The age of data science lab is here. Sensors, cameras, security monitoring systems, software, hardware, the Internet, and even humans themselves all have one thing in common: data. Countless bits & bytes of binary information that represent the beating heart of our modern technological world. As technology has increased, so has our interest in tracking its progress and trying to learn what it all means. Enter Big Data: a holistic term that aims to encapsulate the sheer massiveness of this concept of “information.” As data storage capabilities have grown, the world of IT has made a significant effort to collect data… although, up until recently, most people and organisations really didn’t know what to do with it. We’re collecting the Big Data - now what?
As the 21st century starts to pick up its pace, we are discovering an arena dedicated to making sense of Big Data: the data lab. In short, a data lab is an effort to answer business needs by making sense of raw information. A deeper look, however, reveals a much more nuanced purpose. Data labs, which are basically the equivalent of data research and development departments launched internally by organisations, are intended to help businesses develop solutions from their raw data. Business units can use their data lab as a sandbox to explore possibilities that, due to cost restrictions, they would ordinarily never be able to pursue. Terabyte upon terabyte of raw data can be cleansed, formatted, and modeled to reveal business opportunities in new markets… often in ways that were never before imagined.