Figuring out how to use categorical data will help companies solve complex problems that have long evaded them. The simple answer is that using categorical data with today’s tools is complex, and most data scientists aren’t trained to use it. Why would enterprises ignore an entire class of data? Especially when it is essential to high-priority use cases like personalization, customer 360, fraud detection and prevention, network performance monitoring, and supply chain management?
And yet, surprisingly, as much as 73% of the data that enterprises collect is never used, including a vast majority of what is termed “categorical data.” According to a 2020 Microstrategy survey, 94% of enterprises report data and data analytics are crucial to their growth strategy.
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