Data science news

Balancing the push and pull between change and data visu­al­iz­a­tions

Market re­search­ers face the chal­lenge of bal­an­cing the thrill­ing pace of DATA VISUALIZATION trends, with giv­ing cli­ents the tried and trus­ted re­ports that they know and love.

Showing re­la­tion­ships and pat­terns in data through visu­al­iz­a­tion, is an im­port­ant and power­ful as­pect of com­mu­nic­a­tion. It can sim­pli­fy the com­plex, and give mean­ing where none may have been ap­par­ent be­fore.

Now we want to show so­cial me­dia trends. We want to in­vest­ig­ate pat­terns in huge swathes of data that has been col­lec­ted from every corner of our lives. We are con­stantly look­ing for re­la­tion­ships, pat­terns and in­sights in everything we do.

As con­sumers of mar­ket re­search data, we want to visu­al­ize everything. We want stat­ic graphs in news­pa­pers; on­line stat­ic re­ports, per­haps par­tially an­im­ated; we want in­ter­act­ive re­port­ing and dash­boards, and one-pager email…the list grows and morphs at an ever-increasing pace.

Data Analytics: Reaping the Data Dividend

The avail­ab­il­ity of new data types, such as on­line cus­tom­er re­views, cus­tom­er sen­ti­ment ana­lys­is, socio-political events, or macro-economic trends provides a com­pass of sorts, help­ing risk man­agers im­prove their over­sight of risk po­s­i­tions and reg­u­lat­ory com­pli­ance, and giv­ing CMOs a bet­ter un­der­stand­ing of cus­tom­er pref­er­ences.

While pro­cessing, cal­cu­lat­ing and ana­lyz­ing data is not new to an in­dustry long steeped in mar­gins, rates and yields, today’s fin­an­cial in­sti­tu­tions are see­ing the use of data as a new form of cur­rency. Combining cur­rent, more tra­di­tion­al data with less tra­di­tion­al, un­struc­tured data streams, and feed­ing them in­to an ana­lyt­ics solu­tion, can help CMOs in­ter­pret the life of the cus­tom­er, how they use your pro­duct and where there’s an op­por­tun­ity to meet an un­met need.

Over the next four years, the re­search showed that fin­an­cial ser­vices in­sti­tu­tions and re­lated com­pan­ies world­wide have the po­ten­tial to gain more than $308 bil­lion in value from data, or what we call the “data di­vidend.

How visu­al­iz­ing big data brings mean­ing to clin­ic­al ana­lyt­ics

Now that the health­care in­form­at­ics in­dustry has figured out how to har­vest Big Data, the next big chal­lenge is fig­ur­ing out how to dis­play the in­form­a­tion in ways that are use­ful.

Data visu­al­iz­a­tion tools have made it some­what easi­er to glean in­tel­li­gence from volumes of in­form­a­tion in the hopes of im­prov­ing health pro­grams, clin­ic­al health­care de­liv­ery, and pub­lic health poli­cy. But they have failed to in­cor­por­ate the sci­ence of hu­man visu­al per­cep­tion in­to the tech­no­logy, res­ult­ing in tools that de­liv­er great “eye candy” but poor hu­man com­pre­hen­sion of the data.

Helping people find out­liers, ex­pose hid­den trends or clusters, and di­ve deep in­to fast chan­ging data sets is where visu­al­iz­a­tion provides real value. As health­care meets the “Internet of things,” the abil­ity to dis­cov­er an­om­alies in real-time stream­ing data from thou­sands of med­ic­al devices, sensors and mon­it­ors will be of huge value. Or as EHR data­bases be­come ubi­quit­ous, for ex­ample, ef­fect­ive visu­al­iz­a­tion of the data could un­veil pre­vi­ously un­seen ad­verse treat­ment pat­terns.

Data Analytics to Drive Financial Services Market to New Heights

New data ana­lyt­ics tools are chan­ging the way firms de­liv­er in­form­a­tion to users, and it is clear that older data de­liv­ery mod­els aren’t mak­ing the cut.

Nimble com­pan­ies in this space have clearly chosen 2014 as the year in which they will ditch decades-long pro­cesses in fa­vor of more data-driven, auto­mated, im­pact­ful meth­ods of col­lect­ing, re­view­ing, and act­ing on in­form­a­tion. These first movers are re­de­fin­ing ex­pect­a­tions for fin­an­cial data ana­lyt­ics, and their com­pet­it­ors would be wise to take heed.

For com­pan­ies that con­tin­ue to col­lect and re­view data the same way they did 20 years ago, this year will serve as a wakeup call. This shift has been a long time com­ing. Even af­ter the mar­ket melt­down in 2008 and the pas­sage of SEC reg­u­la­tions for us­ing stand­ard­ized fin­an­cial data dis­clos­ures, ap­pre­hens­ive firms clung to slow or no evol­u­tion, while their more in­nov­at­ive coun­ter­parts were busy in­vest­ig­at­ing tech­no­lo­gies cap­able of shak­ing up the status quo to bet­ter serve cli­ents.

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