What is Smart Data?
Smart Data. Powering Smart Data. What does that really mean?
For many years, we’ve heard of the term Big Data. With all of the available methods for capturing and storing data, that there is the potential to derive trends, opportunities or issues in ways we previously couldn’t. Many refer to the potential from Big Data to do what’s called predictive analytics, or statistical techniques from predictive modeling to data analysis to foresee future trends.
But Big Data, can also be daunting, and falls victim to being irrelevant to the business, when the focus is volume or velocity. According to IBM, 1 in 3 business leaders don’t trust the data they use to make decisions, and nearly $3.1 trillion is lost in poor data quality per year in the US.
In healthcare alone, it’s said the volume of data is enormous. In as far back as 2011, it was said that there was 150 exabytes (161 billion gigabytes) of data for healthcare alone.
So in a world where biopharmaceutical companies are hiring and retaining fewer and fewer employees in an effort to cut costs, how can we ensure that we are focusing on quality of data to extract real potential insights versus quantity and uncertainty of data? That is where we believe we can be a true partner.
Our focus is to create Smart Data. To be that frontline defense in not wasting money, time or exercise in large quantities of data with no real synthesis of impact to business, and taking it further to look at what predictive analytics can be applied to truly reveal real business potential. Curious to learn more? We’d love to learn your data situation and how we might be able to make it smarter.