The days of relying on one simple data source in any digital solution are numbered. There is a growing wave that combines multiple sources and types of data to maximize business results. Those organizations that ride this wave will thrive and capitalize on the changing conditions and emerging business moments. The best digitally-enabled organizations will leverage convergent data in new ways to stay relevant in their current business models, extend existing business models or invent new business models. This post will concentrate on the many tributaries to this evolving convergence.
Figure 1 Convergent Data Sources
Reasons
for Convergent Data
Convergent data is a result of both push and pull trends.
There is the push of technological progress that invades organizations with
capabilities and results that are hard to pass up. As success breeds more
success these new sources of data such as video, voice, and integrated video
over GPS data, organizations are hard-pressed not to leverage some if not all
of these new data sources. The pull comes from the increasing demand for deeper
understanding represented by multiple traditional sources combines with new and
progressing data sources. In other words, the problems demand more complicated
and complex data sources.
Leveraging
Convergent Data
All aspects of running an organization will need or even
require convergent data. Convergent and more complete data sourcing helps
organizations sense events or patterns of interest, define opportunities or
threats, ideate potential responses, and experiment with or implement proper
responses. Each step in design thinking requires richer data offered by
convergent data sources.
Sources
of Convergent Data
Refer to Figure 1 for an illustration of the typical sources
of convergent data. Starting with the bottom of the chart with base data,
moving up to the time continuum, and finally to the top, base data is organized
into more functional groups of related data to save time and effort.
Base Data:
Operational Data is typically at the lowest
level and considered as base data. Its domain definition is usually defined,
such as text, numbers, etc., and relationship to other data.
Video/Image Data is typically a picture
represented by pixels captured at a point in time representing positions, colors,
objects, texture, and relative positions of multiple items to each other. Video
is a set of successive images captured over time to create movement in time and
space.
Voice Data is sound captured over a time
continuum to represent inflection, volume, anomalies, and emotion to leverage
in the capture, storage, and analysis for sentiment and reoccurring themes/events.
Aged Data:
Instantaneous Data is the date that is
captured at the moment of focus. It is often associated with a real-time signal,
event and is often more usable as a pattern, especially from multiple sources.
This kind of data is often related to the Internet of Things (IoT) but not
exclusively.
Archival/Backup Data is older than in nature
and deemed necessary to capture in a specific time corridor. It would be ready
and prepared for backup data to replace current data in a short period to
repair data loss. Most archival data kept for historical purposes and trend
analysis.
Organized Data:
Aggregated Data is base data grouped and
organized in a fashion deemed useful for further processing or analysis. Often
this data is from multiple sources and is often summarized for ease of use and
access.
Management Data is data that helps
organizations manage better at several levels. The most frequent service would
be for describing operations to monitor or optimize operational activity. While
less common, but more important would be to adjust management policies for
better organizational outcomes. For ultimate impact, data would be leveraged to
adjust major strategies to adapt to emergent threats or opportunities.
Time Series Data is data captured in predetermined
time slots and quite often organized specific sequences. Typically this is detailed data, but it could
be summarized or aggregated in other categories.
Net; Net:
Organizations will either ride the convergent data wave, which typically creates views across multiple data sources, or get swamped by it. Convergent data is an unstoppable trend that promises new revenue sources, better situational awareness for operational optimization, and better customer engagement sources. The challenge here is managing all this convergent data smoothly. There are emerging methods, techniques, and technologies ready to assist this portion of digital transformation.
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