Companies always want to know more – about their customers, machines and employees. They accumulate ever-increasing mountains of data, which they hope will help them become better and more efficient. But Big Data is not the answer: quantity and quality are equally important.
Information is not really useful until you mine smart data from all data gathered. Which information helps answer a specific question or solve a specific problem? Smart data means collecting precisely the data relevant for a pre-defined analysis only. By contrast, big data methods collect the data first, then choose an analysis method to filter the findings required from the information.
Smart data has already gained a foothold in some industries as "predictive maintenance". For example, sensors and mathematical algorithms can help wind farm operators detect technical faults even before their wind turbines have to be stopped. That can reduce downtime, enables them to maintain their systems proactively and helps them plan personnel deployment more efficiently. The automotive industry also uses predictive maintenance and monitoring. The data obtained allows it to identify weak points in the production process, optimize manufacturing workflows and thus increase productivity.
E-commerce also hopes to profit from smart data. Operators of online stores want to predict consumer behavior more accurately, and improve the precision of their product suggestions. In turn, they expect this to boost customer loyalty and increase turnover.
Predictive analytics can even anticipate fraud. Based on defined rules and algorithms, the software scans transaction and historic data in real time for signs and symptoms of fraud. It sends a warning immediately in the event of suspicious activities, allowing companies to reduce adverse economic effects significantly. Insurance companies and financial institutions can also benefit by minimizing financial losses due to insurance fraud or theft.
Will smart data be able to help predict and avert hacks or data theft in future? Learn what new developments the major players have in the pipeline in the Big Data & Cloud Exhibition Area at CeBIT 2016. At the innovative future talk conference forum, experts will discuss Smart Services/Smart Data/Smart Everything ?. Learn more about the latest developments, opportunities and solutions.