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Big Data

Big Data: A culmination of BI and Predictive analysis Big Data has been successful in putting a new life force into business intelligence as it hands on the power of prediction to the everyday decision makers. As more and more data streams are introduced and integrated into existing business systems, the single view of the customer may finally come into focus.

• By Naveen Joshi • 9:30 am

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Big Data has come into the grand picture and is turning heads everywhere. It has revolutionized the way people leverage data by using a potent combination of Business Intelligence and predictive analytics.

Making analytics possible for regular people

Predictive analysis was usually associated with people who were qualified enough to understand the underlying technology and had the mathematical skills, such as statisticians and data scientists. Big Data is now putting this into the hands of line-level managers, who will be able to use non-transactional data in order to make strategic and long-term decisions. By this process, Big Data will be able to increase the value of Business Intelligence and make it more useful for a business.

Social media data

It is a well-established fact now that social media carries great value in terms of generating data. There are hundreds of people using many types of social media platforms. The data that they generate can be filtered and used by businesses in order to gain their preferences and needs. This can be accomplished by combining open source technologies, Moore’s law, sales information, product information, the cloud and ability to capture and store massive volumes of data which is non-transactional.

Faster speed of analysis

One of the greatest advantages of this type of analytics is that the amount taken to analyze data is reduced to a great extent. It used to take data scientists and statisticians months to build a model to analyze this much data so that the more forward looking questions about supply chain or production schedules could be answered. But now, this speed has increased to a great extent as Big Data is being used to automate machine-learning, generating about 20,000 data models for every product line, in every market, allowing the users to look up to 18 months forward.

Although all this looks very promising, we have still not been able to leverage Big Data to its full ability. Even a powerful tool such as Hadoop is considered to be primitive when tackling the massive data sets. It will be interesting to see what this revolution churns out next.

Sources

  1. How Big Data brings BI, predictive analysis together,

Allen Bernard,

http://www.cio.com/article/2392075/big-data/how-big-data-brings-bi–predictive-analytics-together.html

  1. Big Data is scaling BI and analytics,

Shawn Rogers,

http://www.information-management.com/issues/21_5/big-data-is-scaling-bi-and-analytics-10021093-1.htmlBig Data

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