By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: The Business Value of Uncovering the “Unknowns” in Data
Share
Notification Show More
Latest News
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence
How Big Data Is Transforming the Maritime Industry
How Big Data Is Transforming the Maritime Industry
Big Data
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Data Management > Risk Management > The Business Value of Uncovering the “Unknowns” in Data
AnalyticsRisk Management

The Business Value of Uncovering the “Unknowns” in Data

Brett Stupakevich
Last updated: 2012/01/19 at 7:39 PM
Brett Stupakevich
4 Min Read
SHARE

question mark 150x125 photo (advanced analytics)One of the greatest benefits of using analytics is that it can help decision makers and data scientists spot new trends or anomalies in data that, in turn, can generate new

question mark 150x125 photo (advanced analytics)One of the greatest benefits of using analytics is that it can help decision makers and data scientists spot new trends or anomalies in data that, in turn, can generate new business opportunities or help mitigate risk. Or, stated another way, using analytics to spot the “unknowns” in data.

This is something that the healthcare industry has been doing for years. For instance, researchers at Children’s Hospital Boston recently created a new method for assessing and monitoring drug safety that combines multiple forms of widely-available data to help predict adverse drug reactions.

Unlike existing approaches that rely on detecting evidence of drug safety issues as they accumulate over time in clinical databases, this new method developed by researchers at Children’s Hospital Boston offers the potential to identify harmful drug reactions much more rapidly.

More Read

predictive analytics in dropshipping

Predictive Analytics Helps New Dropshipping Businesses Thrive

The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
Analytics Changes the Calculus of Business Tax Compliance
The Role of Big Data Analytics in Gaming
Promising Benefits of Predictive Analytics in Asset Management

In fact, the mathematical model helped the researchers successfully predict 42% of the adverse drug relationships that were unknown in 2005 but were identified over the next five years, according to iHealthBeat.

Data and analytics can also help decision makers anticipate and even predict risk, as noted in a recent white paper on the topic by Maritz Research. This can apply to potential risks that can crop up with an investment, unforeseen issues that can interrupt a supply chain, as well as business strategy or operational risks (e.g. the potential infrastructure vulnerabilities in different geographies where companies conduct business or receive outsourced services).

The Maritz white paper brings up several salient points about the benefits of uncovering unknowns, including the importance of monitoring information related to an organization or the potential risks relative to a company’s business partnerships or investments on a near real-time basis, particularly given how global business now occurs on a real-time basis.

This also underscores the importance of analyzing big data to rapidly spot unknowns that can quickly surface and undermine a company’s credibility.

For example, the use of big data might have enabled Nestle to anticipate the maelstrom of social media venom that was unleashed by customers and activists after Greenpeace UK posted a video denouncing the environmental impact that Nestle’s use of palm oil was having on orangutans. Of course, the negative comments posted by customers and activists on Facebook and Twitter only escalated after Nestle requested that the Greenpeace video be removed from YouTube citing a copyright complaint.

These examples of unknowns that can be identified and acted on merely scratch at the surface of what’s available for data scientists and decision makers. What have your experiences been and how has the unearthing of unknowns helped your organization?

Brett Stupakevich January 19, 2012
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

predictive analytics in dropshipping
Predictive Analytics

Predictive Analytics Helps New Dropshipping Businesses Thrive

12 Min Read
data-driven approach in healthcare
Analytics

The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas

6 Min Read
analytics for tax compliance
Analytics

Analytics Changes the Calculus of Business Tax Compliance

8 Min Read
big data analytics in gaming
Big Data

The Role of Big Data Analytics in Gaming

10 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive
giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?