[MUSIC] Welcome to the first video in the data driven decision making course. We want to introduce you to Dan DiFilippo. Dan is going to be one of your main instructors for this course. In this first video, Dan will provide you with an overview of what data and analytics is. As you move through the course, you'll go into more detail about many of the topics introduced in this video. And we'll be back again at the end of the week to talk about what you've learned. >> Thanks, Amity and Mike. I lead a global team that helps clients use the data they have and the data need to make better and faster decisions. Rapid technology change means how we deal with data is fundamentally different today than it was just a few years ago. In this session, I'll discuss what data and analytics is and why it's important. The impact it's having on business and how it can help organizations make better and faster decisions. First, what do we mean by data? Webster's define data as a collection of facts, observations or other information related to a particular question or problem. Data can be structured or unstructured. Structured data is information with a high degree of organization that could be included in databases or spreadsheets and is easily searchable by simple search engine algorithms. Think of how a multiple choice question forces your answer into a predefined category. Unstructured data is the opposite and is usually text heavy though it may contain video, data or numbers and facts as well. Think of an open field text box that allows you to provide additional comments on a survey. Adding to the complexity Data can also come from a variety of internal and external sources for organizations. The conversation gets really interesting when we look at the wide variety of data available to us today, and the powerful analytics that can be applied to that data. Analytics is the science of examining raw data in order to draw conclusions about the information. It's an exciting field, and is dramatically impacting how organizations in many industries are making decisions. The availability of huge volumes of structured and unstructured data sets, combined with advanced computing capabilities. Low cost storage and powerful visualization technology is enabling organizations to gain insight once technologically impossible, or economically impractical. It is also enabling new entities to startup and scale quickly, which can bring great benefit to the market and to society but can also be very disruptive and challenge the status quo. So where is this data coming from? From market research and social media, to the network of physical objects we call the internet of things. The world we live in today is creating a constant and ever increasing stream of data. For most organizations, the data they can access is increasing at a rate of 40% each year which creates significant challenges in the way data is captured and secured, organized, analyzed and reported. Let's quickly touch on three ways that data analytics is impacting business today. First, data is enabling new products and services, creating markets that didn't previously exist and bringing new capabilities to existing markets. Wearables, such as your Fitbit or Apple watch are some examples of new products. Second, it is disrupting existing markets with innovative upstarts unseating traditionally secure businesses, think of Uber. Third, data and analytics is driving increased efficiency. For example, retailers have the ability to automate and optimize their supply chain. Tailoring offerings for customers making services such as Amazon's same day delivery in major US cities logistically possible. In short data is providing the organizations the ability to identify growth opportunities, drive innovation, operate more efficiently, and manage risk in new ways. So if data can do all that, organizations simply must use it to stay competitive, but how? Organizations have always use data in some form to inform their decisions. But the volume, variety and velocity of data available today presents huge challenges. Traditional approaches to data analysis, identify a problem or business opportunity, collect data, and use spreadsheets or software to understand it no longer apply. The volume of information today is simply too high, and the time frame's way too short. Confronting these challenges can lead to immense reward. Smart organizations are taking advantage of data analytics to gain a clearer picture of their business. They're using new technology such us data visualization. The presentation of data in a pictoral or graphical format to help decision markers see analytics presented visually and more easily identified new patterns. This kind of insight is powerful and can fundamentally change the speed and sophistication of decision making. At PWC, we work with clients to effectively use data in every part of their business, from customer acquisition, talent retention, and market expansion. To reporting results, meeting compliance requirements, and managing risks. We'll talk more about applying data and analytics in business settings as part of this course. In future videos, we'll look at some examples and talk to PWC professionals to help bring these concepts to life. So let's quickly recap what we covered in this short introduction to data and analytics. We talked about structured and unstructured data and how the explosion of data is leading to new business challenges and opportunities. We talked about how important it is for organizations to take advantage of all that data and we spoke about how new technologies can help to do that. By aggregating and presenting data in meaningful and impactful ways, that can help companies make better decisions. Thanks for watching, and I hope you enjoy the rest of the sessions. [MUSIC].
