Data, by itself, is nothing.
The thing that makes data valuable is what can be learned when it is studied, processed, and turned into insights that compel actions. The digital age has given us technologies that allow for the capture, storage, and analysis of any kind of data available and companies are taking advantage of it.
The data analytics market is projected to grow to over US$ 77 billion in 2023 (from US$ 12 billion in 2016), and over the last few years, more and more companies are engaging with solutions providers in a bid to make sense of their data.
But data analytics bring with it some challenges and, while for most companies, the benefits of using a good data analytics solution may more than make up for it, not everyone can say the same. Startups and SMEs, in particular, may not have enough resources to actually bring them to the point where they are reaping the benefits.
Off-the-shelf solutions may come packed with all the bells and whistles a large enterprise can ever think about needing, but they also come with a price that small companies cannot afford, and an expansive list of features that they don’t need.
Enter DATAVLT, a dynamic analytical engine that is built with blockchain technology integrated into its entire process.
Focus on the insights, not the infrastructure
DATAVLT leads the focus back to insights taken from data. The way the platform is designed allows smaller companies access to filters and plug-ins that would deliver them with the most useful information that would help them grow their business.
There will be no need for building their own infrastructure or hiring people to build and manage said infrastructure.
“In other words what you’ll be looking at is insights and information that is relatively useful or helps provide a different perspective into how to grow your business better,” said Michelle Yeo, DATAVLT co-founder. “We have removed the pain point of building and hiring.”
DATAVLT also answers the question of whether or not companies really know what to do with all their data or whether they even know what kind of data they want to look at by making it easy for beginners in a lot of ways.
Part of the process that companies will go through when using DATAVLT is a discussion on the current state of their data analytics – have they started looking at their data? Is their data telling them anything? Are there any correlations between the data they have and other general factors related to their industry?
Working together with the companies, DATAVLT customises the infrastructure, leaving the companies to focus on the actual insights generated from the platform.
How blockchain factors in
Blockchain is a relatively new technology and a lot of people don’t really understand it, more so traditional SMEs that are only just now moving into digitalisation.
In the case of DATAVLT, blockchain technology gives the platform a lot of potential for more secure and more efficient data collection, storage, and analytics.
Security is the main thing – not just of the data, but the action surrounding it. Blockchain tracks information on the whole process.
For businesses, this means having the ability track data and create reports regardless of when the data is captured, resulting in the avoidance of human errors that usually come when generating reports from old data.
This is especially helpful in the long-term; should companies need a month-based or year-based tranche work of data analytics, blockchain technology ensures that the data is untampered and error-free.
“It is not an exact framework; it’s a dynamic engine,” Yeo said about DATAVLT. “What we do is we grow and we build. So we build more and more plug ins, more and more filters, whatever it is that requires for a successful analytical process.”
The Pilot Partners Programme (PPP)
Currently, DATAVLT is running the Pilot Partners Programme, wherein they work with companies to solve their data-related problems.
The aim of the programme is to work with different companies to create a system and processes that would help them analyse their data, making sure the whole thing is piped through their team and their partners successfully, which would be on a trial run. The programme is category agnostic, which means that DATAVLT welcomes all kinds of companies from all industries to join.
DATAVLT is committed to putting in the resources for the Pilot Partners Programme and companies who join the PPP would only need to pay the subscription when it starts rolling out commercially.
We’re at the beginning of an era or the growth of a slightly adapted or hybrid industry, said Yeo. “[Blockchain] can change the way – not reinvent the world – but change the way we live and also perhaps make us live better lives as well in terms of businesses, processes.”
Interested companies can get in touch with DATAVLT here
Disclosure: This article is produced by e27 content marketing team, sponsored by DATAVLT
Featured image credit : Nattapol Sritongcom