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Big Data Technology

Big Data technology involves harnessing large and complex datasets from a variety of sources. It utilizes real-time analytics processing rather than traditional online transaction or analytical processing. Additionally, the model of data generation and consumption has changed such that all individuals and companies now both generate and consume large amounts of data. Advanced analytics techniques like machine learning and predictive modeling are used to gain insights from big data. These insights can be descriptive, predictive, or optimize processes through simulation. Operational analytics focuses on using data to improve existing business operations in areas like profits, decision making, customer satisfaction and more. Finally, data monetization turns data assets into revenue by identifying new opportunities, improving marketing, retaining customers, and more.

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127 views10 pages

Big Data Technology

Big Data technology involves harnessing large and complex datasets from a variety of sources. It utilizes real-time analytics processing rather than traditional online transaction or analytical processing. Additionally, the model of data generation and consumption has changed such that all individuals and companies now both generate and consume large amounts of data. Advanced analytics techniques like machine learning and predictive modeling are used to gain insights from big data. These insights can be descriptive, predictive, or optimize processes through simulation. Operational analytics focuses on using data to improve existing business operations in areas like profits, decision making, customer satisfaction and more. Finally, data monetization turns data assets into revenue by identifying new opportunities, improving marketing, retaining customers, and more.

Uploaded by

sharath_rakki
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Big Data Technology

1
Harnessing Big Data

• OLTP: Online Transaction Processing (DBMSs)


• OLAP: Online Analytical Processing (Data Warehousing)
• RTAP: Real-Time Analytics Processing (Big Data Architecture & technology)

2
The Model Has Changed…
• The Model of Generating/Consuming Data has Changed

Old Model: Few companies are generating data, all others are consuming data

New Model: all of us are generating data, and all of us are consuming data

3
Advanced Analytics

• Advanced analytics refers to a broad range of analytics


that are intended to give businesses greater insight into
their data than they could ordinarily. Some of these
techniques include machine learning, data mining,
predictive analytics, location analytics, big data analytics
and location intelligence. A number of companies offer
software packages that perform advanced analytics.
• Applications of advanced analytics include healthcare,
marketing and risk management.
The advanced analytics techniques can be categorized into three functions:
• Descriptive Analysis
Descriptive analysis aims to understand an underlying phenomenon or
process. The analysis will answer questions like, “What are the typical
characteristics of customers who tend to churn?”, or, “Which products do
consumers usually purchase together?”
• Predictive Analysis
Predictive analysis studies the hidden relationships between factors and
outcomes and then forecasts or estimates an unknown value. For example, a
predictive model will allow us to predict which customers are going to churn,
or estimate how much revenue will be lost if temperatures drop 10 degrees.
• Simulation and Optimization
Simulation imitates the operation and characteristics of a process and
summarizes the outcome. Optimization prioritizes the decision options
based on a key performance index. For example, if we want to design a
drive-through route for a restaurant, we can simulate the traffic and ordering
process, compare the simulation outputs for several options, optimize the
design and select the best choice.
Operational analytics
• Operational analytics is a more specific term
for a type of business analytics which focuses
on improving existing operations. This type of
business analytics, like others, involves the use
of various data mining and data aggregation
tools to get more transparent information for
business planning.
• For example, businesses may be looking each
day at how many customers look at or buy a
particular product in an e-commerce store.
Operational analytics tools may graph or chart
these customer events in a visual way to allow
human decision-makers to see what’s really
going on.
Benefits of Operational Analytics
1.Increased profits
2. Better decision making
3. Competitive advantage
4. Customer satisfaction
5. Streamlining data
6. Holistic operations
7. Better employee engagement
Monetizing Analytics
• Data monetization in its simplest form is turning data into
money.
• Today, mega-companies such as Facebook and Google
derive a large portion of their revenue from the effective
utilization of data. They have mastered the art of data
monetization -- turning data assets into cold, hard cash.
These companies offer a free, public service that allows
them to harvest massive amounts of data about their
users. They then provide this data -- for a fee -- to
advertisers that want to create a personalized marketing
experience.
Here are several potential opportunities for data monetization:
• Identifying new revenue opportunities (products, markets, or
customer segments)
• Improving marketing impact through personalization
• Identifying and proactively responding to customer satisfaction
levels
• Minimizing customer churn and extending customer retention
• Optimizing the supply chain through data sharing with partners
• Diagnosing revenue leaks and instituting corrective measures
• Detecting and preventing fraud and piracy

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