Data analytics is the pursuit of extracting meaning from raw data using specialized computer systems. These systems can transform, organize, and model the data to draw conclusions and identify patterns. This interesting information came to us from the Harvard Business Review in their article, “How Third-Party Information Can Enhance Data Analytics.”
Companies have to master data analytics if they want to pursue any type of advantage. Using third-party data sources effectively can be challenging, but it’s becoming crucial for companies that want to gain an analytics edge to tap into data ecosystems.
A data ecosystem is a collection of infrastructure, analytics, and applications used to capture and analyze data. Data ecosystems provide companies with data that they rely on to understand their customers and to make better pricing, operations, and marketing decisions.
As most business and technology professionals know, the volume of data being created, shared and stored is increasing at an unbelievable pace. According to one study, the data stored in data centers will nearly quintuple by 2021, reaching 1.3 zettabytes globally.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.