The world is experiencing an explosion in the volume and scope of data; everything we do and everything around us is now measured, quantified, and recorded. And this brings with it some significant challenges but some even bigger opportunities. The challenges range from the collection and warehousing of the exponentially increasing volumes of data that are recorded to the validation, quality assurance, security, and privacy of that we have accrued.
In terms of opportunity, organizations of every type are now making business decisions based upon a diverse range of data analysis, simulation, and modelling approaches. Data-driven decision making is demonstrably able to add significant value to all aspects of business operation. The analysis of data requires the inspection, sanitisation, manipulation, and modelling of primarily numerical parameters to discover hidden patterns, correlations, and other insights from within them.
Modern computing power, coupled with the latest software approaches, makes it possible to process and interpret huge volumes of data both rapidly and conclusively, thereby accessing enormously powerful yet previously untapped information resources that provide the basis for enhanced performance and competitive advantage.
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