Now, I'm going to try and get through this blog without the
phrase 'Data is the new oil'. Every conference with any
link to data science and financial services will have at least one
speaker (if not more) that will utter these words to try and
express the true value now being placed on data.
Even though this phrase is becoming something of a
cliché, there is something behind it. For years, data has
been collected and stored in a wide range of formats over millions
of systems across the globe – even going as far back as
18,000 BCE where tally sticks were used as a method of recording
data.
Only now, are we starting to use these massive stores of data to
unlock insight and trends that previously wouldn't have been
noticed or found through a variety of data manipulation techniques
and data science approaches. Data scientist and others are now
performing data storytelling – bringing real human
interaction and interpretation to the data.
