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 collecting and warehousing the exponentially increasing volumes of data recorded to the validation, quality assurance, security, and privacy we have accrued.
In terms of opportunity, organisations of every type are now making business decisions based on diverse data analysis, simulation, and modelling approaches. Data-driven decision making is demonstrably able to add significant value to all aspects of business operation. The study 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, make it possible to process and interpret vast volumes of data. This transformation enables us to access enormously powerful yet previously untapped information resources that provide the basis for enhanced performance and competitive advantage.