In general, data is simply another word for information. But in computing and business (most of what you read about in the news when it comes to data – especially if it’s about Big Data), data refers to information that is machine-readable as opposed to human-readable.
Machine-readable (or structured data) refers to information that computer programs can process. A program is a set of instructions for manipulating data. And when we take data and apply a set of programs, we get software. In order for a program to perform instructions on data, that data must have some kind of uniform structure.
Transactional data (structured data) is incredibly important for broker dealers because it helps them to expose variability and risk. CAESAR has always held a lot of data, of which 32% was used for compliance and compensation processing. We are pleased to announce that we are now examining large amounts of CAESAR’s transaction data to uncover hidden patterns and correlations.
These patterns can reveal otherwise imperceptible trends, resulting in enhanced compliance while providing insights for financial advisors to reveal what customers are buying based on specific metrics such as age, net worth and investment strategy.
Business analytics (BA) refers to the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning, which is also based on data and statistical methods
Business analytics makes extensive use of statistical analysis, including explanatory and predictive modeling, and fact-based management to drive decision making. It is therefore closely related to management science. Analytics may be used as input for human decisions or may drive fully automated decisions. Business intelligence is querying, reporting, online analytical processing (OLAP), and “alerts.”