The process of predictive analytics has three main steps: defining the objectives, collecting relevant data, and developing a predictive model using sophisticated algorithms. These models are further tuned for greater accuracy before being applied to real-world situations like risk analysis or fraud detection. Predictive analytics techniques are at the forefront of modern data science, enabling organizations to […]
Data Storytelling: Be a Data-Driven Organization
With the staggering amount of data in use today, it’s no wonder that business leaders are increasingly harnessing its power to develop meaningful insights and make informed decisions. According to a survey by Deloitte, organizations that make use of data for decision-making are twice as likely to exceed their business goals and outperform their competitors. One method to […]
4 Key Reasons to Build a Data Culture
Understanding the importance of data culture requires recognizing its pivotal role in shaping how organizations operate and innovate. A strong data culture instills a mindset where decisions are driven by data, fostering an environment that values evidence over intuition. This cultural shift enables organizations to harness the full potential of their data assets, leading to […]
The Future of Data Literacy
There was a time when only elite, tech-savvy staff in an organization understood and felt qualified to discuss data-enabled business decisions. These individuals often possessed advanced academic degrees in data science, data engineering, statistics, operations research, and other allied fields and did not speak the language of the ordinary business staff. As a result, there […]
Women in Data: Meet KNIME Head of Data Science Evangelism Rosaria Silipo
The latest installment in our Q&A series with women leaders in data features Rosaria Silipo, head of data science evangelism at KNIME. (Read our previous Q&A here.) Rosaria Silipo, Ph.D., has worked in data analytics and data science for the past 30-plus years. Currently the head of data science evangelism at KNIME (as well as a longtime DATAVERSITY […]
Self-Service Analytics: Pros and Cons
Self-service analytics empowers the non-technical users in an organization. Traditionally, data analysis was the domain of specialized data scientists or IT professionals with skills to manipulate and interpret complex datasets. In self-service analytics, user-friendly tools enable ordinary business users to conduct data analyses without expert knowledge or support. These tools typically feature user-friendly interfaces, drag-and-drop functionalities, and pre-built templates […]
Fundamentals of Data Preparation
Data is often called the raw material of the information age, and it does share characteristics with the resources that power other industries. For example, imagine trying to make a car out of unrefined iron ore. A lot of processing happens between the mine and the factory. Data is no different. In its “raw” form, […]
Data Product vs. Data as a Product (DaaP): Understanding the Difference
Data quality (DQ), which ensures that data is fit for business and consumer needs, remains a significant challenge and is growing more complex. According to a dbt Labs 2024 report, 57% of survey respondents identified data quality as a challenging aspect to data preparation, up from 41% in 2022. To address these data quality challenges, companies increasingly […]
Foundations of Forensic Data Analysis
Forensic data analysis involves collecting, modeling, and transforming data to identify and highlight potential risk areas, detect non-standard or fraudulent activities that use data, and set up internal controls and processes to minimize a variety of risks. Data forensics can also be used in instances involving the tracking of phone calls, texts, or emails traveling […]
Data Storytelling 101
Humans are inherently wired for stories. Stories captivate our imaginations, simplify complexity, and provide context – and turn abstract figures into relatable scenarios. Data storytelling takes advantage of this human passion. In data storytelling, the message is conveyed through engaging narratives, making the data insights inspire a high level of trust among the audience. It empowers stakeholders […]