CodeNinja signs a new con
CodeNinja Inc, has signed a new contract worth $43 Million, with a US based...
CodeNinja Inc, has signed a new contract worth $43 Million, with a US based...
The most important factor in the optimization of a business is an agile workforce....
Transformation certainly is the prerequisite for growth. In the era of rapid technological advancement,...
Defence Raya spans 400 acres of beautifully landscaped luxury home development, a prestigious golf and country...
“ Data is the new oil”
Clive Humby, Tesco
In today’s technology-driven world, data proves to be the most valuable asset of a business besides other assets. A business can’t run its operations without data. The evolution of data has made businesses smarter and more efficient than they were in past. As per Forbes “2.5 quintillion bytes of data flooding out online every day at our pace, but that pace is accelerating with the growth of the Internet”. Data provides a pool of opportunities for businesses to explore and enhance their efficiency. But unfortunately, most of the times businesses focus on processed data ignoring the power that unstructured or raw data holds. Thus, losing their relevance in the competitive market.
According to a recent IBM study, over 80% of all the data generated is dark or unstructured data. It consists of spreadsheets, images, audio files, phone calls, email attachments, inactive databases, employee files, analytic reports and account information. The analogy of the oil for data specifically suites raw or unstructured data that is a raw resource and needs to be refined to extract more value.
Businesses need to harness the power of dark data in order to reach new markets and know their customers. The marketing and advertising sector are totally dependent on the insights they get into the customers’ behaviour and their interaction with the product or brand. Dark data have these useful insights if utilized properly through data analytic tools and software. Let’s have a look at what is dark data and how can it help businesses to find customers.
Gartner defines dark data as the information assets organizations collect, process and store during regular business activities, but generally fail to use for other purposes (for example, analytics, business relationships and direct monetizing). Companies collect this data from multiple sources – server networks, digital transactions, call records and web traffic to name a few. Dark data can be categorized as
It is regarded as dark data because the whereabouts of this data is often ambiguous and forgotten. It holds a massive potential to increase the profits of a business as the data is unanalyzed and can provide undiscovered insights. The data that is not important to one department of the business usually is of great importance to the other so it is important to monitor and keep track of the data. Dark data also possess a great threat to businesses as it is very much prone to be hacked.
Data becomes dark for a variety of reason i.e., it is unstructured, behind the firewall, has dense volume and lack of connection between different sets of data. To analyze the unstructured data, companies need a proper strategy or plan. It is important for a business to enhance and manage the performance of its employs and processes to comprehend the data flooding every minute into their systems. Most of the times companies lack proper tools, expertise and strategy to process the data thus discarding a huge amount of valuable data.
There can also be another reason that is a lack of metadata. Missing metadata, inferior quality or incorrect metadata is the major cause of data not appearing in search queries. Hence the data is transformed into dark data. Data analytics consultants can help businesses in this regard by leveraging useful insights contained in the dark data.
Most of the dark data is scattered in a highly unstructured manner across the organization. As a result, it is very difficult to locate and analyze it. However, with the latest technology and software, it can be harnessed and the information it has can be unveiled.Dark data analytics means to analyze everything present on the internet that is not indexed by the search engines (deep web). It also targets raw qualitative data such as emails, text messages, audio, video, customer log files, account information, financial statement, etc. present within an organization. Dark data can be analysed as follows:
How can dark data help businesses find new customers
The dark data occupies a considerable chunk of space on an organization’s storage devices. It is better to keep it rather than discarding because it is the source data which may help in determining whether the original processed data is authentic or not. Furthermore, it helps businesses look into their customer’s lives from a different perspective and glean multiple insights. Looking into the raw data is the non-traditional way of analysis which can contain a variety of useful information.
The International Digital Corporation predicts that organizations that can analyze all relevant data and deliver actionable information could achieve an extra $430 billion in productivity gains over their peers by 2021. Companies which do not take advantage of their raw data encounter lost revenue opportunities, lower efficiency, quality issues, and diminished productivity.
CodeNinja Inc, has signed a new contract worth $43 Million, with a US based software
The most important factor in the optimization of a business is an agile workforce. Most
Transformation certainly is the prerequisite for growth. In the era of rapid technological advancement, it
Defence Raya spans 400 acres of beautifully landscaped luxury home development, a prestigious golf and country club,