Besitzen Sie diesen Inhalt bereits,
melden Sie sich an.
oder schalten Sie Ihr Produkt zur digitalen Nutzung frei.
Visual Analytics for Data-Driven Decision Making
From Raw Data to Actionable Insights
It has been estimated by IBM that 2.5 quintillion bytes of new data are generated on a daily basis. With increased digitalization, constant introduction of new technologies and easier and cheaper access to hard drives and cloud storages, this trend is more than likely to continue. However, simply storing huge amounts of data brings little to no value. That is why organizations need to embrace the right mind-set and utilize proper technologies in order to turn their data into competitive advantage.
1. Understanding data
Oxford Dictionary defines data as facts collected together for reference or analysis. As the amount of available data is growing continuously, the term big data has emerged to describe large quantities of data. It is defined by a set of attributes referred to as the four Vs:
Volume – the size of data;
Velocity – the speed at which new data is being created;
Variety – the different sources and formats of data;
Veracity – the accuracy and trustworthiness of data.
The increasing complexity of the four Vs is surpassing the humans’ ability to process data and use it in an effective and meaningful way. In order to extract the right information contained in the data and derive val...