Prescriptive analytics uses outcomes and scenarios to answer the question “What should we do to make things happen?” It takes predictive analytics a step further to define actions that will affect outcomes, rather than just predicting the outcomes from actions that have occurred. Prescriptive analytics shows the implication of various decisions to anticipate what, when, […]
What Is Reference Data?
Reference data (a.k.a. as master data, or golden copy, or single source of truth [SSOT] ) describes the set of data an organization needs for daily operations. According to the DAMA-DMBoK2, reference data characterizes or classifies or relates to other data or information external to the organization. It describes the core entities of the business […]
What Is Self-Service Analytics?
Self-service analytics describes the use of technology by subject-matter experts to get relevant information without requiring computer coding or substantial information technology support. The purpose of self-service analytics gives business users and stakeholders the capacity to perform day-to-day tasks without “getting involved in a more critical data process.” Characteristics of self-service analytics include the abilities […]
What Is Smart Data?
Smart Data is digital information that is formatted so it can be acted upon the collection point before being sent to a downstream analytics platform for further data consolidation and analysis. James Kobielus, IBM’s Big Data evangelist and keynote speaker at the 2016 DATAVERSITY® Smart Data Online Conference stated: “It is a strategy that sets the […]
What Is Software-as-a-Service (SaaS)?
Software-as-a-Service (SaaS) describes a model where customers license a software application provided by and outsides vendor. In return, as Gartner states, “a customer gets a software based on one set of common code and data definitions.” Depending on the vendor’s payment program, users can access the software at any time. Think of SaaS like an […]
What Is Streaming Analytics?
Data intake is an ongoing process, so the filtering and analysis process works best when it is continuous. However, most organizations struggle with this aspect and instead process data in batches. Streaming analytics, also known as event stream processing, solves this issue by employing methods such as continuous queries to process and analyze data in real time. […]
What Is Structured Query Language (SQL)?
Structured Query Language, or SQL, is a programming nomenclature used to do set operations (like union, intersect, and minus) to organize and retrieve information in relational databases, based on “set theory and relational algebra.” According to DAMA International’s Data Management Body of Knowledge, in any system that uses SQL, “data elements or attributes, categorized into […]
What Is Synthetic Data?
Synthetic data refers to any dataset that is generated artificially. Most datasets are generated based on research, use cases, or other activity. In the case of synthetically generated data, datasets are instead developed in a way that replicates real datasets, so that they can act as supporting information during model training or testing processes. Gartner predicts […]
What Is Taxonomy?
Taxonomy represents the formal structure of classes or types of objects within a domain. It organizes knowledge by using a controlled vocabulary to make it easier to find related information. A taxonomy must: Follow a hierarchic format and provides names for each object in relation to other objects. May also capture the membership properties of […]
What Is the Data Management Body of Knowledge (DMBoK)?
The DAMA Guide to the Data Management Body of Knowledge (DMBoK) serves as a testament to the ever-evolving nature of the data world. The second edition of the book, released by DAMA International in 2017, features updated contributions from more than 120 data professionals and highlights 11 core Data Management “knowledge areas.” As a whole, the 600-page tome […]