Many people are still confusing what is big data…
Everywhere users are creating data and using data in many ways… The subject is so vast now and there are many excellent video lessons available to understand it.
Why data is so important…
Now a days we are using many computing devices. And, the channels for communication also increased…
Like Mobiles, Laptops, Desktops, Tablets, Mobile to machine communication etc…
Great to learn up to here…
What is big data…this is not only volume
Big data: Data from Web behaviour, mobile phone usage patterns, in-store shopping activity, public surveillance videos, GPS tracking data, automotive driving patterns, physical fitness data, social media data, satellite imagery, video streams, or car telematic data, and the list goes on and on.
Little Data: Little data is our term for anything not considered big data.
Why people showing more interest in big data…
The predominant database storage models of today will not be the only data storage models of the future. The relational databases of the past will work alongside less formally structured database schemas, such as NoSQL, that do not require structured and logical data but lend themselves well to the fast retrieval and analysis of multiple data types.
These analytical warehouses will be much more flexible and dynamic, lending themselves to adhoc analyses and to bringing multiple disparate data sources together in order to address critical business questions.
Business analytics is rapidly evolving and often indicates different things to different people, we think it is important to outline what we mean by “business analytics”.
Then what is Business analytics…
Business analytics-is most useful when it is predictive and provides a lens into the future regarding likely business outcomes.The field of business analytics is evolving. It’s becoming less about data silos and more about the integration of different data assets across the company.There is a skills shortage for knowledgeable data professionals. It’s expected to get worse, not better.
Business Analytics is based on BASP frame work. See the simple sketch explains data analytics.
Why we need Analytics?
- Increase market share (customer acquisition).
- Increase customer intimacy.
- Increase customer satisfaction and retention.
- Increase customer wallet share growth.
- Increase customer profitability.
- Increase traffic and conversion.
- Increase employee productivity and performance.
- Reduce cost.
- Manage and anticipate competitors and gear up for new competition.
- Increase customer loyalty.