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5 new year’s resolutions to improve how organizations work with data in 2021

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Many people are breathing a sigh of relief that 2020 is finally over. I’m hopeful that on a global scale, 2021 can eventually help us move on from the pandemic and from political turmoil to shape kinder societies where economic interests and citizens’ wellbeing are in balance. Data is and will continue to be critical to this. 

As we kick off this new year with the usual mix of aspiration and expectation, I want to share five areas that organizations should focus on to build skills, gain a greater understanding and empower the people they work with. 

Data democratization is a top priority

Last year we witnessed countless collaborations in the scientific community to tackle the COVID-19 crisis, built on data and knowledge alongside experience and expertise. This should inspire organizations to put data democratization at the top of their priority list for 2021.

Much like the scientific community, there is a lot of untapped potential among employees. Are they all data experts? Probably not. But by giving them access to data and easy-to-use tools to interrogate the data, organizations can bring out their collective wisdom and uncover insights to help them make better, data-driven decisions. 

Our latest research also suggests that the organizations that have increased the number of people involved in decision-making are twice as likely to see a speed improvement. This kind of democratized decision-making can truly empower organizations, helping them to adapt to change faster.

This will certainly require the support of the right infrastructure and systems – in addition to effective data governance. For organizations that want to succeed in these challenging economic circumstances, the times of data silos, departmental thinking, and political in-fighting around data must come to an end. Access to data must be opened up to all employees.

Build data literacy within organizations

To ensure successful data democratization and extract the maximum value from an organization’s investment in data and analytics, data literacy should no longer be ignored. We wouldn’t let people drive cars without passing a test. So, let’s exercise some caution to ensure employees have the necessary training and understanding of data, analysis, and foundational statistical knowledge before reaching conclusions from their data. 

Building data literacy within an organization will require resources and a structure for ongoing training and development. Upskilling employees and ensuring their knowledge is current should be at the top of the agenda if businesses want to remain competitive.

This is critical, especially when you want to use an employee’s analysis and the resulting insights as the basis for making business decisions. 

On a positive note, it’s good to see that, according to our research, 85% of organizations have reported taking action to improve data literacy levels within their business as this will help them build skills among their staff that is important during crisis recovery and beyond.

Take data ethics seriously 

We often read and hear that artificial intelligence (AI) and machine learning will deliver significant advances in automation and replace jobs in many industries. And while this is certainly a possibility, there are still humans behind the algorithms. And humans carry biases – we all do – so there’s a chance that biases are introduced into the algorithms we are exposed to on a daily basis. 

It’s important that organizations and the people within them consider their own role when it comes to data ethics. Are numbers being made to look good through clever analysis, wording, or visualization? Is some data left out deliberately from analysis to avoid scrutiny? Data ethics starts with seemingly innocent, small situations, but it concerns all of us.

organizations must kick-start and increase conversations around data ethics to ensure that they don’t end up in a much more difficult place from a moral standpoint later down the line. Acting now is better than waiting. 

Build an effective data culture 

Implementing changes, driving new initiatives, and bringing greater access to data in every part of the business is much easier when you have a culture that values and understands the data. 

Building an effective data culture is a great goal that organizations can set themselves in 2021 – start with small, tangible steps and activities to get people involved and bought into the idea. 

organizations that have data champions in place internally have already made the first step. Empower these people to develop ideas for bringing employees together around the topic of data and analytics. Let them create activities that everyone can get involved in – using them to help organizations build a data literate workforce along the way. 

Tackle your tool stack 

No discussion about data would be complete without technology. Many organizations were able to use the challenges of 2020 to assess their analytics and data tools in an effort to consolidate and innovate with limited resources. Finding smarter ways to work with data and identifying the most effective solutions will set organizations up for ongoing success and maximum return on your analytics investment. 

As they review the tools they currently have in-house, they should ask themselves, how effective are they in delivering results? Are they used for the right purpose, or are there more suitable alternatives? 

Don’t shy away from shaking old legacy foundations to see if they still deliver value. Work closely with vendors to ensure what they offer is what you want and need and whether it works in harmony with the other tools in your stack. 

Looking ahead

By no means are these five data resolutions trivial – they are great considerations to help make 2021 a year that matters to organizations across a number of industries. If we can learn one thing to help us in 2021, it’s that we now have both the technology and human ingenuity in place to cope with unexpected crises and use data to build a better future.

Source: https://dataconomy.com/2021/01/5-new-year-resolutions-improve-organizations-work-data-2021/

Blockchain

BTC Bear Case Suggests Move Towards $28,000 In The Near-Term

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The BTC bear case suggests moving towards the $28,000 in the near-term with the price action as of late which was ambiguous with the buyers and sellers reaching an impasse as BTC struggles to get any momentum as we are reading more in today’s Bitcoin news.

The cryptocurrency didn’t make an attempt to break above $40,000 a day ago but the selling pressure was so strong and sparked a rejection. Its price has dropped to $35,000 which got the bulls trying to slow the descent and to spark a rebound. Where will the market trend next could depend on whether or not BTC is able to find support which will slow down its drop. If it goes deeper, BTC will place more headwinds on the market and will spark a huge selloff among other altcoins which slows their momentum leading to another downside.

btc usd
Image Courtesy of Bitcoin Jack. Source BTCUSD on TradingView.

BTC saw some intense turbulence today with the bulls lost their edge over the crypto price action and caused it to see a drop to lows of $34,000. The support level here is extremely important as it helped the entire market see an influx of buy-side pressure which allowed for a new rebound. It remains unclear whether or not this rebound will be strong enough for BTC to form a long-term bottom as one analyst noted that a move below $28,000 could be imminent in the short-term.

At the time of writing, BTC is trading down under 10% with a current price of $35,300 which marks a notable decline from the recent highs of $40,000 which was set yesterday around this time. where will the entire market trend next will depend largely on whether or not the bulls are able to create long-term support in the lower $30,000. Breaking below could lead to a serious downside for the entire market and could mark an end to the uptrend of the cryptocurrency.

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btcusd
Each point of no return offered 600-800% ROI following Source BTCUSD on TradingView.com

The BTC bears case suggests a new move lower with one trader explaining the possibility that the BTC decline will cut deep and will send it towards $28,000 before it is able to find long-term support. He noted that there’s a next critical support level based on different factors:

 “The bearish $BTC case projects towards 28k or lower, in that case we just printed some b wave – like I said, price action is ambigious up here.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/btc-bear-case-suggests-move-towards-28000-in-the-near-term/

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Blockchain

Polkadot Flipped XRP To Become 4th-Biggest Cryptocurrency: Report

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Polkadot flipped XRP To become the 4th biggest cryptocurrency as they were both going in opposite directions since Ripple was sued by the SEC for breaking securities regulations as we reported previously in our Ripple news.

Polkadot’s price increased by 60% in the past week and its price dropped by more than 9% in the past week. Polkadot flipped XRP to become the 4th largest cryptocurrency with a market cap of $13.2 billion compared to the one of Ripple $12.8 billion. Polkadot’s price surge continues and its native DOT Token is now trading for $14.66 after experiencing about a 60% rise in the past week. Just two days ago, the market capitalization pushed past $10 billion for the first time and according to data from CoinMarketCap has gone above $13 billion to surpass XRP.

dot 24hours
DOT 24-hour Price Chart (Source: coingecko)

With a market cap of $13.2 billion, Polkadot is officially the fourth-biggest cryptocurrency by market cap after BTC with $696 billion, ETH $135 billion, and Tether $24 billion while XRP has $12.8 billion. Polkadot was created by Parity Technologies which is led by Gavin Wood and Jutta Steiner which transitioned at the end of 2018 from working on Parity and other Ethereum projects and now to focus only on Polkadot.

dot market cap
DOT Market Cap (Source: Coingecko)

Polkadot is an interoperability protocol for connecting a few blockchains and its native DOT tokens are both used for voting on governance issues and for creating “parachains.” While the development is now taking place on the Polkadot platform the trading activity is getting slower for XRP. In December last year, the US Securities and Exchange Commission brought a $1.3. billion lawsuits against Ripple Labs and both Chris Larsen and Brad Garlinghouse. According to the SEC, XRP represents security and the defendants all had access to considerable amounts of XRP because it was created by the Ripple founders which sold huge amounts of XRP over the years.

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Since the SEC announcement, Ripple and XRP faced a steady blow of bad news. Just this week, Grayscale investment decided to dissolve its XRP trust and Kraken announced it will stop all trading for XRP, joining the list of exchanges that already did it. The price of XRP dropped by 9% in the past 7 days and trades at under $0.30.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/polkadot-flipped-xrp-to-become-4th-biggest-cryptocurrency-report/

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Blockchain

Kraken to Halt XRP Trading for U.S. Residents

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Given the recent SEC filing against Ripple Labs Inc., we are halting XRP trading for U.S. residents no later than January 29, 2021 at 5pm PT (January 30, 2021 at 1:00 UTC). We may begin implementing this process at any time on January 29, 2021, so all U.S. clients are strongly encouraged to resolve their positions prior to that day.

U.S. residents with open XRP spot positions on margin should satisfy their margin obligations by January 28, 2021 at 11:59pm PT or their positions will be liquidated in accordance with our Terms.

Our clients residing in the U.S. will still be able to deposit, hold, and withdraw XRP with Kraken.

Clients residing in other countries are not affected. XRP markets will continue to operate, uninterrupted, for clients outside the United States.

To clarify how this impacts our clients, we’ve compiled a list of frequently asked questions, which we will periodically update:

What does this mean for me?

After January 29, 2021, U.S. residents will not be able to trade XRP. We intend to cancel open XRP orders and liquidate open XRP positions for U.S. residents on January 29, 2021. U.S. residents are strongly encouraged to resolve their positions prior to that day.

Will I still be able to deposit, hold, and withdraw XRP?

You will be able to deposit, hold, and withdraw your XRP at Kraken after January 29. If that position changes in the future, we will make a public announcement.

How long will these changes last?

We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.

Will this impact Spark token distribution?

This does not affect our plans regarding the Spark token airdrop.

Thank you for trusting Kraken. We will closely follow the unfolding situation and continue to adapt accordingly.

Source: https://blog.kraken.com/post/7450/kraken-to-halt-xrp-trading-for-u-s-residents/

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