Dataception

The field of decision science focuses on making data-informed decisions. Decision science helps to analyze the impact of a decision on the business. The best decisions are often made with a combination of data and precise business questions. The more precise the questions, the more precise the data requirements will be. Harvard’s Center for Health Decision Science (CHDS) explains that this unique science is a “collection of quantitative techniques” applied to decision-making at both the individual and population levels. It includes “decision analysis, risk analysis, cost-benefit and cost-effectiveness analysis, constrained optimization, simulation modeling, and behavioral decision theory.” Further, “decision science provides a unique framework for understanding public health problems.” However, decision science is not just applied to public health but also pricing decisions such as the optimal price for a product or service; product decisions such as measuring profitability vs. custome...

  Data is an integral aspect of every organization across all industries. However, presenting data is a crucial exercise that requires a lot of creativity to ensure that every team member can grasp the meaning of the content. Many people get confused about how to find valuable insights from a large volume of data in a spreadsheet. That’s where data visualization comes into play. Data visualization is a crucial element when you intend to present vast quantities of data to a specific audience. Converting numbers, percentages, statistics, and other “boring” data values into a visual format plays a fundamental role in ensuring that everybody can easily process and understand the content.  Read on for five ways to use data visualization within your organization. 1. Sankey Diagram  According to a report published in 2021, a Sankey diagram is mainly utilized to visualize quantitative flows and their proportions to one another. Note that the thickness of the lines primarily depen...

Now a days, data of an enterprise said to be an asset. It is termed as next “OIL” .  Since enterprises are digging for the data, it may be reason to name it! There are many process are driven by data!  Data is used to take decisions! Many more incidents and claims are happening in the business world.  What is reality? Or What is actually happening in this data world or world of data? Many brands invested into these tools and awaiting for the return on investment. ROI . Yes, data is truly big and happening word, however, it is not defined clearly! There are many pain points that should be addressed. There are many analytics options and one must put a big effort to choose. There are several technology related problems that we hear over and over from brands trying to leverage analytics to drive continuous, data-driven improvement across the enterprise.  In this post let us discuss the pain points (No specific order!) 1) Single way process. Frequently, analysis is undert...

The last two years have been significant in the growth of Data Management technology, mainly because of the pandemic and associated factors. Almost overnight, large, medium, and small organizations located far and wide, suddenly realized the importance of online business models and hosted Data Management services. The coronavirus gave the final push to global enterprises to “adapt or perish.” The managed services offered by cloud providers have many advantages, one the most important of which is freeing up on-premise hardware, software, and employee resources for more critical work than routine enterprise Data Management. Data Management Technology: Data Management Trends in 2022 highlights that increasingly, global organizations are moving to cloud-based Data Management platforms because of scalability. The cloud service providers offer fully managed, scalable, and economical Data Management services without any loss to Data Quality and security. Cloud platforms help businesses mainta...

 Any organization that aims toward complete digital transformation must move toward Enterprise Data Literacy. So, what exactly is Data Literacy? Gartner defines Data Literacy as: “The ability to read, write and communicate data in context, including an understanding of data sources and constructs, analytical methods and techniques applied – and the ability to describe the use case, application and resulting value.” According to the Gartner Annual Chief Data Officer (CDO) Survey, an absence of Data Literacy is the primary reason behind CDOs’ inadequate performance. To combat this, more and more enterprises are engaging in “competency development in the field of Data Literacy.” In a digital culture, the goal is to make data accessible and available to all employees – not just to data scientists, analysts, or CDOs. Right now, most business executives realize that all employees need to “communicate in a common data language,” but data regulations, and privacy and security policies are ...

 In today’s fast-paced business world, one of the best ways for a modern enterprise to optimize processes is to rethink how to manage data. Business documents contain vital information for companies, irrespective of their size and industry. As most of these business documents contain unstructured data, automated data extraction has become a go-to option for many organizations. Modern businesses take advantage of automation and advanced real-time analytics to improve processes, ranging from supply-chain management to customer experience and more.  Why Automated Data Extraction? Automated data extraction helps organizations seamlessly extract the relevant information from large volumes of unstructured documents. They can unlock the valuable insights trapped in PDFs, DOC, DOCX, emails, and other documents and leverage them to make informed decisions, simultaneously improving the bottom line.  Top Benefits of Automated Data Processing Automated data processing allows business...

While data-driven digital platforms and the recent pandemic have opened new and novel opportunities for businesses to go beyond geographical borders and compete in truly global business environments, an average business faces tremendous pressure to demonstrate the value of their operations. With the rising importance of data as the new oil of a global business environment, data analytics strategy has become a core component of most business operations.  Indeed, according to data industry expert and thought leader Bernard Marr, the International Institute for Analytics predicted that “by 2040, businesses using data would see $40 trillion in productivity benefits over competitors who are not using data.”  However, many businesses still do not have a cohesive strategy for implementing data analytics in their organizations. The effectiveness of enterprise data analytics functions can be measured via “outcomes,” for which businesses need to develop a plan known as a data analytics ...