Data Driven: "Dark Data", Experian's "Explainable" AI + Unearthing Data w/IBM's Cognos
By: Tech Video Project
In a new episode of "Data Driven", we discuss the pitfalls of "dark data", tap the brains of a fraud-fighting expert at Experian, and dig up some intel on IBM Cognos Analytics.
Despite data being a highly sought commodity, actions that leverage data are often left behind, reports IT Brief. Info that's left on the table (or unused) is called "dark data. In other words, organizations don't have the resources to take advantage of all their critical data.
A new report from Splunk suggests that 55% of an organization's data is dark. Sometimes these companies don't know the dark data exists, or they don't know how to find, prepare, analyze or use it.
Shining a light on all useful data has strategic benefits. Splunk's report found 76% of responders felt that the company "with the most data was going to be the winner". 56% admitted that "data driven" is nothing more than a slogan in their organization.
It seems we are overwhelmed by obstacles including the sheer volume of data, as well as the lack of skills and resources to deal with that data. It takes extensive training to become data-literate.
Most alarming is professionals aren't taking "dark data" seriously. The report found that 69% of respondents are "happy to keep doing what they're doing", and only 57% are highly motivated to work with more data. The lack of support from senior leaders is also a challenge for 66% of respondents.
So what can companies do to shine a light on all their data? There is no single answer, but a good start is training in data science and analytics, increasing funding for data wrangling, and deploying software to enable less technical employees to analyse the data for themselves.
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Did you know? Annual global sales of business intelligence and analytics software passed $23 billion last year and is expected to hit nearly $56 billion by 2026.
Meanwhile, predictive models and artificial intelligence systems greatly impact people's lives. Headlines about "fake news" and "algorithmic bias" and robots deciding criminal sentencing aren't just puffery, they justifiably make people suspicious.
Dublin-based Experian collects and aggregates a humongous amount of information. Their operating model is based on delivering analytic solutions to customers and enabling them to make more effective decisions using data.
Predictive Analytics World dot com recently spoke to Brian Duke, director at Experian, and he spoke about how analytics is helping customers stop fraud attacks.
"When models affect people—such as their ability to open a financial account—it is important to explain the algorithm's reasoning" says Duke. "Explainable (or understandable)
Experian's clients include lenders, tax agencies, retail stores and many other companies interested in verifying consumer identities. That data helps stop fraudsters such as ID Thieves, intentional misusers of credit, and fakers of synthetic identities.
"Fraud detection is a needle in a haystack type of problem" said Duke. "By partnering with our thousands of financial services, retail, and government customers around the world, we have been able to demonstrate the value of our innovations by allowing them to focus their attention on only the riskiest of transactions (less than 1%)."
It is challenging work. Fraudsters are constantly changing their methods to take advantage of companies. Companies and individuals need to constantly innovate and learn from data in order to stay ahead of the criminals.
The cotton mill. The assembly line. The microprocessor. What do these three technologies have in common? They are what drove the first, second and third industrial revolutions. Each of them forced a transformation that rippled across the globe, upending industries, processes and society as a whole.
Now are in the midst of a fourth industrial revolution — one driven by data. It builds upon its predecessors while being spurred on by artificial intelligence, machine learning, pattern detection, data science and more.
Continuing that thread, businesses are generating more data than ever before, and organizations are rapidly investing in business intelligence (BI) capabilities to help them generate insights from that data to drive better business decisions and identify new opportunities.
IBM Cognos Analytics is a self-service analytic platform that integrates cognitive computing technology, including artificial intelligence (AI) and machine learning, originally developed for Watson Analytics.
Specifically, Cognos Analytics can help companies by unearthing information that may not be obvious or expected, using pattern detection. It can also create and easily share stunning, system-recommended visualizations in diverse formats. Cognos Analytics can help you pose questions about your data and receive intelligent responses, with the natural language-powered AI assistant. And it can also reduce the time needed for data preparation through automation and built-in intelligence.
Strictly speaking, the platform uses cognitive technologies to help automate data preparation. The system learns users' data and can generate recommendations for data joins and visualizations. It's intended as an all-in-one platform, so it provides analytics functions ranging from creating dashboards and data integration to reporting, exploration, and data modeling.
"Data Driven" is produced by TVP, and sponsored by RestonLogic, cloud wizards leveraging over 10 years experience helping companies automate, transform and build highly-secure and stable systems. RestonLogic offers a complete suite of IT solutions from strategic advisory to managed services. Book a strategy session today!
Disclaimer: The blurbs highlighted on "Data Driven" are available for information purposes only, and don't necessarily reflect opinions of our editors.
Page Updated Last on: Jun 30, 2019