Insight adds value to data.
The ‘Cambridge Data Insight’ Meetup Group has ~700 members drawn from the full spectrum of big data applications – from bio-informatics to dress design, and from algorithmic trading to the wisdom of crowds.
Data insight is a burgeoning area of Big Data and encompasses all those processes required to drive value from the data.
Amazon is often cited as a thought leader in this arena and, not without justification! How many of us have been staggered by their ‘recommendation engine’ and ended up by buying something extra that has been displayed for us personally; not for anybody else – just for us!
At a human level, not everybody can see beyond the data – beyond what is in front of them, but there are individuals (and computer algorithms based on peoples’ thought processes) that can derive insight from the raw statistics.
These are the ‘Jewellers’ of the industry: they understand the data, they understand the domain (business context), and they can identify the potential value.
As time passes, there will be ever-more examples of (good – even exceptional) data insight but, for the time being, this is still the province of data scientists that have a forensic ability.