Santa Clara, CA — According to the most recent NewVantage Data and Analytics Global Leadership (DAGL) survey, an overwhelming majority of surveyed companies have reported that their data yields tangible value. This marks a significant increase from just 50% of organizations who answered positively five years ago. Even in the face of growing global economic uncertainty, over 90% of respondents expressed intentions to further invest in data in 2023.
The value of data is increasingly recognized, highlighting the importance of data assets. According to CNSSI Regulation 4009-2015, data assets encompass any entity composed of data. For example, databases containing data records serve as prime examples of data assets. They include diverse forms like output files, databases, documents, and web pages. Services enabling data access from applications are also considered data assets, such as retrieving a single record from a database.
Riding the Data Industry Storm: Exploring a New World of Emerging Concepts
Data capitalization has emerged as an unstoppable driving force, permeating numerous industries in a subtle yet profound manner. This pervasive influence has given rise to a plethora of novel concepts and regulations within the industry, fueling innovation and fostering iterative development.
IBM’s hierarchical database model, resembling a tree structure, introduced parent-child relationships where each parent node can have multiple child nodes, while each child node is associated with only one parent node. Initially popularized in IBM’s Information Management System (IMS) and early databases, this model eventually gave way to the more flexible and scalable relational database model. Despite this transition, certain organizations still utilize hierarchical databases in specific areas like mainframe systems.
Previously, the primary revenue stream for NVIDIA, a globally recognized fabless semiconductor company, stemmed from graphics cards, specifically graphics processing, which accounted for a substantial 59% of their earnings. The remaining revenue originated from data center computing cards. However, as per the latest financial report, data center revenue has surpassed the 50% mark, becoming NVIDIA’s foremost source of income. This shift highlights the growing trend among companies to augment their investments in data management. A well-organized and easily comprehensible database, categorized in a clear and concise manner, often cultivates enhanced productivity and greater job satisfaction among employees within organizations.
Data Hierarchy is gaining recognition as a hierarchical structure for organizing and managing data. It resembles a nesting doll, with smaller elements nested within larger ones. This approach enables effective organization, management, and retrieval of data, facilitating efficient analysis and decision-making processes.
Decoding the Data Hierarchy: Understanding Its True Essence
Indeed, the Data Hierarchy can be described as a hierarchical structure for organizing and managing data, encompassing unified identification, classification, and management mechanisms. It is constructed upon a robust data infrastructure and establishes seamless connections between data elements at various levels through a unified identification service system, hierarchical classification system, and other management systems. This integration results in a well-structured and manageable data collection that is characterized by clarity, orderliness, and efficiency.
Within the Data Hierarchy, the highest level includes summary data elements representing broad concepts or categories, such as industry, field, theme, etc. As you go down the hierarchy, the data elements become more specific and detailed, representing individual events, objects, attributes. Each element is linked to its parent element, creating a hierarchical structure for efficient organization, navigation, and retrieval of information at various levels of granularity.
Let’s explore the advantages of Data Hierarchy in more detail:
- Data classification and organization: The hierarchical structure of the Data Hierarchy enables the classification and organization of data elements, resulting in a more orderly and manageable data set. This makes it easier to locate specific information and understand the relationships between different data elements.
- Data association and analysis: The parent-child relationship within the Data Hierarchy allows for a deeper understanding and analysis of the correlations and impact among different levels of data elements. This facilitates more comprehensive data analysis, leading to valuable insights and informed decision-making.
- Data standardization and consistency: Through the implementation of a unified identification service system, certification management system, and authorization management system, Data Hierarchy ensures the accuracy, uniqueness, and consistency of data elements. This fosters data standardization and reduces data redundancy or inconsistency issues.
- Data visualization and presentation: The hierarchical structure of the Data Hierarchy lends itself well to data visualization techniques. By visually displaying data elements at different levels, the hierarchical structure and interrelationships of the data can be effectively conveyed, aiding in better comprehension and communication.
- Data security and permission control: Implementing permissions at different levels within the Data Hierarchy ensures data security. Specific access controls can be set for personnel based on their roles and responsibilities. This ensures that sensitive data is protected, and only authorized individuals can access and manipulate data at specific levels.
In summary, Data Hierarchy is a hierarchical data organization structure that enables effective management and utilization of data through unified identification, classification, and related management systems. It offers a clear, organized, and manageable approach to processing and analyzing complex data collections.
Several companies in the data worker industry have introduced platform products based on the concept of the Data Hierarchy. The survey results indicate that the Data Hierarchy platform holds promising application prospects across various industries. By integrating data integration, data incubation, and data rights confirmation, the platform facilitates the process of data assetization. It simplifies work processes and creates a more convenient, efficient, and streamlined working environment for individuals.
As the Data Hierarchy platform continues to develop and find applications, enterprises can anticipate its adoption by companies across various sectors for data management and decision-making processes. This holistic solution enables organizations to harness their data resources more effectively, offering comprehensive data support and insights that drive business innovation and development.
With technology continuously advancing and the value of data gaining prominence, the Data Hierarchy platform is poised to become a crucial tool for data management and assetization in the future. It empowers enterprises by providing them with the means to leverage their data assets and fuels the vibrant growth of the digital economy.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Emerald Journal journalist was involved in the writing and production of this article.