Today, it's impossible to browse a technology news site or attend a business conference without people talking about Big Data as the next disruptive technology in the business world. In this document, we will learn about Big Data, its applications, advantages and negative implications and if Big Data is actually disruptive.
Every day, the world generates enormous amounts of data and the quantity of data it generates is growing exponentially. The exponential growth and availability of data, both unstructured and structured data is called Big Data. Big data is generated from an increasing plurality of sources, including Internet clicks, mobile transactions, user-generated content, and social media as well as purposefully generated content through
…show more content…
A central big data platform will help organization focus on what it needs. For examples some companies are focused on strengthening their customer relationships; others are focused on managing business and systemic risk, while some focused on improving operational efficiency. i.e. A centralized big data platform will be able to offer solutions to units, which have different needs, in an organization. integrating a variety of sources of data, including unstructured data, such as legal documentation, trusts, stock filings, corporate actions. Traditionally, they haven't been able to marry that type of information with structured data, and that's one of the big areas where organizations perceive that big data can help them. We believe that big data enables big questions. e.g. Take corporate actions. These are important to every financial services firm and apply to activities like mergers and acquisitions, financial reporting and any type of activity that's produced in terms of an announcement. Markets tend to react to the information that's in these corporate actions. So organizations are trying to correlate corporate actions to actions that take place in the market. In order to do that, they need to take this narrative content and transform it in a way that they can analyze. If they can do that effectively, they will be able to discern patterns that will help them make quantitative decisions based on, essentially, qualitative information. data can create significant value for the world economy, enhancing the productivity and competitiveness of companies and the public sector, and creating substantial economic surplus for consumers. Improve quality of patient diagnostics, enable retailers to provide unique customer experience, helps banks detect fraudulency before things go out of hand, reduce warranty
The statistical surveying and information gives a knowledge to Tesco of what they client's needs and needs are. However the test that Tesco countenances is that it requires a considerable measure of time for an organization like Tesco to break down this information and believer it into insights. The benefit of this is Tesco procured another organization to dissect their information for them and they comprehended that it would be a great deal of work for them. However the weakness of this is this would be exceptionally costly for Tesco to get another organization to examine their information for
In the article, “What You’ll Do Next”, written by David Brooks. The writer talks about how data is collected and the different ways it is used now in the world. He also starts to talk about his main purpose of this article and tells us that people now are using data collected to predict human behavior. Brooks believes that although data is useful, it’s not useful for human behavior. That he also believes people shouldn’t let data tell them what personal decisions to make.
Next in Comcast's relative ranking of the pillars of being an analytical competitor is measuring the executive support of analytics. At present, there is no shortage of this within Comcast and will only grow as time goes on. A growing mantra of leadership at the company is to support your decisions with data and to only sell new ideas if they have the data to back them up. Often this translates to business intelligence teams working directly with senior management to prove or disprove hypothesis on processes or behaviors that lead to strategic decisions within the company. Upon seeing this benefit of having analytically driven decisions, the executive support to 'push down' the functionality of an analytics platform is often a key performance
The information revolution is sweeping through our economy. No company can escape its effects. Dramatic reductions in the cost of obtaining, processing, and transmitting information are changing the way we do business. “To get ahead in today’s business world, a company must utilize the right resources. One of the most effective, of course, is information technology (IT), which has become an essential tool for businesses across many industries” (2013).
But in the future it’ll helps the company in taking decisions. The good thing about analytics companies that they always tries to improve themselves and increase their customer base. Netflix is the best example for it. It openly announced that if any people (other than the ones working in Netflix Inc) who can write the algorithm to increase the company recommendation engine can get a prize money of $1 million. Their main intention is to provide improved service to customers and avoid competitors to enter in the market.
Similar to the use of ethos, statistics can also be utilized to add to the credibility of the writer and writing. In the article, statistics are used to give specific evidence supporting claims made by Summers. For instance, Summers makes his claim that plastic bags are in fact better for the environment and he uses evidence to back up his opinion. He says, “Compared to paper bags, plastic grocery bags produce fewer greenhouse gas emissions, require 70 percent less energy to make, generate 80 percent less waste, and utilize less than 4 percent of the amount of water needed to manufacture them.” The statistics used support Summers and illustrate the differences between plastic and paper bags.
Even though organizations hold huge amount of data, they cannot use them effectively as they are unstructured. However new technologies are now available which enable analysis of large, complex, unstructured data. The accessibility of technology has become easy; as a result, there is massive increase in data amounts available with the entrepreneurs. The data usage depends on the ability the way it is stored, managed and then analyzing it adequately. Big data is an upcoming and emerging trend in the field of Information technology.
INFORMATION Social media has to be one of the greatest developments of human history. It has connected humanity like never before. It has changed the way that people do business, with companies providing their own social media accounts to interact in real time with customers. We can quickly see what’s going on in our communities and around the world.
The firm procures raw materials and components across the world and continually examines its production requirement against its manufacturing capacities to pursue cost reduction. Capabilities Thanks to the cloud, Revlon has been able to resolve the difficulties of big-data management efficiently by classifying all the unstructured data in the company (Swan,
Throughout the past ten years, social media has increasingly become a phenomenon all over the world. In the United States alone, 81% of the population owns some sort of social media account (“Percentage of U.S. population”). With this increasing number, social media has reached an extremely large audience in which resulted in a melting pot of diverse discussions on daily topics. Due to this enormous audience, one must be quite cautious about what they share online. These platforms have become a useful tool that may result in real-life consequences if used in an inefficient way.
Tasting Success Article Page 95 Discussion Questions Question 1 Which decisions in this story could be considered unstructured problems? And structured problems? Structured problem Can be defined as a straightforward, familiar and easily defined issue, and it is easily solved by the eight step-by-step process Identify a Problem, Identify Decision Criteria, Allocate Weights to the Criteria, Develop Alternatives, Analyze Alternatives, Select an Alternative, Implement the Alternative and Evaluating Decision Effectiveness. The issue as described in the article is the orange juice production and it is considered as a structured problem, and the way it is produced, its mechanism is responsible for the production as it is based on Coca-Cola’s mixture
Big Data There are many different definitions for Big Data. SAS (n.d.) an analytical software company describes it as, “a popular term used to describe the exponential growth and availability of data, both structured and unstructured.” Many think Big Data just came into existence but it has been around for years. Banks, retail, advertisers have been using big data for marketing purposes.
Storing and using the large data is not an issue, but getting the appropriate information from that data is quite a difficult job to do. The analysis of that collected data is made possible by many data mining techniques. In data mining we find the relation and patterns between the sets of items of larger relational databases which can help in predicting and improving the performance of the system. The relations between the data in data mining are found by a well-known approach, that is, association rule mining. Many association rules are found that relates the dependency of data on each other.
Social Media Analytics and features It is the process of applying data (both structures as well as unstructured) from social media sites such as twitter, facebook, Google+ and other such sites for better understanding of customer attitude and behavior. It also serve as an effective tool for business and market research and ultimately for business decision making. The large availability of user-generated data and the links between users leads to the dispersion of useful information, opinions and sentiment as well as emergent issues and trends (Leskovec 2011; Agrawal et al. 2011; Nagarajan et al. 2011) and is referred to as ‘Social Media Analytics’.
Relational Database Management System: This type of database management system that stores the data in the form of related tables. It is a social database administrator which deals with some typical kind of queries and uses SQL for the development of the database. This type of database is a very powerful database as it deals with the relations which makes the data manipulations easier other than any other database. It has the features of data entry, data deletion, and creating of new entry and records etc. the database provides the ease of accessing and maintaining data easily.