The relevance of data for the success of a company has increased rapidly over the last 5 years. Data has become an integral part of a company's products and services in contemporary industries. Most companies nowadays rely upon the evaluation of specific data to optimize processes and deliver the best possible product to their customer. The examination of data can also help to identify new business opportunities and develop business models, which in turn can create new revenue streams for businesses.
To do this, one has to properly identify and understand the correlations between the individual data points and translate these correlations into comprehensive terms. These terms then can be used to improve or drive the current service/ product at hand. The issue is that nowadays these correlations may be increasingly difficult to observe, to understand and to communicate. This is due to :
- the sheer volume of the data
- the increasing complexity of datasets