Within the world of new technologies and computing, the concept of Big Data has taken centre stage. However, Smart Data, considered by some specialists as much more profitable, is the technique everyone is talking about.
Big Data vs Smart Data
Big Data refers to the large amounts of data that organizations collect and store on a daily basis. If we perform a subsequent analysis converting Big Data into useful information processed according to context, we obtain Smart Data.
While Big Data aims to capture and filter the largest amount of data possible; Smart Data makes use of mathematical formulas to optimize and respond to the market or come up with custom solutions for an individual organization; quickly resolving any problems that the Big Data had raised.
This is vitally important in business to support important decisions, and set up clear routes to achieve long-term goals.
The collection and storage of information with the intention of using it in the future, may seem like a good way to collect historical data, but actually, this data may lack quality or quantity, or may even be in the wrong format.
Big Data uses time and money to store, organize and govern information, so if we can reduce these costs by applying Smart Data tecniques, and collecting only intelligent data, we can increase the efficiency of companies and free up unnecessary resources.
Smart Data, a tool for business
Smart Data offers an added value, because in addition to collecting information, it is capable of analyzing data with a specific objective in mind. Smart Data uses complicated algorithms to transform long lists of data into useful statistics. This intelligent analysis is carried out on the spot allowing companies to monitor data at the source, register any exceptions, make a decision and share the output, all in a matter of seconds.
As popularity of Smart Data has increased, it has begun to be used with Machine Learning and artificial intelligence algorithms designed to develop business insights. These techniques use specific criteria during the process of filtering and processing Smart Data to provide flexibility and address specific company objectives. This increases the speed, accuracy and processing of data, and uses feedback to continuously improve.
Smart Data applications
Smart Data can be used to generate more revenue, improve decision-making processes and detect problems before anything fails. It is the ideal tool for understanding information, providing useful answers, and carry out actions to solve any problems detected in the analysis.
Smart Data can be applied in a wide variety of sectors. An example is in the handling of autonomous cars. These vehicles require that the data collected through sensors be analyzed immediately, because if not the consequences can be fatal. Similarly in the health sector, Smart Data allows specialists to be aware of their patient’s condition at all times, helping them to establish a clear diagnosis.
Other applications could be to improve customer experience, generate new business models, analyse financial customers and detect fraud, etc.
At Teralco Group we are specialists in the digital transformation of companies. For more information about how Big Data or Smart Data could help you achieve your business objectives, do not hesitate to contact us by filling out our contact form. We will be happy to help you!