Data Analytics has indisputably become crucial in this modern day and age, captivating the tech world and businesses alike. With the influx of prominent market players like Azure Databricks or SAP HANA Cloud, the Data Analytics market is blooming to $745 billion over the next 10 years from a market size of $272 billion in 2022 .
Nevertheless, furthering the application of Data Analytics is even more necessary amid the constantly disruptive economic climate. The Data - Information - Knowledge - Wisdom (DIKW) Pyramid, is often used in identifying business data maturity. This data architectural framework can leverage data services and APIs to aggregate data from various sources, offering a comprehensive view of business performance. Within this pyramid, Wisdom is described as distinct from Data or Information by the ability to gather the necessary insights to make effective decisions rather than just receiving the information alone.
To dive deep into this technology trend, in today's Talk to Experts episode, FPT Software's VP, Managing Director of Digital Transformation Division - Mr. Frank Bignone, will shed light on the nature of Data Analytics and how to transform Data into Wisdom:
- The DIKW Pyramid: Wisdom is always at the top of the pyramid, representing the ability to apply knowledge and experience to make sound judgments that guide our actions and decisions. This process can be optimized with advanced analytics techniques and technologies provided by FPT Software.
- How to revolutionize Data Management: Data Fabric is essential in escalating the DIKW Pyramid and helping businesses make the right decision by answering critical questions such as how to organize information or which machines to support the decision-making process.
With that being said, the transformation journey from Data to Wisdom is undoubtedly challenging for businesses worldwide. To further the adoption of Data Analytics more efficiently, in the next Talk to Experts episode, Mr. Frank Bigone will continue this topic by elaborating on how to integrate Data Analytics with Generative AI, as well as other technology advancements.
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