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Data drives decisions – Let’s speed up the journey.
Data drives decisions. Accessing the right data at the right time unlocks innovation. And there’s the rub. Finding the right data in the right format quickly is not easy.
Ninety percent of the world’s data was created in the last two years alone. The volume of data is doubling every two years and, by 2020, it’s projected to reach 44 trillion gigabytes.
That’s a lot of data to sift through, especially if you are looking for specific, niche information to understand and uncover a unique insight to transform your business. It really is the proverbial needle in a haystack! And that means it takes valuable time and resource.
Indeed, we recently asked a panel of elite data scientists how true they consider the 80:20 data paradigm – where 80% of time is devoted to sourcing the data and getting it into a useable format and 20% of time is used on analysing it to generate insights. The majority (82%) either agreed or saw the situation as much worse.
The bug bears are numerous – incomplete metadata; data in proprietary formats that need to be converted; overly large and cumbersome data sets that are difficult to manage; unreliable or dirty data sets; license issues. The list goes on and on.
Some would-be insights rely on a very specific element of data – perhaps one year of a data set that spans 20 years – but to access that data you have to commit to the entire data set and the related cost and resource required to pull out the element you require.
These frustrations go counter to the huge excitement about the potential offered by the data revolution. That potential can only be realised if data can be discovered easily, accessed seamlessly and then used effortlessly.
Time is money and managing your data should be as easy as managing your music, photo and video libraries online using the likes of Spotify, Netflix or Amazon. Speeding up the time it takes to locate and unlock specific data sets would free up time to focus on unlocking innovative, valuable insights to inform strategic decisions.
It is time the industry woke up to the practical needs of those at the front-end of this dynamic industry. Data owners need to ensure the quality of their data and ensure it ‘does what it says on the tin’. There needs to be increased flexibility in options for buying data and more ability for data scientists to discover and access just the ‘slice’ of data they need. Let’s simplify the process.
It makes sense to invest resources on generating the insights that inform decisions rather than on searching for the relevant data in the first place. If barriers to accessing that data are broken down the opportunities are endless – and, crucially, likely to be achieved more quickly.
Brainnwave are a great example of how companies can deliver complex data science projects by leveraging their network, partnering with academia and by building the ecosystem of data experts. The Data Lab has been a partner with Brainnwave for several years and they have contributed greatly to the data driven innovation agenda for Scotland and have leveraged opportunities to build and grow their data talent and expand their capabilities significantly in both data science and artificial intelligence.
I have been championing, for some time now, the need to bring digital innovation from other industries into the housing sector. We are excited to be working with Brainnwave to apply their data intelligence technology to the housing sector. Their innovative approach to data and analytics, developing deep insights about our customers, has never been done before and will help us provide the best possible customer experience.
Brainnwave achieved more in 2 months with 4 analysts than a tier 1 consultancy achieved in 6 months with 6 people.
Brainnwave are a great team to work with. They put a focus on working collaboratively with us and they make sure that they’ve always understood what we need. Their solution has already saved a lot of time through the automation of organising, updating and sharing some of our day to day data (such as fuel prices) across the organisation.
Brainnwave are helping change the way we do business. The platform enables us to make more informed decisions. The platform Brainnwave are developing is using data analytics to provide us with the insights that we cannot access today due to the complexity of the questions we need to answer. This will be a game changer for our global business.
We are delighted to be working with our Partner, Brainnwave, on their new product, Geo Spatial Web Services. Brainnwave’s new product provides efficient access to our geospatial data providing users with the ability to analyse the data and generate strategic insights to aid their business.
Brainnwave has been instrumental in helping UNICEF understand how people move so we can coordinate relief assistance in a much better, more targeted way and can assist the population where the need is greatest.
I have always been a visual thinker and Brainnwave’s Ossian platform enables me to see things that were previously buried deep within reports; this helps me to react quickly to the business environment and make decisions with confidence.