"We analyze numbers in order to know when a change has occurred in our processes or systems. We want to know about such changes in a timely manner so that we can respond appropriately. While this sounds rather straightforward, there is a complication - the numbers can change even when our process does not. So, in our analysis of numbers, we need to have a way to distinguish those changes in the numbers that represent changes in our process from those that are essentially noise." (Donald J Wheeler, "Understanding Variation: The Key to Managing Chaos" 2nd Ed., 2000)
"Many management reports are not a management tool; they are merely memorandums of information. As a management tool, management reports should encourage timely action in the right direction, by reporting on those activities the Board, management, and staff need to focus on. The old adage 'what gets measured gets done' still holds true." (David Parmenter, "Pareto’s 80/20 Rule for Corporate Accountants", 2007)
"The data architecture is the most important technical aspect of your business intelligence initiative. Fail to build an information architecture that is flexible, with consistent, timely, quality data, and your BI initiative will fail. Business users will not trust the information, no matter how powerful and pretty the BI tools. However, sometimes it takes displaying that messy data to get business users to understand the importance of data quality and to take ownership of a problem that extends beyond business intelligence, to the source systems and to the organizational structures that govern a company’s data." (Cindi Howson, "Successful Business Intelligence: Secrets to making BI a killer App", 2008)
"Access to more information isn’t enough - the information needs to be correct, timely, and presented in a manner that enables the reader to learn from it. The current network is full of inaccurate, misleading, and biased information that often crowds out the valid information. People have not learned that 'popular' or 'available' information is not necessarily valid." (Gene Spafford, 2010)
"The first myth is that prediction is always based on time-series extrapolation into the future (also known as forecasting). This is not the case: predictive analytics can be applied to generate any type of unknown data, including past and present. In addition, prediction can be applied to non-temporal (time-based) use cases such as disease progression modeling, human relationship modeling, and sentiment analysis for medication adherence, etc. The second myth is that predictive analytics is a guarantor of what will happen in the future. This also is not the case: predictive analytics, due to the nature of the insights they create, are probabilistic and not deterministic. As a result, predictive analytics will not be able to ensure certainty of outcomes." (Prashant Natarajan et al, "Demystifying Big Data and Machine Learning for Healthcare", 2017)
"Data governance policies must not enforce constraints on data - Data governance intends to control the level of democracy within the data lake. Its sole purpose of existence is to maintain the quality level through audits, compliance, and timely checks. Data flow, either by its size or quality, must not be constrained through governance norms. [...] Effective data governance elevates confidence in data lake quality and stability, which is a critical factor to data lake success story. Data compliance, data sharing, risk and privacy evaluation, access management, and data security are all factors that impact regulation." (Saurabh Gupta et al, "Practical Enterprise Data Lake Insights", 2018)
"Timeliness means that information is available when it is needed. Most managers function in a dynamic environment of change, demands updated and current information. Computerised information systems have the ability to gather, sort, analyse, store, retrieve, and transmit large amounts of information in a very short period of time. Completeness of information is the extent to which information is all there." (C S V Murthy, "Data and Businesss Analytics", 2020)
"Data marts are subject-oriented databases typically aligned with a particular business unit like sales, finance, or marketing. These are sometimes called 'functional data marts' since they support specific business functions. Data marts accelerate business processes by allowing access to relevant information in a more timely nature since they are not aggregating the volume and variety (many data sources) that an EDW does. However, they are more transformed or normalized than an ODS." (Scott Burk et al, It’s All Analytics - Part II: Designing an Integrated AI, Analytics, and Data Science Architecture for Your Organization, 2022)
"Data are most valuable at their point of origin. The value of data is directly related to their timeliness." (Lawrence M Miller)
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