3 From Big Data to Smart Data
Smart data describes data that has valid, well-defined, meaningful information with an added layer of intelligence or interpretation. This enables decisions to be made more quickly, and even in some cases, without human intervention or processing from a centralized system.
DATA
Monthly sales report
SMART DATA
Sales report synthesisng peaks and troughs according to day/time, creating recommendations on how to adjust staffing.
From Big Data to Smart Data
Is your business smart?
In 2015 NESTA investigated the data practices of 404 medium and large UK businesses in six sectors.
They found four main types of companies.
Econometric analysis reveals that Datavores and Data Builders are over 10% more productive than the Dataphobes after controlling for other factors.
Don’t rely on HiPPOs
Many companies still rely on HiPPOs, the Highest-Paid Person’s Opinion.
Throughout the business world today, people rely too much on experience and intuition and not enough on data.