From Big Data to Smart Data
November 16, 2023
Read Time: 2 minutes
Innovation & Tech
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With the rate at which data volumes are scaling, it’s more important than ever to curate it effectively and turn it into useful information. Big data is dead. Smart data is taking the reins – in everything from analytics to artificial intelligence – as firms demand more from their information.
Most organizations are on the hunt to improve data quality and accuracy while minimizing the time it takes to cleanse, organize, and prepare the data for analytics and other downstream uses. So, if a firm’s goal is to create analysis-ready data, it’s all about making data smart.
Cleansed, verified, and already converted into usable information, smart data is structured digital information that users can begin using immediately or send to downstream platforms for further consolidation and analytics.
Traditionally, companies receive big data in three forms: structured, unstructured, and semi-structured. It’s widely estimated that 80% to 90% of the world’s data is unstructured[1]. All indications point to this stream of data continuing to increase dramatically. IDC’s 2023 data growth estimates forecast that the world will generate a staggering 291 zettabytes of digital data in 2027. With this level of growth in data volumes, strategies to manage it need to evolve.
For years, companies have been looking to leverage big data to stay ahead of their competitors. However, it’s difficult to ensure big data aligns with business priorities and pain points without an effective data management strategy. Smart data offers more targeted information – empowering firms to use data in practical and valuable ways.
Several considerations are important as firms build on their smart data strategy:
If big data focuses on volume, smart data is all about quality and speed that enable companies to extract valuable insights in real time, inform decision-making, and drive business growth. The purpose-built technologies used to ingest, validate, harmonize, and distribute data enables firms to confidently monitor data streams, detect trends, and identify emerging opportunities as they happen.
[1] Tapping the Power of Unstructured Data, MIT Management Sloan School
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