Kafka to other applications. These enhancements collectively position Capella as a single, comprehensive cloud database platform that offers broad multimodel support and in-memory performance — a powerful combination that lowers TCO for customers. "We continue to broaden the Capella capabilities and make it easier for new developers to come on board and take advantage of our industry-leading cloud database platform," said Scott Anderson, SVP of product management and business operations at Couchbase. "Development teams can get started with Capella more quickly and do more with our cloud database platform, improving efficiency and productivity. And for operations teams, Capella becomes even easier to deploy and manage while broadened enterprise capabilities handle more workloads at a fraction of the cost compared to other document-based DBaaS offerings." The new release of Capella will be generally available in the second quarter. Couchbase will host a webcast on June 7 and 8 to discuss what's new in Capella and how customers can benefit from the latest enhancements. Register here. About Couchbase Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase's mission is to simplify how developers and architects develop, deploy and consume modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers – all with best-in-class price performance. More than 30% of the Fortune 100 trust Couchbase to power their modern applications. For more information, visit www.couchbase.com and follow us on Twitter @couchbase. Couchbase®, the Couchbase logo and the names and marks associated with Couchbase's products are trademarks of Couchbase, Inc. All other trademarks are the property of their respective owners.

Read More

BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE

Tamr unveils new research revealing customer data as the No. 1 focus of enterprise data strategies

Businesswire | June 02, 2023

New research from Tamr, Inc., the leader in data products, reveals that more than three-fourths (78%) of surveyed businesses focus on improving customer data quality and breaking down data silos. And many organizations are shifting from being solely data-driven to seeking value from the promise that their customer data holds. These findings are based on a recent study of businesses across a variety of industry sectors, including financial services, retail, manufacturing, and life scien Customer data has become a key focus in light of ever-evolving customer preferences and behaviors. With both B2B and B2C customers expecting a seamless experience, it's become clear that improving the value of customer data is vital to any business's success. But when customer data is incorrect, incomplete, or outdated, it becomes difficult to derive value from it. Dirty customer data: what it is and why it exists Most companies' customer data is messy, incomplete, incorrect, and managed in data silos, making it difficult to integrate into a holistic, 360-degree view of the customer. Typically, organizations manage their data in a way which aligns to how they are organized – by product line, by geography, by business unit, etc. But, the real value from data comes when organizations break down those silos. Without that holistic view, the individuals in the company responsible for identifying and driving upsell/cross-sell opportunities, delivering world-class customer experiences, and identifying potential risk exposures will struggle to succeed. "With regards to customer data, changing customer buying behavior created an influx of data for businesses to comb through," said Anthony Deighton, Data Products General Manager at Tamr. "Companies leading the pack in winning buyers and increasing customer loyalty are doing so by solving the customer data problem." Data is everyone’s concern Tamr research participants were primarily from data and analytics teams and business departments, such as marketing, procurement, and customer experience. The high survey participation rate (64%) from business departments demonstrates that data is becoming a part of everyone’s job in the enterprise. And as organizations become more data driven, data products are rising as a primary focus to enable organizations to realize the value of data as a core asset. Data products: an antidote to dirty, disconnected customer data Companies that have shifted their focus to data products are overcoming customer data problems and delivering outstanding results. Data products are easy-to-use sets of high-quality, trustworthy, and accessible data that people across an organization can use to solve business challenges. Tamr’s research shows that 69% of respondents cited business value as a key metric for measuring the success of data products, second only to user experience. In fact, 74% of respondents would advise companies wanting to solve customer data problems to develop a data product strategy that focuses on business value. “Treating data like a product involves bringing structure to the ownership, processes, and technology needed to ensure the organization has clean, curated, continuously-updated data,” Deighton explained. “Organized by business entities and governed by domain, data products are the best version of data. They are aligned to key business entities and available for humans and machines to consume broadly and securely across an enterprise to solve business challenges.” Building data products A templated approach to data product development is the simplest way to accelerate time to value for organizations wanting to move toward a data product strategy. Data product templates enable you to build a custom flow for your MDM program quickly, author and curate data, and improve data quality for your operational processes, analytics, and data consumers. Data product templates address wide-ranging data challenges, from B2B and B2C customer mastering to supplier mastering and legal entity mastering, so any organization seeking better, more efficient ways to manage their data can benefit from this approach. “Our research indicates that businesses that have moved away from being data-driven only, and adopted data product strategies to become value-driven, are the real success stories,” says Deighton. Read Tamr’s latest insights report, Getting Started With Data Products: A CDO Guide, to learn more about how to get more value from your customer data with data products. Tamr commissioned a third-party market research firm, Propeller Insights, for the research of over 500 participants on the state of the data and analytics industry. About Tamr, Inc. Tamr, the leader in data products, enables customers to use data product templates to consolidate messy source data into clean, curated, analytics-ready datasets. Organizations benefit from Tamr, the industry’s first suite of data product templates that combine human curation, patented machine learning, mastering rules and enrichment with first- and third-party data to accelerate business outcomes and deliver business-changing insights. Tamr’s cloud-native and SaaS solutions enable industry leaders such as Toyota, Western Union and GSK to get ahead and stay ahead in a rapidly changing competitor environment. Visit www.tamr.com and follow @Tamr_Inc on Twitter and LinkedIn for more information about Tamr, its partners and investors. About Propeller Insights Propeller Insights is a full-service market research firm based in Los Angeles. We use quantitative and qualitative methodologies to measure and analyze marketplace opinions from B2C and B2B perspectives. We work extensively across multiple industries including technology, brand intelligence, entertainment/media, retail, and consumer packaged goods. Our collective experience in all aspects of the research process, from sample management and data collection, to data processing and analysis, ensures our research is efficient and of the highest quality.

Read More

BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE

Precisely Advances Leading Data Quality Portfolio, Providing Unparalleled Support to Customers on their Journey to Data Integrity

Businesswire | June 01, 2023

Precisely, the global leader in data integrity, today announced a series of innovations to its industry recognized data quality portfolio. The announcement underscores the company’s continued commitment to helping organizations on their path to data integrity - empowering data leaders and practitioners to better understand their data and ensure it is accurate, consistent, and contextualized for confident decision-making. Thousands of customers around the world rely on data quality solutions from Precisely for their best-in-class address validation and enrichment, sophisticated entity matching, financial reconciliation, and enforcement of data quality rules for their business. Integration with other Precisely solutions, including data governance, data observability, data integration, and data enrichment empowers customers to seamlessly address new use cases in their rapidly changing, data-driven world. With the latest product updates, Precisely has further enhanced capabilities in its well-known solutions, building upon decades of leadership in the data quality market: Precisely Spectrum Quality – now offers expanded capabilities for editing, visualizing, and interacting with graph data for use cases requiring a single view of critical data. It also supports the latest United States Postal Service (USPS) CASS™ Cycle O, allowing customers to benefit from improved address validation and matching to ensure accurate and efficient delivery of mail, and take advantage of reduced mailing costs. Starting in July, it will also provide the option to integrate Spectrum OnDemand directly with Precisely Property Graph – enabling users to understand the intricate relationships between addresses, parcel boundaries, building footprints and points of interest. Precisely Trillium – offers improved connectivity with double the number of supported data sources now available for Trillium Quality and Trillium Discovery customers. The updates enhance performance and enable data quality rules to be applied to data originating from sources such as Snowflake, Amazon Redshift, Google BigQuery, and SAP S/4HANA. Starting in July, support will also be available for USPS CASS™ Cycle O. Precisely Data360 – has been advanced with the option to integrate Data360 DQ+ with Spectrum OnDemand, allowing customers to validate emails and phone numbers, on top of being able to validate and geocode addresses using Spectrum’s well-known strengths. Several enhancements have also been made to Data360 Analyze to provide secure and easy access to Microsoft Azure Key Vault, and enable more efficient coding in Python. These new updates follow the recent announcement of the Precisely Data Integrity Suite’s new Data Quality service, which provides complementary benefits for users of Precisely data quality solutions including Spectrum Quality, Trillium Quality, Trillium Discovery, and Data360 DQ+. The new Data Quality service means customers can run data quality processes wherever data lives – including in the cloud. It also empowers them to harness additional value by seamlessly integrating with other Suite services, including Data Integration, Data Governance, Data Observability, and more. The announcement comes at a time when organizations are under more pressure than ever to execute on increasingly sophisticated data initiatives, requiring access to high levels of accurate, consistent, and contextualized data to achieve successful outcomes. In fact, new research1 from the Center for Business Analytics at Drexel University’s LeBow College of Business revealed data quality as the number one challenge for organizations (50%), as well as being the top priority (53%) for data leaders to address in 2023, with 66% of all respondents rating the quality of their organization’s data as average, low, or very low. “Advanced data programs ultimately rely on high-integrity data to achieve successful outcomes, and ensuring that your data is accurate, consistent, and contextualized is a critical step on the path to building that trust,” said Emily Washington, SVP – Product Management at Precisely. “We are proud to continue to evolve our unique blend of software, data, and strategic services to meet customers wherever they are on their data integrity journey and help them to stay agile in the dynamic market landscape.” Register for the new data quality webinar series to hear directly from Precisely product experts on how customers can take advantage of these latest updates. 1.2023 Data Integrity Trends & Insights Report, Center for Business Analytics at Drexel University’s LeBow College of Business in partnership with Precisely – full report coming June 2023 About Precisely Precisely is the global leader in data integrity, providing accuracy, consistency, and context in data for 12,000 customers in more than 100 countries, including 99 of the Fortune 100. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Learn more at www.precisely.com.

Read More

BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE

Latest Couchbase Capella Release Features New Developer Platform Integrations and Greater Enterprise Features

Prnewswire | June 02, 2023

Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, today announced a broad range of enhancements to its industry-leading Database-as-a-Service Couchbase Capella™. The newest release of Capella will be accessible by popular developer platform Netlify and features a new Visual Studio Code (VS Code) extension, making it easier for developers and development teams to build modern applications on Capella, streamline their workflows and increase productivity. Coinciding with National Cloud Database Day, Couchbase is also extending its enterprise deployability and introducing new features, allowing customers to move more applications to Capella with a lower TCO. "The reality is that developers don't want to spend their time operating and integrating separate primitives. Capella's new developer platform integrations aim to address this widespread issue, minimizing the developer experience gap and allowing teams to focus on what they do best — writing code and solving problems," said Rachel Stephens, senior analyst at RedMonk. Simplifying the Developer Experience With Netlify, VS Code and Capella Findings from Couchbase's recent developer survey reveal that the majority of developers (94.9%) are currently at or over their work capacity and are on the brink of or already feeling overwhelmed. To reduce this friction and help developers lower their number of operational tasks, Couchbase is extending Capella to more of the developer platform ecosystem that is highly favored by frontend and full stack developers. The new integration for Capella makes it easy for developers to connect to Netlify for more simplified and agile web application development. In addition, the new VS Code extension is designed to provide a seamless experience for Capella users who want to work within the popular source-code editor. These ecosystem enhancements are now available and reduce friction so that developers can focus on building innovative modern apps. "Netlify's platform unites an extensive ecosystem of technologies, services and APIs into one workflow to empower developers to build composable web experiences with the tools that best suit their needs. In this way, Netlify meets their users where they are, allowing them to embrace the composable web in a manner that respects their existing businesses, while also balancing flexibility and enterprise-grade reliability. I'm a strong believer that when the ecosystem wins, we all win. That's why we're so excited to deepen our ties with Couchbase to strengthen and diversify the ecosystem of tools developers are using to build the modern web," said Chris Bach, co-founder and chief strategy and creative officer at Netlify. Broader Enterprise Deployability and New Enterprise Features Couchbase is also broadening Capella's enterprise features and deployability so customers can move more applications to the cloud database platform. The new Capella enhancements deliver the following benefits: Support for time series data. A new time series array function in Couchbase's support for JSON will enable a broader set of use cases, such as IoT or finance apps. By using time series arrays, Couchbase is able to utilize all of its data access, processing and storage features including its patented array indexing and high-density storage engine. This approach will enable development teams to quickly and easily extend new features to their applications without adding complexity to their architecture or infrastructure, allowing them to be more agile and productive while driving cost efficiency. Extending deployability of Capella. Couchbase has added over 10 new supported regions across the three major cloud service providers and larger instance sizes. Capella is also available directly in each of their marketplaces. Capella adds support for memory-only buckets (ephemeral databases) for caching and transient data use cases. Security and compliance capabilities are enhanced through Google Cloud HIPAA compliance and with private endpoints for Azure. Enhanced management. Managing Capella is even easier now with the introduction of dynamic disk scaling, hibernation of clusters and the enabling of downloadable buckets. Also new is change data capture, which recognizes and automates change history on documents. This is then streamable via Kafka to other applications. These enhancements collectively position Capella as a single, comprehensive cloud database platform that offers broad multimodel support and in-memory performance — a powerful combination that lowers TCO for customers. "We continue to broaden the Capella capabilities and make it easier for new developers to come on board and take advantage of our industry-leading cloud database platform," said Scott Anderson, SVP of product management and business operations at Couchbase. "Development teams can get started with Capella more quickly and do more with our cloud database platform, improving efficiency and productivity. And for operations teams, Capella becomes even easier to deploy and manage while broadened enterprise capabilities handle more workloads at a fraction of the cost compared to other document-based DBaaS offerings." The new release of Capella will be generally available in the second quarter. Couchbase will host a webcast on June 7 and 8 to discuss what's new in Capella and how customers can benefit from the latest enhancements. Register here. About Couchbase Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase's mission is to simplify how developers and architects develop, deploy and consume modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers – all with best-in-class price performance. More than 30% of the Fortune 100 trust Couchbase to power their modern applications. For more information, visit www.couchbase.com and follow us on Twitter @couchbase. Couchbase®, the Couchbase logo and the names and marks associated with Couchbase's products are trademarks of Couchbase, Inc. All other trademarks are the property of their respective owners.

Read More

BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE

Tamr unveils new research revealing customer data as the No. 1 focus of enterprise data strategies

Businesswire | June 02, 2023

New research from Tamr, Inc., the leader in data products, reveals that more than three-fourths (78%) of surveyed businesses focus on improving customer data quality and breaking down data silos. And many organizations are shifting from being solely data-driven to seeking value from the promise that their customer data holds. These findings are based on a recent study of businesses across a variety of industry sectors, including financial services, retail, manufacturing, and life scien Customer data has become a key focus in light of ever-evolving customer preferences and behaviors. With both B2B and B2C customers expecting a seamless experience, it's become clear that improving the value of customer data is vital to any business's success. But when customer data is incorrect, incomplete, or outdated, it becomes difficult to derive value from it. Dirty customer data: what it is and why it exists Most companies' customer data is messy, incomplete, incorrect, and managed in data silos, making it difficult to integrate into a holistic, 360-degree view of the customer. Typically, organizations manage their data in a way which aligns to how they are organized – by product line, by geography, by business unit, etc. But, the real value from data comes when organizations break down those silos. Without that holistic view, the individuals in the company responsible for identifying and driving upsell/cross-sell opportunities, delivering world-class customer experiences, and identifying potential risk exposures will struggle to succeed. "With regards to customer data, changing customer buying behavior created an influx of data for businesses to comb through," said Anthony Deighton, Data Products General Manager at Tamr. "Companies leading the pack in winning buyers and increasing customer loyalty are doing so by solving the customer data problem." Data is everyone’s concern Tamr research participants were primarily from data and analytics teams and business departments, such as marketing, procurement, and customer experience. The high survey participation rate (64%) from business departments demonstrates that data is becoming a part of everyone’s job in the enterprise. And as organizations become more data driven, data products are rising as a primary focus to enable organizations to realize the value of data as a core asset. Data products: an antidote to dirty, disconnected customer data Companies that have shifted their focus to data products are overcoming customer data problems and delivering outstanding results. Data products are easy-to-use sets of high-quality, trustworthy, and accessible data that people across an organization can use to solve business challenges. Tamr’s research shows that 69% of respondents cited business value as a key metric for measuring the success of data products, second only to user experience. In fact, 74% of respondents would advise companies wanting to solve customer data problems to develop a data product strategy that focuses on business value. “Treating data like a product involves bringing structure to the ownership, processes, and technology needed to ensure the organization has clean, curated, continuously-updated data,” Deighton explained. “Organized by business entities and governed by domain, data products are the best version of data. They are aligned to key business entities and available for humans and machines to consume broadly and securely across an enterprise to solve business challenges.” Building data products A templated approach to data product development is the simplest way to accelerate time to value for organizations wanting to move toward a data product strategy. Data product templates enable you to build a custom flow for your MDM program quickly, author and curate data, and improve data quality for your operational processes, analytics, and data consumers. Data product templates address wide-ranging data challenges, from B2B and B2C customer mastering to supplier mastering and legal entity mastering, so any organization seeking better, more efficient ways to manage their data can benefit from this approach. “Our research indicates that businesses that have moved away from being data-driven only, and adopted data product strategies to become value-driven, are the real success stories,” says Deighton. Read Tamr’s latest insights report, Getting Started With Data Products: A CDO Guide, to learn more about how to get more value from your customer data with data products. Tamr commissioned a third-party market research firm, Propeller Insights, for the research of over 500 participants on the state of the data and analytics industry. About Tamr, Inc. Tamr, the leader in data products, enables customers to use data product templates to consolidate messy source data into clean, curated, analytics-ready datasets. Organizations benefit from Tamr, the industry’s first suite of data product templates that combine human curation, patented machine learning, mastering rules and enrichment with first- and third-party data to accelerate business outcomes and deliver business-changing insights. Tamr’s cloud-native and SaaS solutions enable industry leaders such as Toyota, Western Union and GSK to get ahead and stay ahead in a rapidly changing competitor environment. Visit www.tamr.com and follow @Tamr_Inc on Twitter and LinkedIn for more information about Tamr, its partners and investors. About Propeller Insights Propeller Insights is a full-service market research firm based in Los Angeles. We use quantitative and qualitative methodologies to measure and analyze marketplace opinions from B2C and B2B perspectives. We work extensively across multiple industries including technology, brand intelligence, entertainment/media, retail, and consumer packaged goods. Our collective experience in all aspects of the research process, from sample management and data collection, to data processing and analysis, ensures our research is efficient and of the highest quality.

Read More

BUSINESS INTELLIGENCE, BIG DATA MANAGEMENT, DATA SCIENCE

Precisely Advances Leading Data Quality Portfolio, Providing Unparalleled Support to Customers on their Journey to Data Integrity

Businesswire | June 01, 2023

Precisely, the global leader in data integrity, today announced a series of innovations to its industry recognized data quality portfolio. The announcement underscores the company’s continued commitment to helping organizations on their path to data integrity - empowering data leaders and practitioners to better understand their data and ensure it is accurate, consistent, and contextualized for confident decision-making. Thousands of customers around the world rely on data quality solutions from Precisely for their best-in-class address validation and enrichment, sophisticated entity matching, financial reconciliation, and enforcement of data quality rules for their business. Integration with other Precisely solutions, including data governance, data observability, data integration, and data enrichment empowers customers to seamlessly address new use cases in their rapidly changing, data-driven world. With the latest product updates, Precisely has further enhanced capabilities in its well-known solutions, building upon decades of leadership in the data quality market: Precisely Spectrum Quality – now offers expanded capabilities for editing, visualizing, and interacting with graph data for use cases requiring a single view of critical data. It also supports the latest United States Postal Service (USPS) CASS™ Cycle O, allowing customers to benefit from improved address validation and matching to ensure accurate and efficient delivery of mail, and take advantage of reduced mailing costs. Starting in July, it will also provide the option to integrate Spectrum OnDemand directly with Precisely Property Graph – enabling users to understand the intricate relationships between addresses, parcel boundaries, building footprints and points of interest. Precisely Trillium – offers improved connectivity with double the number of supported data sources now available for Trillium Quality and Trillium Discovery customers. The updates enhance performance and enable data quality rules to be applied to data originating from sources such as Snowflake, Amazon Redshift, Google BigQuery, and SAP S/4HANA. Starting in July, support will also be available for USPS CASS™ Cycle O. Precisely Data360 – has been advanced with the option to integrate Data360 DQ+ with Spectrum OnDemand, allowing customers to validate emails and phone numbers, on top of being able to validate and geocode addresses using Spectrum’s well-known strengths. Several enhancements have also been made to Data360 Analyze to provide secure and easy access to Microsoft Azure Key Vault, and enable more efficient coding in Python. These new updates follow the recent announcement of the Precisely Data Integrity Suite’s new Data Quality service, which provides complementary benefits for users of Precisely data quality solutions including Spectrum Quality, Trillium Quality, Trillium Discovery, and Data360 DQ+. The new Data Quality service means customers can run data quality processes wherever data lives – including in the cloud. It also empowers them to harness additional value by seamlessly integrating with other Suite services, including Data Integration, Data Governance, Data Observability, and more. The announcement comes at a time when organizations are under more pressure than ever to execute on increasingly sophisticated data initiatives, requiring access to high levels of accurate, consistent, and contextualized data to achieve successful outcomes. In fact, new research1 from the Center for Business Analytics at Drexel University’s LeBow College of Business revealed data quality as the number one challenge for organizations (50%), as well as being the top priority (53%) for data leaders to address in 2023, with 66% of all respondents rating the quality of their organization’s data as average, low, or very low. “Advanced data programs ultimately rely on high-integrity data to achieve successful outcomes, and ensuring that your data is accurate, consistent, and contextualized is a critical step on the path to building that trust,” said Emily Washington, SVP – Product Management at Precisely. “We are proud to continue to evolve our unique blend of software, data, and strategic services to meet customers wherever they are on their data integrity journey and help them to stay agile in the dynamic market landscape.” Register for the new data quality webinar series to hear directly from Precisely product experts on how customers can take advantage of these latest updates. 1.2023 Data Integrity Trends & Insights Report, Center for Business Analytics at Drexel University’s LeBow College of Business in partnership with Precisely – full report coming June 2023 About Precisely Precisely is the global leader in data integrity, providing accuracy, consistency, and context in data for 12,000 customers in more than 100 countries, including 99 of the Fortune 100. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Learn more at www.precisely.com.

Read More

Events