The amount of data we produce continues to grow exponentially. Those who can analyse this information in a more efficient manner will have a significant advantage over their competition. This course looks at the history of data production and its applications in preventing fraud.
Link: Data Explosion
PRICE: Free (£39 for Certificate and unlimited access)
Duration: 6 hours (2 hours a week)
In order to better understand what this data is telling us requires increasingly more sophisticated methods of analysis. After giving an overview of the so called data explosion the course then shows the interpretation methods companies currently employ to protect themselves against fraud. Fraud is a huge issue especially for smaller private companies without the controls in place to detect it. This short course provides plenty of insights and the presentation style is excellent.
If the trends highlighted in this course continue then in the future data management is going to be of increasing importance in providing feedback for your business. As you gather more data about your customers behaviour and preferences you can improve your products to suit their needs. This course is definitely of use even for those who have little interest in fraud prevention. This comes back to a recently discussed topic on the site known as domain dependence. The tools and approaches discussed in this course have implications far beyond just fraud prevention. The ability to interpret data and spot patterns is a key skill in finding business opportunities or improving your existing service to better meet your customers needs.
The course itself is separated into manageable bite size chunks with a mixture of videos and articles to suit a variety of learning styles. There is also a good dialogue with other students on the course with plenty of forums for sharing opinions. Everything is easy to follow and the concepts are articulated well although it provides little more than an introduction to the subject. Last week of material digresses somewhat by covering presentation skills when I would have liked more on the main subject.
Although the course is free unless you decide to pay extra for unlimited access it still feels a bit light on material. While interesting it offers only a surface level insight into big data and how it can be used to prevent fraud. On the whole I would describe it as a useful introduction for those considering a career in fraud prevention or alternatively to find out what has caused the explosion in data production.
Avoid the Noise Key Takeaways
- Less than 1% of data we produce has been analysed. Any budding entrepreneur should be able to see potential in this figure. There are a multitude of opportunities hidden in this statistic.
- Fraud is most prevalent in small private companies that lack the internal controls of larger corporations. So exactly the type of companies our readers are most likely to start.