07 Jul Analytics: Data is the New Oil!
According to several executives, data is the new oil! In addition to their value, is the complexity of exploiting both equivalent?! Learn how to extract your full potential!
See our comparison to understand how to implement a modern data project (data-driven) in your company
Data is the new oil, say several executives. I think we all agree on this equivalence of importance today, but how to compare its exploration complexity, refinement and the finitude of the resource?
Identification of sources, Integration and Data Storage
A robust data project can become complex or unproductive if poorly conducted and/or planned.
First, do you know all of your company's data sources? Can you integrate and store them?
Remembering that we are not just talking about those structured present in the databases. Today, the concept of data is much broader considering semi-structured and unstructured data such as files, images, social media posts, product and service reviews, people's interactions with chatbots, etc. It is necessary to implement an architecture that allows the availability of this data, in a safe way.
The first step is to create what we call a “Lake House” to store your company's entire data portfolio, which is the combination of the classic Data Warehouse (structured data) with the Data Lake (unstructured data). In addition to storage, you need a robust platform, such as those on Oracle Cloud, to integrate your “Lake House” with all the different data sources.
It is imperative to use Artificial Intelligence (AI) and Machine Learning to explore high volume of unstructured data
But it is common for companies to set up Lake Houses with a huge amount of data without being able to exploit them in the best way.
And how can we be more efficient and bring insights to our business?
A modern data project is NOT about creating a bunch of dashboards.
Step zero is working together with the business areas to understand pains, challenges and discuss ideas. It is imperative to use Artificial Intelligence and Machine Learning, as well as data science to analyze, refine, interpret and extract information from this large amount of data.
MPL works with several AI services from Oracle that will help them with their project. For more information access https://mpl.com.br/mpl-inova/inteligencia-artificial/
Only after this work, we will build Dashboards to facilitate the visualization of these Insights.
A robust analytics platform such as Oracle Analytics Cloud will provide performance, improving data visualization
A robust analytics platform such as Oracle Analytics Cloud will be the “icing on the cake” for your project to enhance the visualization and analysis of this data with a diverse portfolio of charts and visuals. In addition, you can use natural language (text and speech) to conduct analysis and research in a conversational way. It's amazing!
Learn more at: https://www.oracle.com/br/business-analytics/
Society generates more and more data, do not postpone your investment in Analytics and Artificial Intelligence
Returning to the comparison with oil, obviously, the data is not finite. Quite the contrary, society will generate more and more data.
It is estimated that the global datasphere will grow from 33 zetabytes (ZB) in 2018 to 175 ZB by 2025 (Reinsel et al., 2018).
And you will be left out?! Leave it for later, it's not an option!
If you already have an Analytics or BI platform, we can help identify other data sources and explore them on your preferred platform.
Get in touch with us by clicking here
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