August 28, 2018 | 3-minute read (580 words)
By: Lidia Salgado, Director of Business Development, NYC
It’s hard to imagine our lives without data – so much so, that Kishore Bhatia, Venture CTO and Solutions Architect Director at BCG Digital Ventures, considers data, rather than technology, to be the real Intellectual Property of businesses. Let’s look at some recent trends in the data space.
The rise of CDOs
To “own” a major business asset – data – there has been a steady increase in creation of Chief Data Officer (CDO) positions. According to NewVantage Partners, 62.5% of large organizations confirmed appointing a CDO in 2017, compared to 12% in 2012. By the end of 2019, this number is expected to reach 90% for large companies, and smaller companies are following suit. What are the responsibilities of a corporate CDO? According to Gartner, 45% of a CDO’s time is spent on value creation / revenue generation, 28% on building efficiencies / cost savings, and 27% on mitigating risk.
Successful data manipulations are a factor of speed, among other parameters. With the upcoming 5G technology entering global stage, the future of data manipulations have never looked brighter. According to Fortune, “5G promises almost unimaginable capabilities that have never been available before, as it will bring the power of the Internet and ubiquitous fiber-optic communication speeds to the pocket of every human being”. Massive content transfers (might we finally be able to send those longer videos over email?), immersive virtual reality and 3-D streaming video, see-in-the-dark cameras, hard drives that provide nearly infinite content for instant downloads from any location, smart self-driving cars, factories remotely operating robots and machinery, and doctors performing remote surgeries using a phone to operate machinery in the hospital —are, according to Fortune, just some of the many cool features that we will be able to experience with the adoption of the 5G technologies.
All About Data
At Early Growth Financial Services we have a number of rockstar data clients. Second Spectrum is a leader in sports analytics, providing “powerful video querying, intuitive visualizations, advanced statistics, and customized reports in one simple interface.” quasarDB is a developer of technologies to handle (ingest, index, compress, and store on disk) massive amounts of data at a very high speed in real time - primarily for financial markets. It can reliably ingest millions of data points per second, and aggregate billions of lines per second, making sure it can handle even the most extreme time series use cases. Alpha Vertex uses deep learning and data mining algorithms to analyze millions of data points and the connections between them. Applications include forecasting stock returns at multiple intervals with predictive accuracy to create profitable trading strategies. These are just a few cases in point among our many clients that are successfully leveraging data to help make more educated decisions,
Careers in Data
How does one go about starting a career in Data? Our former client DataCamp is a great place to start – and “learn Data Science from the comfort of your browser." DataCamp offers Courses that combine short expert videos with immediate hands-on-the-keyboard exercises, Practice Mode, with instant and personalized feedback on every exercise, and more.
If offline learning is more appealing, check out Galvanize, a national organization that offers Data Science classroom courses.
Questions or Comments? Reach out to EGFS
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