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The Big Data Driven Future of Fashion: How Data Influences Fashion

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The Big Data Driven Future of Fashion: How Data Influences Fashion

Big Data is revolutionizing every industry, including fashion. The nuanced notion of big data is altering the ways designers create and market their clothing. It’s not only aiding designers in understanding customer preferences but also helps them market their products well. Hadoop BI is one of the potent tools of technology that provides a wide pool of information for designers to design range of products that will sell.

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How Does the Mechanism Work?

Large sets of data help draw patterns and obviously trends play a crucial role across the fashion industry. In terms of nature, fashion and trends both are social. Irrespective of the nature of data, structured or unstructured, framing trends and patterns in the fashion industry leads to emerging ideas, strategies, shapes and styles, all of which ushers you into bright and blooming future of fashion.

What Colors To Choose For Your Line?

KYC (Know Your Customer) is the key here too. A fashion house must know which colors are doing rounds amongst the customers. Big data tells a lot about which color is being popular among the customers, and based on that, you can change your offerings subject to trend, style picks and customer preferences.

Men’s or Women’s Clothing: Which to Choose?

Deciding between men’s or women fashion is a pivotal point for any designer. Keep in mind, target demographic for each designer is different, and they should know who will be their prospective customers and who doesn’t run a chance.

Big data tool derive insights regarding when customers will make purchases, how large will be the quantity and how many items are they going to buy. Choosing between men’s and women’s fashion could make all the difference in the world.

Arm yourself with business analyst training courses in Gurgaon; it’s high time to be data-friendly.

Transforming Runway Fashion into Retail Merchandise

Launching a brand in the eyes of the public garners a lot of attention, and the designs need to be stellar. But, in reality the fashion that we often see on runways is rarely donned by the ordinary customers; because, the dresses and outfits that are showcased on the ramp are a bit OTT, thus altered before being placed in the stores. So, big data aids in deciphering which attires are going to be successful, and which will fail down the line. So, use the power of big data prudently and reap benefit, unimaginable across the global retail stores.

Deciding Pricing of the Product

As soon as the garbs leave the runway, they are tagged with prices, which are then posted inside the stores, after analyzing how much the customers are willing to pay for a particular product. For averaging, big data is a saving grace. Big data easily averages the prices, and decides a single mean price, which seems to be quite justifiable.

However, remember, while pricing, each garments are designed keeping in mind a specified customer range. Attires that are incredibly expensive are sold off to only a selected affluent user base, while the pricing of items that are designed for general public are pegged down. Based on previous years’ data, big data consultants can decide the pricing policy so that there’s something for all.

The world of fashion is changing, and so is the way of functioning. From the perspective of fashion house owner, collect as much data as possible of customers and expand your offerings. Big data analytics is here to help you operate your business and modify product lines that appeals to the customers in future.

And from the perspective of a student, to harness maximum benefits from data, enroll in a data analyst course in Gurgaon. Ask the consultants of DexLab Analytics for more deets.

 

The article has been sourced from –

channels.theinnovationenterprise.com/articles/8230-big-data-hits-the-runway-how-big-data-is-changing-the-fashion-industry

iamwire.com/2017/01/big-data-fashion-industry/147935

bbntimes.com/en/technology/big-data-is-stepping-into-the-fashion-world

 

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FAQs before Implementing a Data Lake

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FAQs before Implementing a Data Lake

Data Lake – is a term you must have encountered numerous times, while working with data. With a sudden growth in data, data lakes are seen as an attractive way of storing and analyzing vast amounts of raw data, instead of relying on traditional data warehouse method.

But, how effective is it in solving big data related problems? Or what exactly is the purpose of a data lake?

Let’s start with answering that question –

What exactly is a data lake?

To begin with, the term ‘Data Lake’ doesn’t stand for a particular service or any product, rather it’s an encompassing approach towards big data architecture that can be encapsulated as ‘store now, analyze later’. In simple language, data lakes are basically used to store unstructured or semi-structured data that is derived from high-volume, high-velocity sources in a sudden stream – in the form of IoT, web interactions or product logs in a single repository to fulfill multiple analytic functions and cases.

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What kind of data are you handling?

Data lakes are mostly used to store streaming data, which boasts of several characteristics mentioned below:

  • Semi-structured or unstructured
  • Quicker accumulation – a common workload for streaming data is tens of billions of records leading to hundreds of terabytes
  • Being generated continuously, even though in small bursts

However, if you are working with conventional, tabular information – like data available from financial, HR and CRM systems, we would suggest you to opt for typical data warehouses, and not data lakes.

What kind of tools and skills is your organization capable enough to provide?

Take a note, creating and maintaining a data lake is not similar to handling databases. Managing a data lake asks for so much more – it would typically need huge investment in engineering, especially for hiring big data engineers, who are in high-demand and very less in numbers.

If you are an organization and lack the abovementioned resources, you should stick to a data warehouse solution until you are in a position of hiring recommended engineering talent or using data lake platforms, such as Upsolver – for streamlining the methods of creating and administering cloud data lake without devoting sprawling engineering resources for the cause.

What to do with the data?

The manner of data storage follows a specific structure that would be suitable for a certain use case, like operational reporting but the purpose for data structuring leads to higher costs and could also put a limit to your ability to restructure the same data for future uses.

This is why the tagline: store now, analyze later for data lakes sounds good. If you are yet to make your mind whether to launch a machine learning project or boost future BI analysis, a data lake would fit the bill. Or else, a data warehouse is always there as the next best alternative.

What’s your data management and governance strategy?

In terms of governance, both data warehouses and lakes pose numerous challenges – so, whichever solution you chose, make sure you know how to tackle the difficulties. In data warehousing, the potent challenge is to constantly maintain and manage all the data that comes through and adding them consistently using business logic and data model. On the other hand, data lakes are messy and difficult to maintain and manage.

Nevertheless, armed with the right data analyst certification you can decipher the right ways to hit the best out of a data lake. For more details on data analytics training courses in Gurgaon, explore DexLab Analytics.

 

The article has been sourced from — www.sisense.com/blog/5-questions-ask-implementing-data-lake

 

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5 Trends Shaping the Future of Data Analytics

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5 Trends Shaping the Future of Data Analytics

Data Analytics is popular. The future of data science and analytics is bright and happening. Terms like ‘artificial intelligence’ and ‘machine learning’ are taking the world by storm.

Annual demand for the fast-growing new roles of data scientist, data developers, and data engineers will reach nearly 700,000 openings by 2020, says Forbes, a leading business magazine.

 

Last year, at the DataHack Summit Kirk Borne, Principal Data Scientist and Executive Advisor at Booz Allen Hamilton shared some slivers of knowledge in the illuminating field of data science. He believes that the following trends will shape up the world of data analytics, and we can’t agree more.

Dive down to pore over a definitive list – thank us later!

Internet of Things (IoT)

Does IoT ring any bell? Yes, it does, because it’s nothing but evolved wireless networks. The market of this fascinating new breed of tech is expected to grow from $170.57 billion in 2017 to $561.04 billion by 2022 – reasons being advanced analytics and superior data processing techniques.

Artificial Intelligence

An improved version of AI is Augmented Intelligence – instead of replacing human intelligence, this new sophisticated AI program largely focuses on AI’s assistive characteristic, enhancing human intelligence. The word ‘Augmented’ stands for ‘to improve’ and together it reinforces the idea of amalgamating machine intelligence with human conscience to tackle challenges and form relationships.

Augmented Reality

Look forward to better performances and successful models? Data is the weapon of all battles. Augmented Reality is indeed a reality now. The recent launch of Apple ARkit is a pivotal development in bulk manufacturing of AR apps. The power of AR is now in the fingertips of all iPhone users, and the development of Google’s Tango is an added thrust.

Hyper Personalization

#KnowYourCustomer, it has become an indispensable part of today’s retail marketing; the better you know your customers, the higher are the chances of selling a product. Yes, you heard that right. And Google Home and Amazon Echo is boosting the ongoing operations.

Graph Analytics

Mapping relationships across wide volumes of well connected critical data is the essence of graph analytics. It’s an intricate set of analytics tools used for unlocking insightful questions and delivering more accurate results. A few use cases of graph analytics is as follows:

  • Optimizing airline and logistic routes
  • Extensive life science researches
  • Influencer analysis for social network communities
  • Crime detection, including money laundering

 
Advice: Be at the edge of data accumulation – because data is power, and data analytics is the power-device.

Calling all data enthusiasts… DexLab Analytics offers state of the art data analytics training in Gurgaon within affordable budget. Apply now and grab amazing discounts and offers on data analyst course.

 

The article has been sourced from – yourstory.com/2017/12/data-analytics-future-trends

 

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A Comprehensive Study on Analytics and Data Science India Jobs 2018

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A Comprehensive Study on Analytics and Data Science India Jobs 2018

India accounts for 1 in 10 data science job openings worldwide – with about 90,000 vacancies, India ranks as the second-biggest analytics hub, next to the US – according to a recent study compiled by two renowned skilling platforms. The latest figure shows a 76% jump from the last year.

With the advent of artificial intelligence and its overpowering influence, the demand for skill-sets in machine learning, data science and analytics is increasing rapidly. Job creation in other IT fields has hit a slow-mode in India, making it imperative for people to look towards re-skilling themselves with new emerging technologies… if they want to stay relevant in the industry. Some newer roles have also started mushrooming, with which we are not even acquainted now.

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Top trends in analytics jobs in 2018 as follows:

  • The total number of data science and analytics jobs nearly doubled from 2017 to 2018.
  • There’s been a sharp contrast in the percentage increase of analytics job inventory in the past years – from 2015 to 2016, the number of analytics jobs increased by 52%, which increased by only 40% from 2014 to 2015.
  • Currently, if we go by the reports, nearly 50000 analytics job positions are currently available to get filled by suitable candidates. Although the exact numbers are difficult to ascertain.
  • Amazon, Goldman Sachs, Citi, E&Y, Accenture, IBM, HCL, JPMorgan Chase, KPMG and Capgemini – are 10 top-tier organizations with the highest number of analytics opening in India.

City Figures

Bengaluru is the IT hub of India and accounts for the largest share of the data science and analytics jobs in India. Approximately, it accounted for 27% of jobs till the quarter of the last year.

Tier-II cities also witnessed a surging trend in such roles from 7% to 14% in between 2017 and 2018 – as startups started operating out of these locations.

Delhi/NCR ranks second contributing 22% analytics jobs in India, followed by Mumbai with 17%.

Industry Figures

Right from hospitality, manufacturing and finance to automobiles, job openings seem to be in every sector, and not just limited to hi-tech industries.

Banking and financial sector continued to be the biggest job drivers in analytics domain. Almost 41% of jobs were posted from the banking sector alone, though the share fell from last year’s 46%.

Ecommerce and media and entertainment followed the suit and contributed to analytics job inventory. Also, the energy and utilities seem to have an uptick in analytics jobs, contributing to almost 15% of all analytics jobs, 4% hike from the last year’s figure.

Education Requirement Figures

In terms of education, almost 42% of data analytics job requirements are looking for a B.Tech or B.E degree in candidates. 26% of them prefer a postgraduate degree, while only 10% seeks an MBA or PGDM.

In a nutshell, 80% of employers resort to hiring analytics professionals who have an engineering degree or a postgraduate degree.

As a result, Data analyst course has become widely popular. It’s an intensive, in-demand skill training that is intended for business, marketing and operations managers, data analyst and professionals and financial industry professionals. Find a reputable data analyst training institute in Gurgaon and start getting trained from the experts today.

 

The article has been sourced from:

https://qz.com/1297493/india-has-the-most-number-of-data-analytics-jobs-after-us

https://analyticsindiamag.com/analytics-and-data-science-india-jobs-study-2017-by-edvancer-aim

 

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An ABC of Apache Spark Streaming

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Estimator Procedure under Simple Random Sampling: EXPLAINED

Apache Spark has become one the most popular technologies. It is accompanied with a powerful streaming library, which has quite a few advantages over other technologies. The integration of Spark streaming APIs with Spark core APIs provides a dual purpose real-time and batch analytical platform. Spark Streaming can also be combined with SparkSQL, SparkML and GraphX when complex cases need to be handled. Famous organizations that prevalently use Spark Streaming are Netflix, Uber and Pinterest. Spark Streaming’s fame in the world of data analytics can be attributed to its fault tolerance, ability to process live streams, scalability and high throughput.

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Need for Streaming Analytics:

Companies generate enormous amounts of data on a daily basis. Transactions happening over the internet, social network platforms, IoT devices, etc. generate large volumes of data that need to be leveraged in real-time. And this process shall gain more important in future. Entrepreneurs consider real-time data analysis as a great opportunity to scale up their businesses.

Spark streaming intakes live data streams, Spark engine processes and divides it and the output is in the form of batches.

Architecture of Spark Streaming:

Spark streaming breaks the data stream into micro batches (known as discretize stream processing). First of all, the receivers accept data in parallel and hold it in worker nodes as buffer. Then the engine runs brief tasks and sends the result to other systems.

Spark tasks are allocated to workers dynamically, that depends on the resources available and the locality of data. The advantages of Spark Streaming are many, including better load balancing and speedy fault recovery. Resilient distributed dataset (RDD) is the basic concept behind fault tolerant datasets.

Useful features of Spark streaming:

Easy to use: Spark streaming supports Java, Scala and Python and uses the language integrated API of Apache Spark for stream processing. Stream jobs can be written in a similar manner in which batch jobs are written.

Spark Integration: Since Spark streaming runs on Spark, it can be utilized for addressing unplanned queries and reusing similar codes. Robust interactive applications can also be designed.

Fault tolerance: Work that has been lost can be recovered without additional coding from the developer.

Benefits of discretized stream processing:

Load balancing: In Spark streaming, the job load is balanced across workers. While, some workers handle more time-consuming tasks, others process tasks that take less time. This is an improvement from traditional approaches where one task is processed at a time. This is because if the task is time-taking then it behaves like a bottle neck and delays the whole pipeline.

Fast recovery: In many cases of node failures, the failed operators need to be restarted on different nodes. Recomputing lost information involves rerunning a portion of the data stream. So, the pipeline gets halted until the new node catches up after the rerun. But in Spark, things work differently. Failed tasks can be restarted in parallel and the recomputations are distributed across different nodes evenly. Hence, recovery is much faster.

Spark streaming use cases:

Uber: Uber collects gigantic amounts of unstructured data from mobile users on a daily basis. This is converted to structured data and sent for real time telemetry analysis. This data is analyzed in an ETL pipeline build using Spark streaming, Kafka and HDFS.

Pinterest: To understand how Pinterest users are engaging with pins globally, it uses an ETL data pipeline to provide information to Spark through Spark streaming. Hence, Pinterest aces the game of showing related pins to people and providing relevant recommendations.

Netflix: Netflix relies on Spark streaming and Kafka to provide real-time movie recommendations to users.

Apache foundation has been inaugurating new techs, such as Spark and Hadoop. For performing real-time analytics, Spark streaming is undoubtedly one of the best options.

As businesses are swiftly embracing Apache Spark with all its perks, you as a professional might be wondering how to gain proficiency in this promising tech. DexLab Analytics, one of the leading Apache Spark training institutes in Gurgaon, offers expert guidance that is sure to make you industry-ready. To know more about Apache Spark certification courses, visit Dexlab’s website.

This article has been sources from: https://intellipaat.com/blog/a-guide-to-apache-spark-streaming-tutorial

 

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An ABC Guide to Sampling Theory

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An ABC Guide to Sampling Theory

Sampling theory is a study involving collection, analysis and interpretation of data accumulated from random samples of a population. It’s a separate branch of statistics that observes the relationship existing between a population and samples drawn from the population.

In simple terms, sampling means the procedure of drawing a sample out of a population. It aids us to draw a conclusion about the characteristics of the population after carefully studying only the objects present in the sample.

Here we’ve whisked out a few sampling-related terms and their definitions that would help you understand the nuanced notion of sampling better. Let’s have a look:

Sample – It’s the finite representative subset of a population. It’s chosen from a population with an aim to scrutiny its properties and principles.

Population – When a statistical investigation focuses on the study of numerous characteristics involving items on individuals associated with a particular group, this group under study is known as the population or the universe. A group containing a finite number of objects is known as finite population, while a group with infinite or large number of objects is called infinite population.

Population parameter – It’s an obscure numerical factor of the population. It’s no brainer that the primary objective of a survey is to find the values of different measures of population distribution; and the parameters are nothing but a functional variant inclusive of all population units.

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Estimator – Calculated based on sample values, an estimator is a functional measure.

Sampling fluctuation of an estimator – When you draw a particular sample from a given population, it contains different set of population members. As a result, the value of the estimator varies from one sample to another. This difference in values of the estimator is known as the sampling fluctuations of an estimator.

Next, we would like to discuss about the types of sampling:

There are mainly two types of random sampling, and they are as follows:

Simple Random Sampling with Replacement

In the first case, the ‘n’ units of the sample are drawn from the population in such a way that at each drawing, each of the ‘n’ numbers of the population gets the same probability 1⁄N of being selected. Hence, this methods is called the simple random sampling with replacement, clearly, the same unit of population may occur more than once inj a simple. Hence, there are N^n samples, regard being to the orders in which ‘n’ sample unit occur and each such sample has the probability 1/N^n .

Simple Random Sampling Without Replacement

In the second case each of the ‘n’ members of the sample are drawn one by one but the members once drawn are not returned back to the population and at each stage remaining amount of the population is given the same probability of being includes in the sample. This method of drawing the sample is called SRSWOR therefore under SRSWOR at any r^th number of draw there remains (N-r+1) units. And each unit has the probability of 1/((N-r+1) ) of being drawn.

Remember, if we take ‘n’ individuals at once from a given population giving equal probability to each of the observations, then the total number of possible example in (_n^N)C i.e.., combination of ‘n’ members out of ‘N’ numbers of the population will from the total no. of possible sample in SRSWOR.

The world of statistics is huge and intensively challenging. And so is sampling theory.

But, fret now. Our data science courses in Noida will help you understand the nuances of this branch of statistics. For more, visit our official site.  

P.S: This is our first blog of the series ‘sampling theory’. The rest will follow soon. Stay tuned.

 

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Microsoft Introduces FPGA Technology atop Google Chips through Project Brainwave

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Microsoft Introduces FPGA Technology atop Google Chips through Project Brainwave

A Change Is In the Make – due to increasing competition among tech companies working on AI, several software makers are inventing their own new hardware. A few Google servers also include chips designed for machine learning, known as TPUs exclusively developed in-house to ensure higher power and better efficiency. Google rents them out to its cloud-computing consumers. Of late, Facebook too shared its interest in designing similar chips for its own data centers.

However, a big player in AI world, Microsoft is skeptical if the money spent is for good – it says the technology of machine learning is transforming so rapidly that it makes little sense to spend millions of dollars into developing silicon chips, which could soon become obsolete. Instead, Microsoft professionals are pitching for the idea of implementing AI-inspired projects, named FPGAs, which can be re-modified or reprogrammed to support latest forms of software developments in the technology domain.  The company is buying FPGAs from chip mogul, Intel, and already a few companies have started buying this very idea of Microsoft.

This week, Microsoft is back in action with the launch of a new cloud service for image-recognition projects, known as Project Brainwave. Powered by the very FPGA technology, it’s one of the first applications that Nestle health division is set to use to analyze the acuteness of acne, from images submitted by the patients. The specialty of Project Brainwave is the manner in which the images are processed – the process is quick as well as very low in cost than other graphic chip technologies used today.

It’s been said, customers using Project Brainwave are able to process a million images in just 1.8 milliseconds using a normal image recognition model for a mere 21 cents. Yes! You heard it right. Even the company claims that it performs better than it’s tailing rivals in cloud service, but unless the outsiders get a chance to test the new technology head-to-head against the other options, nothing concrete can be said about Microsoft’s technology. The biggest competitors of Microsoft in cloud-service platform include Google’s TPUs and graphic chips from Nvidia.

Let’s Take Your Data Dreams to the Next Level

At this stage, it’s also unclear how widely Brainwave is applicable in reality – FPGAs are yet to be used in cloud computing on a wide scale, hence most companies lack the expertise to program them. On the other hand, Nvidia is not sitting quietly while its contemporaries are break opening newer ideas in machine learning domain. The recent upgrades from the company lead us to a whole new world of specialized AI chips that would be more powerful than former graphic chips.

Latest reports also confirm that Google’s TPUs exhibited similar robust performance similar to Nvidia’s cutting edge chips for image recognition task, backed by cost benefits. The software running on TPUs is both faster and cheaper as compared to Nvidia chips.

In conclusion, companies are deploying machine learning technology in all areas of life, and the competition to invent better AI algorithms is likely to intensify manifold. In the coming days, several notable companies, big or small are expected to follow the footsteps of Microsoft.

For more machine learning related stories and feeds, follow DexLab Analytics. It is the best data analytics training institute in Gurgaon offering state of the art machine learning using python courses.

The article has been sourced from – https://www.wired.com/story/microsoft-charts-its-own-path-on-artificial-intelligence

 

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10 Key Areas to Focus When Settling For an Alternative Data Vendor

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10 Key Areas to Focus When Settling For an Alternative Data Vendor

Unstructured data is the new talk of the town! More than 80% of the world’s data is in this form, and big wigs of financial world need to confront the challenges of administering such volumes of unstructured data through in-house data consultants.

FYI, deriving insights from unstructured data is an extremely tiresome and expensive process. Most buy-sides don’t have access to these types of data, hence big data vendors are the only resort. They are the ones who transform unstructured content into tradable market data.

Here, we’ve narrowed down 10 key areas to focus while seeking an alternative data vendor.

Structured data

Banks and hedge funds should seek alternative data vendors that can efficiently process unstructured data into 100% machine readable structured format – irrespective of data form.

Derive a fuller history

Most of the alternative data providers are new kid in the block, thus have no formidable base of storing data. This makes accurate back-testing difficult.

Data debacles

The science of alternative data is punctured with a lot of loopholes. Sometimes, the vendor fails to store data at the time of generation – and that becomes an issue. Transparency is very crucial to deal with data integrity issues so as to nudge consumers to come at informed conclusions about which part of data to use and not to use.

Context is crucial

While you look at unstructured content, like text, the NLP or natural language processing engine must be used to decode financial terminologies. As a result, vendors should create their own dictionary for industry related definitions.

Version control

Each day, technology gets better or the production processes change; hence vendors must practice version control on their processes. Otherwise, future results will be surely different from back-testing performance.

Let’s Take Your Data Dreams to the Next Level

Point-in-time sensitivity

This generally means that your analysis includes data that is downright relevant and available at particular periods of time. In other cases, there exists a higher chance for advance bias being added in your results.

Relate data to tradable securities

Most of the alternative data don’t include financial securities in its scope. The users need to figure out how to relate this information with a tradable security, such as bonds and stocks.

Innovative and competitive

AI and alternative data analytics are dramatically changing. A lot of competition between companies urges them to stay up-to-date and innovative. In order to do so, some data vendors have pooled in a dedicated team of data scientists.

Data has to be legal

It’s very important for both vendors and clients to know from where data is coming, and what exactly is its source to ensure it don’t violate any laws.

Research matters

Few vendors have very less or no research establishing the value of their data. In consequence, the vendor ends up burdening the customer to carry out early stage research from their part.

In a nutshell, alternative data in finance refer to data sets that are obtained to inject insight into the investment process. Most hedge fund managers and deft investment professionals employ these data to derive timely insights fueling investment opportunities.

Big data is a major chunk of alternative data sets. Now, if you want to arm yourself with a good big data hadoop certification in Gurgaon then walk into DexLab Analytics. They are the best analytics training institute in India.

The article has been sourced from – http://dataconomy.com/2018/03/ten-tips-for-avoiding-an-alternative-data-hangover

 

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5 Steps to Reassess Your Big Data Business Strategy

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5 Steps to Reassess Your Big Data Business Strategy

Company employees at all levels need to understand the role of big data in planning business strategies. Strategic planning has to be dynamic- constantly revised and aligned with the current market trends.

As the first quarter of 2018 is nearing to its end, here are 5 domains every business needs to pay attention to:-

  • Information retention for field-based technology:

In the current tech-driven business world, a lot of information needs to be collected from field-based technologies, like drones and sensors. Owing to internet bandwidth constraints, this data has to be stored locally instead of transmitting them for collection in a central location. Bandwidth constraints affect cloud-based storage systems too. Thus, companies need to restore traditional practices of distributed data storage, which involve collecting data locally and storing them on servers or disks.

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  • Collaboration with cloud vendors:

Cloud hosting is popular among businesses, especially in small and midsized enterprises. Onsite data activities of companies include maintenance of infrastructure and networks that ensure internal IT access. With the shift towards cloud-based applications, businesses need to revise disaster recovery plans for all kinds of data. It should be ensured that vendors adhere to corporate governance standards, implement failover if needed, and SLAs (Service Level Agreements) match business needs. It is often seen that IT strategic plans lack strong objectives pertaining to vendor management and stipulated IT service levels.

  • How a company defines ROI:

In the constantly evolving business scenario, it is necessary to periodically re-evaluate the ROI (return on investments) for a technology that was set at the time of purchasing it. Chief information officers (CIOs) should regularly evaluate ROIs of technological investments and adjust business course accordingly. ROI evaluation should be a part of IT strategic planning and needs to be revisited at least once a year. An example of changing business value that calls for ROI re-assessment is the use of IoT technology in tracking foot traffic in physical retail stores. At a point of time, this technology helped managers display the most desirable products in best positions within a store. With the shift of customer base from physical to online venues, this tech has become redundant in terms of physical merchandising.

  • How business performance is assessed:

Like shifting ROIs, KPIs (key performance indicators) for companies that are based on inferences drawn from their data, are expected to change over time. Hence, monitoring these shifting KPIs should be a part of a company’s IT strategic plan. For example, customer engagements for a business might shift from social media promotions to increased mentions of product defects. Therefore, to improve customer satisfaction, businesses should consider reducing the number of remanufacture material authorizations and IoT alerts for sensors/devices in the production processes of these goods.

  • Adoption of AI and ML:

Artificial intelligence and machine learning play major roles in the current technological overhaul. Companies need to efficiently incorporate AI-powered and ML-based technologies in their business processes. Business leaders play key roles in identifying areas of a business where these techs could add value; and then testing their effectiveness through small-scale preliminary projects. This should be an important goal in the R&D strategic planning of business houses.

Let’s Take Your Data Dreams to the Next Level

As mentioned in Harvard Business review, ‘’the problem is that, in many cases, big data is not used well. Companies are better at collecting data-about their customers, about their products, about competitors-than analyzing the data and designing strategy around it.’’

‘’Used well’’ means not only designing superior strategies but also evolving these strategies with changing market trends.

From IT to marketing- professionals in every sector are going for big data training courses to enhance their competence. Enroll for the big data Hadoop certification course in Gurgaon at DexLab Analytics– a premier data analyst training institute in Delhi.

 

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