2 Data and analytics – an overview
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
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.
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
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.
Big Data Data Science
DRIVING THE DATA DIVIDE
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