I recently listened to an audio book on Data Science in Business, and something that resonated with me was the idea of “Fast Data Analytics.” When harnessed, Fast Data Analytics can act as a springboard for the growth of your organization in a way that big data alone can’t. Before I dig deeper, let’s clarify the difference between Big Data and Fast Data.
Big Data, the phrase that has been used immensely over the past decade, is data that has already been processed and stored. We then take that data from a data warehouse, cloud storage, or your personal hard drive and load it into an analytical tool. Presto! You now have insight into your business process like never before. However, there is still one drawback. It is not real-time. Big data analytics are wonderful; believe me when I say, life would be very different without it. However, like all other trends, its advantages will not be prominent forever.
Fast Data, unlike Big Data, is data that is used in real-time to provide analytical feedback on a process. With the logarithmic increase in processing speeds of technology, real-time data can be used for instant feedback making the data analysis process faster. In my consulting work I look at the use of human data (emails, meetings, reports etc.) and how, with the use of enabling technologies like Smartsheet, human data combined with Fast Data Analytics can bring your business to an elite level of operation. How can an email or meeting be useful data? It’s all about content and identifying the facts that are being conveyed in the conversation. Identify the true value of the conversation, convert it into actionable information, and gain real time insight faster than ever before.
I have no certifications in data science and no formal training in the field of data management. I am however, an industry experienced professional and a business partner of Smartsheet who has observed human interaction in the workplace and how that relates to business efficiency. My hope is that this brief article lends a different perspective on how very useful human data can provide business clarity, with the adoption of a solution like Smartsheet.
