Social media offers an invaluable resource for understanding one’s customers. However, going through thousands of social media data (e.g., comments) manually in order to interpret their meaning takes a lot of time.Using natural language processing (NLP) techniques, you can automatize the process and uncover the emotions that best describe your dataset. For example, you can analyze whether a review is […]
In today’s fast-paced world, gaining valuable insights from vast amounts of data has emerged changer for companies across virtually all industries. At the heart of this process lies the ability to collect, organize, and analyze vast quantities of information – often called ‘big data.’ This term encompasses structured and unstructured datasets that are too large or complex for traditional analysis […]
As you know, data is essential for generating a competitive advantage. However, for every product, there are a couple of factors that you need to take in mind when determining the value of your data: Time How quickly can you use your data for product improvements? Faster is better Your product Can you also use insights from one user to improve […]
Digitalization isn’t just about the usage of digital technology. Much more important is that, digitalization is about representing us and our environment in a machine-readable language.This implies that digitalization leads to an enormous increase in structured and (mostly) unstructured data. Today we use a huge variety of scientific methods, algorithms, and systems to extract knowledge and insights from this data. […]
Todays economy relies heavily on information and communication technology (ICT). Therefore, digitalization activities are of strategic significance as they change the way companies operate and, with it, the rules of competition. According to the renowned Prof. Michael Porter from the Harvard Business School, each activity that creates value for a company has a physical and an information-processing component. In the […]
Data analytics is complex, and identifying patterns takes a lot of work.But data analytics is crucial for your economic success. According to IBM’s 2014 innovation survey, companies that apply big data and analytics are 36 percent more likely to outperform their data-incompetent peers in revenue growth as well as operating efficiency. IBM’s survey also outlines that outperforming companies are 79% […]
An essential factor in the data analysis process is the size of your data. At the most basic level, one can differentiate between Big and Small data. Big data contains an extensive range of variables over an extended timeframe. Such big datasets, for example, are then used to make large scale business decisions.Small data can be relevant for making day-to-day […]
When will it rain? How much grain will we harvest? Since the dawn of time, humankind’s survival has depended on the availability of accurate information. Today the number of questions we need to ask becomes more, and the answers we need to uncover in order to develop are ever more sophisticated. In the same way, the survival of modern companies […]
Data traffic According to the World Development Report 2021, global internet traffic will reach 150000 GB per second in 2022. This amount is equivalent to 1000 times the value of 150 GB per second in 2002. Connectivity When taking a closer look at data published by the World Bank, a substantial divide emerging between rich and developing countries becomes visible. […]
The technological transformation process shapes our lives and our society on all levels. This is shown by the sociologist Andreas Reckwitz (2017) in his highly acclaimed book “The Society of Singularities.”According to Reckwitz, there has been a fundamental change in the functioning of our society; Modern society, which existed from the age of industrialization to the 1970s, was characterized by […]