In the digital era, data is being created at a speed never seen before, and its proper application in business intelligence is already generating incalculable value for businesses
It seems irrational to suggest that a concept like data could be more valuable than an established and indispensable product like oil, but as the years have gone by, this already seems like a reality.
Big data analytics is an effective solution for identifying behavioral patterns and establishing strategies to help detect and prevent fraud in various business sectors.
Most companies are not aware of the information they have and how to leverage, analyze and understand it, which can result in the loss of a large amount of potentially useful data by normalizing fraud and other criminal activities in their processes and make them difficult to prevent and detect.
Data has proven to be a competitive differentiator in different business sectors. The performance of any organization is highly correlated to the maturity of its data, so it's important to know in which level you are in this process.
What is Data Maturity?
Data maturity is a measure used to determine where a company's data quality, structure, distribution, security, and analytics are in their progress.
Having the required resources to manage the data needed to make decisions is crucial to the success of businesses in today's environment.
Today's data savvy organizations, those with a top-down approach to decision making, do a better job of extracting value from the data, explains a Coursera publication.
The report notes that according to Andrew Ng, Stanford professor and co-founder of Coursera, using "...data in the right way can be the path to solving critical business problems, which is the mission of business."