Welcome!

@BigDataExpo Authors: Stefan Bernbo, Amy Eager, Yeshim Deniz, Liz McMillan, John Rauser

Related Topics: @BigDataExpo, @CloudExpo, @ThingsExpo

@BigDataExpo: Article

Rich Data, Poor Data | @CloudExpo #AI #ML #IoT #M2M #BigData

First-party data (the data collected directly from your business activities) is a core asset, & the data rich treat it like cash

Rich Data, Poor Data: What the Data Rich Do - That the Data Poor and the Data Middle Class Do Not!

Generally speaking, there are two kinds of companies in the world: data rich and data poor. The richest of the data rich are easy to name: Google, Facebook, Amazon, Apple. But you don’t need to be at the top of this list to use data to create value. You need to have the tools in place to turn information (data) into action. That’s what the data rich do that the data poor and the data middle class do not.

The Data Rich Treat Data Like Cash
First-party data (the data collected directly from your business activities) is a core asset, and the data rich treat it like cash. They keep their data well organized, accessible and as safe as technology permits. The data rich know that data is a nascent form of currency, and while it is not precisely fungible, it can be traded.

Data Is More Powerful in the Presence of Other Data
The aphorism “The rich get richer and the poor get poorer” applies to data too. So the data rich enhance the value of their first-party data by enriching it with second-party data (other people’s first-party data). Because data is more powerful in the presence of other data (profiles are more actionable than factoids), the results often create exceptional value as well as competitive advantage.

Syndicated data collected in a legal way that allows it to be shared with third parties is generally referred to as third-party data. Some say it has “limited value” – I’m being polite, and I disagree. When obtained from a trusted provider and properly used, the data rich use third-party data to enrich their first- and second-party data. Deterministic matching of this data almost always yields actionable results.

Data Governance
The data rich set strict policies to manage the integrity, availability, usability and security of their data. Is the data accurate? Are we confident in our assessment of the data? Who will own it? Where will it be stored? Who will have rights to use it? How long will we keep it? Are there legal or regulatory concerns? The data rich have data councils that meet regularly to evaluate and modify corporate data governance policies. But the data rich also know that data governance is the job of every employee (remember, data rich companies treat data like cash). The data rich spend time and resources creating centers of excellence around data governance; the data poor do not.

Data Science: Turning Data into Action
Data rich companies have data science departments that are tasked with turning information (data) into action. These departments are built on three foundational skills: computer science, math and domain expertise.

Computer Science: The computer science required to perform data-scientific research is quickly becoming commoditized. You can find SaaS tools, purpose-built computing clouds and open-source software to do some very sophisticated computing at reasonable prices.

Math: The language of mathematics is spoken by legions of math majors graduated from institutions of higher learning worldwide. The math used for data science is well understood, and there is no shortage of trained mathematicians.

Domain Expertise: Because it is proprietary, domain expertise is the single most valuable foundational skill of data science. Data rich companies know that domain expertise is the key to extracting the most value from their data. This is an area where data poor companies can truly compete. If you ask the right questions, it is possible to cobble together enough data to get the right answers and begin your journey to data riches.

Machine Learning and AI
The data rich make their data actionable by using very sophisticated machine learning and AI algorithms. You can too. The pace of technological change is accelerating, and the basic tools for machine learning are already available to anyone who is interested in them. Go analyze some text with Monkey Learn or spend a weekend playing with Amazon Machine Learning. It’s fun and it will help you understand how quickly you will be able to use these types of tools to operate on your data.

Data-Driven Thinking
Data-driven thinking is the key to acting data rich. When the meteorologist says, “Tomorrow it will be 48 degrees with a 60 percent chance of precipitation,” some people might decide to wear a raincoat; others might bring an umbrella. You might decide to ignore the rain warning but to add a sweater to your outfit. Regardless of the conclusion, you have to translate the information (data) into action. Or, to put it another way, use the data to drive your decision-making. The data rich do this full time. You can too.

 

The post Rich Data, Poor Data: What the Data Rich Do – That the Data Poor and the Data Middle Class Do Not! originally appeared here on Shelly Palmer

More Stories By Shelly Palmer

Shelly Palmer is the host of Fox Television’s "Shelly Palmer Digital Living" television show about living and working in a digital world. He is Fox 5′s (WNYW-TV New York) Tech Expert and the host of United Stations Radio Network’s, MediaBytes, a daily syndicated radio report that features insightful commentary and a unique insiders take on the biggest stories in technology, media, and entertainment.

@BigDataExpo Stories
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.