Effectively smart data is a method of filtering out valuable data from the other big data noise. This data can then be used by an enterprise to find business-critical solutions to host of problems.
The benefits big data has brought are immense, but it is utilising this data where the real transformation takes place.
“Big data is a good thing to have, but it is a blunt tool, which is lacking precision. Smart data cuts to the heart of the issue faster, allowing executives to peel back the layers of extraneous or distracting information and look directly at the important issues and make decisions based on true, real-life valuable data,” said Patrick Koeck, COO of Creamfinance (a thought leader in smart data).
>See also: Is big data dead? The rise of smart data
Smart data is changing the future of big data. It lessens the risk of data loss, adds value, increases efficiency and minimises expected loss.
Quality data is more important than the volume of data.
Privacy protection is one example of the benefits of using smart data, as Koeck suggests “there is a big tendency to leverage unstructured data gathered about the customer via social media and other sources in order to increase a number of variables in the algorithms for the credit decision.”
By removing this big data from the equation and only using the valuable smart data, the less a company will leave itself vulnerable.
Arguably the most important function of this data is to enhance business performance, and utilising it can transform business operations within a company.
>See also: Building the data foundations for smart cities
Retailers, for example, can use information they receive through customer interaction to formulate signals and patterns that have been extracted by intelligent algorithms to enhance customer satisfaction and business growth.
Technology is evolving at a rapid rate, and organisations need to be able to adapt to these changes.
Smart data can deliver this and, ultimately, has the ability to drive future business innovation, productivity and growth.
