A data lab is a well-equipped environment that allows organisations to explore and examine new ideas by combining new data with existing data. This makes it easier to identify new trends and insights or react to immediate business issues.
Big Data success over the long-term requires organisations to have interesting, unique, and useful insights as well as have the capability to turn those insights into products and services. That way, the organisation can deliver those products and services at a profit.
In order to do this, a data laboratory needs to be staffed with a pool of professional data scientists who will look at all the information in order to come to a deeper understanding of exactly what data you possess and what you can do with it. The data lab must be an open, questioning, and collaborative environment where the data scientists can access the data using state-of-the-art analytics tools. Once they formulate their hypotheses, they should be able to test and hone them in the data lab.
Data scientists need to work hand in hand with a management team, so that they can develop the best path that will yield insights and profit for the organisation. At the data lab, expect a steady stream of insights to improve your existing products or services and occasional insights that lead to the development of a new product or service.
A data lab should support every step of the data science process, so it must contain functional tools to collaborate, test, and evaluate Predictive Models on a secure platform. You should also have a pre-production facility to test your predictive models and see their business value with ahead of full production.
If these functional building blocks are integrated cohesively, organisations will be able to provide an almost seamless user experience to their customers and enhance their market position in the industry. Having a data lab offers the opportunity to empower the organisation to get the most commercial value from its data. This is typically coordinated through a sandbox that can drive experimentation and innovation.
Consult with Fusion Professionals on how your data lab can enable you to explore your data extensively and enable business decisions based on data-driven insights that can provide a competitive advantage businesses need to get ahead in their markets.
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