Data Analytics

Big Companies Are Embracing Analytics, But Most Still Don’t Have a Data-Driven Culture

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For six consecutive years NewVantage Partners has conducted an annual survey on how executives in large corporations view data. Each year the response rate increases, and the reported urgency of making effective use of data increases as well. This year the results are both more encouraging and more worrisome than in the past.

Six years ago, the primary focus of questions and answers in the survey was big data, which was relatively new on the business scene. In the 2018 survey, the primary attention has moved to artificial intelligence. AI is now a well-established focus at these large, sophisticated firms. There is both a stronger feeling that big data and AI projects deliver value and a greater concern that established firms will be disrupted by startups.

The survey includes senior executives from 57 large corporations. The industry group with the most firms represented in the survey is one of the most data-intensive: financial services. Companies from the life sciences, manufacturing, telecom, and online industries also participated. The actual respondents are changing somewhat from the first surveys: It has always involved a high proportion of C-level executives responsible for data, but this year chief data officers are 56% of the respondents, up from 32% last year. Only 12% of firms in the 2012 survey had even appointed a chief data officer.

While AI gets the headlines here and elsewhere in the world, the survey addresses both big data and AI. Terminology comes and goes, but the constant is a data explosion and the need to make sense of it. Big data and AI projects have become virtually indistinguishable, particularly given that machine learning is one of the most popular techniques for dealing with large volumes of fast-moving data. It’s also the case that statistical approaches to AI — deep learning, for example — are increasingly popular. Therefore, we view traditional data analytics, big data, and AI as being on a continuum. Virtually all of the respondents (97%) say they are investing in these types of projects.

Perhaps the best news in this survey is that companies continue to believe they are getting value from their big data and AI projects. 73% of respondents said they have already received measurable value from these initiatives. That number is half again higher than in the 2017 survey, which suggests that more value is being achieved as companies grow familiar with the technologies. (Read More...)

How Big Data Analytics is Boosting Cybersecurity

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Information and business data are among the most valuable assets of any company. Entrepreneurs are increasingly cognizant of the importance of this data for their success in the current market economy.  

Knowing this, we need to understand how to protect this information. Big data analytics professionals are making use of reventative technologies, as well as managed detection and response service. Companies use these to deal with the constantly evolving, sophisticated cyberthreats caused by the increased amounts of data being generated on a daily basis. 

Technological innovation has taken the economy by storm, and every progressive business must embrace it in order to survive the cutthroat capitalist market economy of the 21st century. With mobile devices, tablets and wearable technology collecting vast amounts of data about their users, privacy and security have undoubtedly become primary concerns.  

THE ROLE OF BIG DATA AND ANALYTICS IN CYBERSECURITY

The use of big data analytics and machine learning enables a business to do a deep analysis of the information collected. Ultimately, this gives hints of a potential threat to the integrity of the company. A business can create baselines based on statistical data that highlight what is normal and what is not.  

With such analysis, entrepreneurs and business managers can know when there is a deviation from the norm using the data collected. New statistical and predictive models and possibilities can also be created using this historical data by the use of artificial intelligence and machine learning.  

EMPLOYEE ACTIVITY MONITORING 

It is invaluable for any company or business organization to use an employee system monitoring program that relies on big data analytics. From there, the company’s compliance officer or the human resource manager can replay the behavioral characteristics of an insider. 

While security threats are imminent due to employee related breache, both small companies and big corporations can prevent the compromise of the integrity of their systems by employees. They must limit the access to sensitive information only to staff that are authorized to access it. Staffers may use their logins and other system applications to change data and view files that they are permitted to touch. 

To prevent such a threat, the system administrator should liaise with the human resource department to give every employee different login details depending on their level of complexity of their job description and responsibility to the business. (Read More...)

 

Many Businesses Are Expected to Move Forward With Machine Learning in 2018

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There’s no shortage of technology providers offering machine-learning solutions to age-old business problems. Now, as organizations in various industries continue hiring for tech-focused roles, 2018 may be the year machine learning truly takes off.

Among the roles increasingly sought out by businesses is that of the data scientist. As reported by Forbes in spring 2017, an IBM study found that by 2020, there will be nearly 62,000 jobs for data scientists and similar positions in the U.S. And according to Andy Abbott, chief technology officer and co-founder of contract review technology company Heretik, these scientists will undertake more research in 2018 so that companies remain competitive.

 

“This past year we have seen a significant influx in attention on machine learning and data science overall,” Abbott told Legaltech News, leading to increased focus among companies, many of which, he says, are now hiring their first data scientists.

“They typically do not know the goals of building out a data science team, but fear they will be at a competitive disadvantage if they do not begin to research them,” Abbott said. “I think the data science industry is still very much at its infancy and will continue to be throughout 2018. However, we will begin to see its real impact as its deployment continually increases.”

IBM’s report found that the demand for data and analytics roles depends on the industry, with the greatest demand being in finance and insurance and professional services. In the past several years, the legal industry has seen a steady increase in data science roles, with law firms such as Drinker Biddle & Reath and Littler Mendelson staffing data professionals.

For modern legal service delivery, you now not only need lawyers, but also data scientists, UnitedLex vice president of legal solutions Peter Krakaur told LTN. He also noted that his company will be looking at how artificial intelligence “augments delivery of legal services” and how that will change as the industry “shifts towards more automation and smarter systems.” (Read More...)