Within the world of new technologies and computing, the concept of Big Data has acquired great prominence. However the Smart data, considered by some specialists as much more profitable, has become the technique of the moment.
Big Data vs. Smart Data
Big Data is large amounts of data, both structured and unstructured, that organizations collect on a daily basis, but What is Smart Data? If we carry out a subsequent analysis converting Big Data into useful information and processed according to the context, we obtain Smart Data.
While Big Data aims to capture as much data as possible, process and filter the information, the Smart Data makes use of mathematical formulas to optimize it and elaborate answers about the market or specifically about an individual organization; solving as soon as possible the problems that Big Data has raised.
This is vitally important in the business world to support decisions and clear the way for achieve long-term goals.
Collecting and storing as much Big Data as possible, with the intention of using it in the future, may seem like a good way to collect historical data from organizations. In reality, this data may be lacking in quality or quantity, or may even be in the wrong format.
Big data requires time and money to store, organize and govern the information, so if we can reduce this task by using a smart data approach, and collect only smart data we can increase the efficiency of companies, and release unnecessary resources.
Smart Data, a business tool
Smart Data offers added value with respect to Big Data and is that in addition to collecting information, it is capable of analyzing it for a specific objective. It 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 the data at the source, catch exceptions, evaluate it, make a decision and share the output, all in a matter of seconds or fractions of a second.
As the use and popularity of Smart Data has increased, it has begun to be used with algorithms of Machine Learning e Artificial Intelligence designed to develop knowledge about the business. These techniques use specific criteria during the Smart Data filtering and processing process to provide flexibility and address specific objectives of organizations. This increases the speed, accuracy and filtration of Big Data that continually learns from feedback.
Smart Data Applications
Smart Data can be used to generate more revenue, improve decision-making processes, and detect problems before equipment fails. Presents as a perfect tool to understand information, give a useful answer based on it, and finally execute actions for apply solutions as a result of what has been analysed.
Smart Data can be applied in a wide variety of sectors. An example is in driving an autonomous car. These vehicles require that the data collected through sensors be analyzed immediately, as if the data is not analyzed as soon as it is received by the processors, the consequences can be deadly.
It is also very useful in the health sector, since, for example, thanks to the technology used in Smart Data, specialists will be able to know the status of their patient at all times and from there establish a clear diagnosis.
Other applications could be the improvement of the customer experience, the creation of value and the generation of new business models, the analysis of financial customers and the detection of fraud, etc.
En Teralco Group as specialists in the digital transformation of companies. For more information on 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!