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Driving the data dividend
2 Data and analytics – an overview
Data Science – What is it?
Data scientists study the data held by a business to provide new
insights. Activities include:
• Collecting data
• Cleaning, categorising and organising data
• Modelling and mining data to spot patterns and relationships
• Building algorithms which allow large amounts of data to be
interrogated by computer
Big Data – What is it?
• Large in volume
• Multiple source – including internally and externally collected data
• Large in variety – including structured (organised and categorised)
and unstructured (unorganised) data
• Gathered at greater speed than traditional data sets
• Has the potential to add great value
Big Data – The challenge
Businesses cannot immediately start using 'big data' to identify
relationships and trends.
Time and resource must be invested into linking the multiple sets of
data collected across separate areas of the business, and for separate
purposes.
Data Science – The challenge
Data scientists struggle to integrate their skills and value into the
business strategy.
Risk managers should act as a 'translator' that makes the value of data
and analytics consumable to the organisation.
