Smarter data

Dr Michael Wu
Lithium Technologies

The pace of data collection can outgrow that of useful, extractable information, so for information to provide insight it must be interpretable, relevant and novel.

Data is only as valuable as the information and insight we can extract from it. It's information – not data – that helps us make better decisions, and it's insight that brings competitive advantage. Logic would have it that because information and insight are derived from data, the more data we collect (the bigger our data gets) the more information and insight we'll be able to glean. Not so.

Big data myth #1: Data and information are the same

When you back up your hard drive, your data volume doubles; but will you get twice the information? The answer is pretty obvious that you actually won't gain any extra information from backing up all the data in your hard drive, even though you've doubled your data volume.