With exactly a week to go until the DatSci Awards, we are excited to announce some of the surprises on the night. Here we have a wonderful guest blog from our compere, Paul Hayes of Beachhut PR.
I am very excited to be a part of the Data Science Awards. I think that we are just beginning to see the huge potential for the application of Data Science across a broad range of industries. Within many businesses, data remains an untapped resource with the potential to bring huge advantages to those who are first to bring Data Science into the mix. It is truly like untapped unrefined crude oil under everyone’s office. Just like the gold rush, money will be made more in the selling of shovels than on striking a gusher. Those shovels will be mainly around Managing Metadata and Data Governance rather than Data Quality.
The key concepts are:
Lineage – where the data came from
Traceability – who edited it
Lineage and Traceability are now fiduciary duties with the fine being 5% of worldwide turnover or marrying the person with most cigarettes in the cell next to you. Data scientists and CFO’s will have to concentrate efforts as it looks like you will not only need to know what the data is but also have to be able to demonstrate where and when that data was accessed over many years.
The emerging standards bodies will have a big role to play such as OMG (Object Management Group), EDM (Enterprise Data Management Council).
Sitting on top of those will be the Ontologies which are above standards. FIBO Financial Industry Business Ontology, – is an interesting one. Someone estimated that a bank is made up of 70,000 rules coupled with data. So off you go and create a bank from first principles. The main issues over the coming years will be the citizen centered use of data and how government’s will regulate the main players as data use goes exponential. Welcome to the start of the biggest spike in internet use since cat videos became a thing.
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