Information Quality in the Era of Big Data The business world is flooded with data. Companies collect vast amounts of data about products and projects, opportunities, process outputs, product and service quality, sales and receivables, customers and their usage patterns, vendors, competitors, etc. They source data from third parties to link with There is an important distinction between raw (or internal data to make fundamental business source) data and decision-ready information. Raw PREVIEW decisions. And, across the organization people data is uncertain. How reliable is the source? How are gathering publicly available data. can you confirm accuracy relative to an external point of reference? When was the data collected? All companies must deal with the expanding Is it the most recent data? Will it be updated if variety, velocity and volume of data. There are it changes with time? Is the data complete or different types of data in different formats with are there other attributes that could affect your different storage requirements. We have moved interpretation of the data elements? Does the from batches of data to streaming data. And, source use consistent methods/tools to collect some have estimated that the volume of data in the data? All these questions and more reflect the 2020 will be more than 40 times greater than the uncertainty inherent in raw data. volume in 2011. The question is whether this increase in variety, velocity and volume will Raw data simply cannot be used for making actually drive better analysis and decisions. significant business decisions. No company wants to make investment decisions, strategic choices and competitive assessments with questionable data. Businesses need analysis and insight based on reliable information. Information is created by reducing the uncertainty inherent in raw data. Information, but not raw data, can be used to create the analysis and insight required for significant business decisions. 4
IHS Global Energy Information Review Preview
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