Tag: Data And Analytics

As we have entered the digital era, data and analytics strategies (D&A) have become important, as these technologies can transform any business during a massive data spike. According to global research, it was observed that around 2.5 quintillion bytes of data are produced by IT companies every day; therefore, to understand the importance of data, every employee must be data literate.

For a better understanding of data, the Chief Data Officers (CDOs) play an important role in making every employee data literate, i.e., able to understand, share, and have meaningful insight into data.  

With this mindset, organizations can seamlessly adopt emerging and existing technologies and transform their business outcomes across all departments while fostering quality decision-making, innovation, and a better customer experience. The CDOs

In this exclusive AI TechPark article, we will discuss the evolution of data literacy and how it can transform any organization into a data-literate one.

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The Evolution of Data Literacy in the Technological Era

In the past few decades, data literacy has experienced a significant transformation with the introduction of new technologies and the explosion of data. This shift has ignited from traditional data analysis to a modern era of big data that has redefined the way organizations can make data-driven decisions.

To analyze data, data scientists and analysts were confined to basic statistics and simple datasets. Even to analyze the data, data professionals needed more tools, narrow, small-scale datasets, and internal data sources. However, in the late 20th century, there were a lot of technological advancements, such as the introduction of data storage, big data, and cloud computing. This helped data scientists collect and process massive amounts of data from complex, unstructured datasets that could be further analyzed for deeper insight.

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As a result of these technological advancements, the power of data has become a center point for developing strategic planning and seamlessly operating business efficiency in the IT industry. Thus, data literacy becomes equally important to developing a data-literate workforce and ensuring that professionals harness the full potential of data for competitive advantage in the data-driven landscape.

Data is necessary, empowering at both individual and organizational levels by creating a pathway to harness real-world data-driven decision-making and data-driven organizational strategy.

In an era where artificial intelligence, data analysis, machine learning, and big data are driving critical business decisions and the ability to steer through complex datasets and extract business insights, data literacy is the epitome of enhancing employability, making informed business decisions, driving innovation, and gaining a competitive edge.

To Know More, Read Full Article @ https://ai-techpark.com/understanding-data-literacy-in-the-digital-age/ 

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Data has always been at the core of a business, which explains the importance of data and analytics as core business functions that often need to be addressed due to a lack of strategic decisions. This factor gives rise to a new technology of stitching data using data fabrics and data mesh, enabling reuse and augmenting data integration services and data pipelines to deliver integration data.

Further, data fabric can be combined with data management, integration, and core services staged across multiple deployments and technologies.

This article will comprehend the value of data fabric architecture in the modern business environment and some key pillars that data and analytics leaders must know before developing modern data management practices.

The Evolution of Modern Data Fabric Architecture

Data management agility has become a vital priority for IT organizations in this increasingly complex environment. Therefore, to reduce human errors and overall expenses, data and analytics (D&A) leaders need to shift their focus from traditional data management practices and move towards modern and innovative AI-driven data integration solutions.

In the modern world, data fabric is not just a combination of traditional and contemporary technologies but an innovative design concept to ease the human workload. With new and upcoming technologies such as embedded machine learning (ML), semantic knowledge graphs, deep learning, and metadata management, D&A leaders can develop data fabric designs that will optimize data management by automating repetitive tasks.

Key Pillars of a Data Fabric Architecture

Implementing an efficient data fabric architecture needs various technological components such as data integration, data catalog, data curation, metadata analysis, and augmented data orchestration. Working on the key pillars below, D&A leaders can create an efficient data fabric design to optimize data management platforms.

Collect and Analyze All Forms of Metadata

To develop a dynamic data fabric design, D&A leaders need to ensure that the contextual information is well connected to the metadata, enabling the data fabric to identify, analyze, and connect to all kinds of business mechanisms, such as operational, business processes, social, and technical.

Convert Passive Metadata to Active Metadata

IT enterprises need to activate metadata to share data without any challenges. Therefore, the data fabric must continuously analyze available metadata for the KPIs and statistics and build a graph model. When graphically depicted, D&A leaders can easily understand their unique challenges and work on making relevant solutions.

To Know More, Read Full Article @ https://ai-techpark.com/data-management-with-data-fabric-architecture/ 

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Explainable AI Is Important for IT

Access to real-time data and insights has become critical to decision-making processes and for delivering customised user experiences. Industry newcomers typically go to market as ‘real-time’ natives, while more established organisations are mostly at some point on the journey toward full and immediate data capability. Adding extra horsepower to this evolution is the growth of ‘mobile-first’ implementations, whose influence over consumer expectations remains formidable.

Nonetheless, sole reliance on real-time data presents challenges, challenges that predominantly circle matters of interpretation and accuracy.

In this article, we explore why inaccurate real-time data and analytics transpire, explain the commonplace misinterpretation of both, and look at some of the tools that help businesses progress toward true real-time data competency.

The Risks of Using Imperfect, Legacy, and Unauthorised Real-Time Data and Analytics

Businesses risk misdirecting or misleading their customers when they inadvertently utilise imperfect or legacy data to create content. Despite real-time capability typically boosting the speed and accessibility of enterprise data, mistakes that deliver inappropriate services can undermine customer relationships.

Elsewhere, organisations invite substantial risk by using data without proper authorisation. Customers will often question how a company knows so much about them when they are presented with content that’s obviously been put together using personal details they didn’t knowingly share. When such questions turn to suspicion, the likelihood of nurturing positive customer relationships shrinks.

Misinterpreting Data and the AI ‘Hallucination’ Effect

Real-time data’s speed and accessibility are also impeded when full contexts are absent and can lead to organisations making hasty and incongruent decisions. Moreover, if the data is deficient from the start, misinterpretation of it becomes rife.

Today, the risks of flawed data and human oversight are exacerbated by a novel problem. Generative AI technology is known to ‘hallucinate’ when fed with incomplete datasets. At significant risk to the organisation, these large language models fill any gaps by inventing information.

To Know More, Read Full Article @ https://ai-techpark.com/real-time-data-and-analytics/

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