Analytics Archives - Page 6 of 9 - DexLab Analytics | Big Data Hadoop SAS R Analytics Predictive Modeling & Excel VBA

How to Secure Big data While Harnessing Its Big Power

The term Big Data stands for data that is humongous. Large volumes of data are being churned out every day to meet business needs.

 
How to Secure Big data While Harnessing Its Big Power
 

Business analytics is the bedrock of an organization. It uses data for proper analysis of business objectives, later on which helps in making better decisions and future profit generation. Also, it aids in determining the actual reasons of failures, re-evaluating risk portfolios, and detecting undergoing fraudulent activities before they swell up to affect business operations.

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Data to Fill in the Gaps: Using Data Analytics to Seek Retail Advantage

Retailers need to know their customers well – who they are, what stuffs they like to buy, how they would pay and what they think about the product or service. The best part is that there’s an ocean of data now available to fill in the gaps. Every time a customer visits the store, a long trail of customer data churns out for the retailers to explore.

 
Data to Fill in the Gaps: Using Data Analytics to Seek Retail Advantage
 

With the help of this data, the retailers improve sales figures, customer service and interaction and their product offerings. Leveraging data is crucial. According to Gartner, retailers seek advanced analytic capabilities to shine bright in this age of digitized market solutions.

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Revising the Basics of Big Data Hadoop

Big data is a very powerful term nowadays. It seems to be a large amount of data. Big data means large amount of structured, unstructured, semi-structured data. We get data continuously from various data sources.

 
Revising the Basics of Big Data Hadoop
 

Just have a look on how we get data.

 

Nowadays we are living in a techno era in which we need to use technology so that’s why we are generating data. If you are doing any type of activity like – driving car, having some shakes in CCD, surfing internet, playing games, emails, social media, electronic media, everything plays a crucial role to develop big data.  Continue reading “Revising the Basics of Big Data Hadoop”

More Than Fifty Percent Companies Lack Required Tools and Investment for Efficient Business Analytics

More Than Fifty Percent Companies Lack Required Tools and Investment for Efficient Business Analytics

Fifty-nine percent of the companies around the world are not using Predictive Models or Advanced Analytics – says Forbes Insights/Dun & Bradstreet Study.

A recent study by Forbes Insights and Dun & Bradstreet, “Analytics Accelerates Into the Mainstream: 2017 Enterprise Analytics Study,” elucidates the ever-increasing indispensable role that analytics play in today’s business world, all the way from devising strategies to operations. The gloomy Forbes study highlights the crucial need for immediate investment, implementation and prioritization of analytics within companies.

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The survey was carried on more than 300 senior executives in Britain, Ireland and North America and the report illuminates that the leading corporate giants need to invest more on the people, the processes they use and technologies that authorize decision support and decision automation.

Bruce Rogers, chief insights officer at Forbes Media was found quoting, “This study underlines the need for continued focus and investment,” he further added, “Without sophisticated analysis of quality data, companies risk falling behind.”

“All analytics are not created equal,” said Nipa Basu, chief analytics officer, Dun & Bradstreet.  She explained, “This report shows a critical opportunity for companies to both create a solid foundation of comprehensive business data – master data – and to utilize the right kind of advanced analytics. Those that haven’t yet begun to prioritize implementation of advanced analytics within their organizations will be playing catch-up for a long while, and may never fully recover.”

 

Key findings revealed:

Need for tools and best practices

Though data usage and consumption growth brags about success, little sophistication is observed in how data are analysed. Only 23% of the surveyed candidates are found to be using spreadsheets for all sorts of data work, while another 17% uses dashboards that are a little more efficient than spreadsheets.

The survey says mere 41% rely on predictive models and/or advanced analytical and forecasting techniques, and 19% of the respondents implement no analytical tools that are more complicated than fundamental data models and regressions.

Skill deficiency stalling analytics success

Twenty seven percent of respondents diagnosed with skill gaps as a major blocker between current data and analytics efforts. Fifty two percent were found to be working with third-party data vendors to tackle such lacks of skills. Moreover, 55% of the surveyed contestants said that third-party analytics partners performs better than those who works in-house, exhibiting both a shortage of analytics capabilities among in-house analysts and a dearth in skilled workers.

Investment crunch

Survey respondents ticked lack of investment and problems with technology as the top hindrances to fulfilling their data strategy goals. Despite the increasing use of data, investment in deft personnel and technology is lagging behind.

CFO’s introspect into data for careful insights

According to the survey, 63% of those who are in the financial domains shared they are using data and analytics to discover opportunities to fund business growth. Further, 60% of the survey respondents revealed they rely on data to boost long-term strategic planning.

For more interesting blogs and data-related stuffs, follow us on DexLab Analytics. We are a leading Data Science training institute in Delhi offering high-in demand Business analyst training courses in Gurgaon. Reach us today!

 

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Drawing a Bigger Picture: FAQs about Data Analytics

Drawing a Bigger Picture: FAQs about Data Analytics

When the whole world is going crazy about business analytics, you might be sitting in a corner and wondering what does it all mean? With so many explanations, notions run a gamut of options.

It’s TIME to be acquainted with all the imperceptible jargons of data science; let’s get things moving with these elementary FAQs.

What is data analytics?

Data analytics is all about understanding the data and implementing the derived knowledge to direct actions. It is a technical way to transform raw data into meaningful information, which makes integral decision-making easier and effective. To perform data analytics, a handful number of statistical tools and software is used and et voila, you are right on your way to success!

How will analytics help businesses grow?

The rippling effects of data analytics are evident, from the moment you introduce it in your business network. And stop rattling! The effects are largely on the positive side, letting your business unravel opportunities, which it ignored before owing to lack of accurate analytical lens. By parsing latest trends, conventions and relationships within data, analytics help predict the future tendencies of the market.

Moreover, it throws light on these following questions:

  • What is going on and what will happen next?
  • Why is it happening?
  • What strategy would be the best to implement?

Also read: Tigers will be safe in the hands of Big Data Analytics

How do analytics projects look like?

A conventional analytics strategy is segregated into the following 4 steps:

Research – Analysts need to identify and get through the heart of the matter to help business address issues that it is facing now or will encounter in the future.

Plan – What type of data is used? What are the sources from where the data is to be secured? How the data is prepared for implementation? What are the methods used to analyse data? Professional analysts will assess the above-mentioned questions and find relevant solutions.

Execute – This is an important step, where analysts explores and analyses data from different perspectives.

Evaluate – In this stage, analysts evaluate the strategies and execute them.

How predictive modelling is implemented through business domains?

In business analytics, there are chiefly two models, descriptive and predictive. Descriptive models explain what has already happened and what is happening now, while Predictive models decipher what would happen along with stating the underlying reason.

Also read: Data Analytics for the Big Screen

One can now solve issues related to marketing, finance, human resource, operations and any other business operations without a hitch with predictive analytics modelling. By integrating past with present data, this strategy aims to anticipate the future before it arrives.

When should I deploy analytics in business?

An Intrinsic Revelation – Analytics is not a one-time event; it is a continuous process once undertaken. No one can say when will be the right time to introduce data analytics in your business. However, most of the businesses resort to analytics in their not-up-par days, when they face problems and lags behind in devising any possible solution.

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So, now that you understand the data analytics sphere and the significance attached, take up business analytics training in Delhi. From a career perspective, the field of data science is burgeoning. DexLab Analytics is a premier data science training institute, headquartered in Gurgaon. Check out our services and get one for yourself!

 

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The Opportunities and Challenges in Credit Scoring with Big Data

The Opportunities and Challenges in Credit Scoring with Big Data

Within the past few decades, the banking institutions have collected plenty of data in order to describe the default behaviour of their clientele. Good examples of them are historical data about a person’s date of birth, their income, gender, status of employment etc. the whole of this data has all been nicely stored into several huge databases or data warehouses (for e.g. relational).

And on top of all this, the banks have accumulated several business experiences about their crediting products. For instance, a lot of credit experts have done a pretty swell job at discriminating between low risk and high risk mortgages with the use of their business mortgages, thereby making use of their business expertise only. It is now the goal of all credit scoring to conduct a detailed analysis of both the sources of data into a more detailed perspective with then come up with a statistically based decision model, which allows to score future credit applications and then ultimately make a decision about which ones to accept and which to reject.

With the surfacing of Big Data it has created both chances as well as challenges to conduct credit scoring. Big Data is often categorised in terms of its four Vs viz: Variety, Velocity, Volume, and Veracity. To further illustrate this, let us in short focus into some key sources or processes, which will generate Big Data.  

The traditional sources of Big Data are usually large scale transactional enterprise systems like OLTP (online Transactional Processing), ERP (Enterprise Resource Processing) and CRM (Customer Relationship Management) applications. The classical credit is generally constructed using the data extracted from these traditional transactional systems.

However, the online graphing is more recent example. Simply think about the all the major social media networks like, Weibo, Wechat, Facebook, Twitter etc. All of these networks together capture the information about close to two billion people relating to their friends preferences and their other behaviours, thereby leaving behind a huge trail of digital footprint in the form of data.

Also think about the IoT (the internet of things) or the emergence of the sensor enable ecosystems which is going to link the various objects (for e.g. cars, homes etc) with each other as well as with other humans. And finally, we get to see a more and more transparent or public data such as the data about weather, maps, traffic and the macro-economy. It is a clear indication that all of these new sources of generating data will offer a tremendous potential for building better credit scoring models.

The main challenges:

The above mentioned data generating processes can all be categorised in terms of their sheer volume of the data which is being created. Thus, it is evident that this poses to be a serious challenge in order to set up a scalable storage architecture which when combined with a distributed approach to manipulate data and query will be difficult.

Big Data also comes with a lot of variety or in several other formats. The traditional data or the structured data, such as customer name, their birth date etc are usually more and more complementary with unstructured data such as images, tweets, emails, sensor data, Facebook pages, GPS data etc. While the former may be easily stored in traditional databases, the latter needs to be accommodated with the use of appropriate database technology thus, facilitating the storage, querying and manipulation of each of these types of unstructured data. Also it requires a lot of effort since it is thought to be that at least 80 percent of all data in unstructured.

The speed at which data is generated is the velocity factor and it is at that perfect speed that it must be analysed and stored. You can imagine the streaming applications like on-line trading platforms, SMS messages, YouTube, about the credit card swipes and other phone calls, these are all examples of high velocity data and form an important concern.

Veracity which is the quality or trustworthiness of the data, is yet another factor that needs to be considered. However, sadly more data does not automatically indicate better data, so the quality of data being generated must be monitored closely and guaranteed.

So, in closing thoughts as the velocity, veracity, volume, and variety keeps growing, so will the new opportunities to build better credit scoring models.     

Looking for credit risk modelling courses? Take up our credit risk management course online or classroom-based from DexLab Analytics and get your career moving….

 

 

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Big Data Analytics and its Impact on Manufacturing Sector

Big Data Analytics and its Impact on Manufacturing Sector

It is no new news that the Big Data and software analytics have had a huge impact on the modern industries. There are several industry disruptors that have surfaced in the past few years and totally changed the lives of all connected humans. Like Google, Tesla and Uber! These are the companies that have used the long list of benefits presented to us by Big Data to expand and infiltrate newer markets, they have helped themselves improve customer relations and enhance their supply chains in multiple segments of market.

As per the latest IDC Research projects the sale of Big Data and analytics services will rise to USD 187 billion in 2019. This will be a huge leap from the USD 122 billion which was recorded in 2015. A major industry that stands to benefit greatly from this expansion which is the manufacturing industry, with the industry revenue projections ranging to USD 39 billion by 2019.

The industry of manufacturing has come a long way from the age of craft industries. But back then, the manufacturing process involved a slow and tedious production processes which only yielded limited amounts of products.

The effects of Big Data Analytics on the Manufacturing sector:

 Automated processes along with mechanization have resulted in a generation of large piles of data, which is, much more than what most manufacturing enterprises know what to do with them.

But such data can yield beneficial insights for the manufacturing units to improve their operations and increase their productivity. Here are a few notable ones:

 

The effects of Big Data Analytics on the Manufacturing sector:

Image Source: mckinsey.com

Savings in cost:

Big data analytics can really help transform the manufacturing process and revolutionize the way they are carried out. The obtained information can be used to reduce the cost of production and packaging during manufacturing. Moreover, companies which implement data analytics can also reduce the cost of transport, packaging along with warehousing. This is in turn can help inventory costs and return i huge savings.

Improvement in safety and quality:

A lot of manufacturing companies are now making use of computerised sensors during the production to sift through low quality products while on the assembly line. With the right software analytics enterprises can use the data generated from such sensors to improve the quality and safety of the products instead of simply throwing away the low quality products after the production.

Improvement in safety and quality:

Image Source: blogs-images.forbes.com

Tightening up the workforce efficiency:

They can also use this data to improve management and employee efficiency. Big data analytics can be used to study the error rates on the production floor and use that information to analyse specific regions where employees are good when they perform under pressure.

Moreover, data analytics may help to speed up the production process n the production floor. S will be especially useful for large firms, which work with large volumes of data.

Better collaboration:

A great advantage of having an IT based data collection and analysis infrastructure is improved information movement within the manufacturing organization. The synergy of flow of information within the management and engineering departments as well as in the quality control sector and between the machine operators and other departments of the company helps them work more efficiently.

The manufacturing industry is much more complex than any other industry, which have implemented the big data analytics. Companies must effectively time the implementation of this software so that there are no losses. And should also pay attention as to from where they can mine the data and the right analytics tools to use for producing feasible and actionable results.

 

 

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Black Money in India Can be Traced With Ease by Applying Big Data Analytics

The economy took a hit with the recent demonetization of the INR 500 and 1000 currency notes. The jury of economists around the world are still debating whether the move was good or not, but it has definitely caused a huge inconvenience for the public. Moreover, exchanging such a large amount of old currency notes is nothing shy of a mammoth Herculean task, as almost 85 percent of the economy is in the form of high denomination currency.

Black Money in India Can be Traced With Ease by Applying Big Data Analytics
                Black Money in India Can be Traced With Ease by Applying Big Data Analytics

 

These measures have been taken by the government to curb the flow of Black Money in India and get rid of corruption from its roots. While there is still a mixed reaction from the common people about this move about it being good or bad, technological experts have a different viewpoint about preventing the flow of Black Money in the country.  They say that with use modern technologies like Big Data Analytics it will be possible to trace Black Money painlessly and with much ease.

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How to Use Data Analysis For SEO and PPC:

How to Use Data Analysis For SEO and PPC:

Using custom functions in Excel VBA:

When you work in the SEO and PPC industry it is a giveaway that you will be handing a large amount of data. While there are several ways you can utilize this data and manage it with Excel functions, and several tutorials are available online to talk about them. But what if you do not have the functions on Excel to do what you have to do with the data. You can use the Visual Basic for Applications (VBA) feature in MS Excel and write your own functions to help Excel carry out the functions that you want it to.

So, here in this advanced Excel training blog post, we will discuss about how to write a simple custom Excel function and will also give you readers some general advice on how to get started with Excel VBA.

Getting started with the Excel VBA editor:

First in order to work with the VBA editor in Excel, you must open a new Excel workbook or document and then press the following keys on your keyboard – ALT + F11. This will open a new window on the screen which is the VBE (Visual Basic Editor). This is where you can write your own Excel functions to use with the spreadsheet you have opened in your Excel document. This will be highlighted on the top left corner of the window. The project explorer pane will have the icons for each sheet of the document and another one for the whole of the workbook itself.   Then for the next step, right-click on the ‘ThisWorkbook’, and then go to ‘Insert’ and then ‘Module’ options. That will further add a code module along with a container for the code which we will learn to write here.

Now you are ready to write your first Excel function:

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Data analysis will help you analyze the keywords:

Each element of the data gathered through the SEO and PPC will often have keywords and phrases and this can give birth to a large amount of data for people to work with. For a recent piece of analysis, our faculty member was asked to find a method for counting the number of words in a search term. In this way single keywords can be dealt with differently in comparison to phrases. Like for e.g. ‘dresses’ can be treated with a stark difference to the term ‘red party dresses’. But there are often 100s or even 1000s of keywords to work with and it will be too time consuming to manually count the number of words in each phrase. Also there are no in-built functions in MS Excel to do so for us. Hence, we must use VBA to write new functions for us.

Adding the code:

  Function countWords(phrase as string) as Integer  

This will be the first line of the function you are about to write, start by copying it into the module we just created. Copy it under the words ‘Option Explicit’ which should be anyway entered (if it is not then do not worry, just copy it at the top and we can come to this later). This sentence however, has a lot of important things to tell us about.

Function: this first word itself tells us about which code is going to follow. A function is simply a piece of code that takes one or more values, performs something with them and then returns a different value. For instance, there is a built-in function with Excel called SUM. This function may take some input values and add them together to return a different value which is the sum total of the inputs. Similarly the function we create will take the keywords or phrases as an input and then count the number of words in them, then return a value for that number.

CountWords: we have put this as the name of our function. The moment we wish to use it, we can simply input into the spreadsheet cell the words as ‘countWords’. Just like we would add ‘SUM’ to use the sum function.

Phrases as string: this is the input will be the one to be entered when we will need to search a keyword or phrase.

As integer: this is the type of information which will be returned by the function. We are only interested in the number of the whole words in the phrases and hence are aiming to return an integer value.

How to prepare the function:

The next thing to do is to prepare the function by declaring the variables. Here we will declare the variables in ‘countWords’ as integers because it is built to only take integers. This will allow Excel to warn us if anything unexpected happens. For example, if we want to use a function to count the words in ‘red party dresses’ and it only returns with party. This will mean that something has gone wrong for sure. So, with declaration of the variable we will be able to let Excel know that it is not an integer and hence it will return with an error warning.

The variables we will use in this function are going to be called as ‘I’ and ‘counter’, however, there is no hard and fast rule to name your variables this way, you can name it the way you like. But ‘I’ is usually used as an abbreviation for index and counter will just be used as counter. The next step will be to add this line into your code.

‘Counts number of occurrences of space character in a phraseDim i as integerDim counter as integer: counter = 1

Note that ‘dim’ here is short for dimension. This describes the data type of a variable. We have told Excel through our codes that the variable ‘counter’ will always be an integer. We have also given the initial value as 1. But currently ‘I’ has no value assigned to it. The first line should appear green in the code window, this is mostly because of the apostrophe that precedes it. This line in our code is merely a comment and does not do anything within the code. It only exists as a label to let us know what the use of the code is for. It is a good practice to comment your code as otherwise it often becomes very hard to understand it otherwise. Also feel free to add in your own comments throughout to help understand and all you have to do for it is to add an apostrophe before it.

How can you count the words?

You must understand that Excel has no preconceived notions about what a word is. So to count them the concept has to be broken down for it to understand in a few short steps. One of the key features of a word is that it has a space either after or before or even at times in between it, and often both.

So we can start by simply telling Excel to count these spaces:

For i = 1 To Len(phrase)

If Mid(phrase, i, 1) = ” ” Thencounter =

counter + 1

End If

Next i

This is one of the key areas of this function, you must paste it or type it out in the code module. You can do so line-by-line as well. But here is an explanation of what is happening with each step:

For i = 1 To Len(phrase)

Here we have given ‘i’ a value, in fact not just one value but a range of values from 1 to Len (phrase). This is a built-in function with Excel that may return the number of characters (letters + spaces) in the phrase we pass it in.
 
f Mid(phrase, i, 1) = ” ” Then

With this line of the code we are using the ‘Mid’ function in excel. This will ask excel to look into each character in the phrases in turn. This function takes 3 inputs which is – the phrases to be looked at, the character to begin comparison on, and the number of characters to compare with. We aim to compare every letter with one at a time approach. So, we would pass on ‘I’ and 1. And then finally the ‘If’ statement which says that if a character uses spaces, then excel should proceed to the next line of code. Or pass it over to the ‘End If’ statement.

counter = counter + 1

This line is only activated when a space is discovered. So, we increase our counter variables by 1 every time to count the number of spaces in the phrase.

End If
Next i

With the above two lines, we are able to let Excel know where the If statement ends and to go back to the top and the start again for the next value of ‘i’. This is called as a ‘For Loop’ as we letting Excel know that it must repeat this task for a certain number of iterations.

There is also one last piece of code which we will make use of in order to handle a particular situation. When the phrase is passed in is blank. Then copy the following with what you already have:

If phrase = “” Then

countWords = 0

Else

countWords = counter

End If
 

Here is another statement that we have. If the phrase we input is blank, countWords takes the value 0, or else it will take the value of the ‘counter’ variable. After setting the ‘counter’ to 1 initially, we ensure the code will work for single words. However, it may also return 1 for blank phrases, and this prevents errors from occurring.

End Function

Finally with that we tell excel that we have finished defining our function. Here is the full code as mentioned below, check if yours looks the same or not:

How to Use Data Analysis For SEO and PPC:

Image Source: us.searchlaboratory.com

After you are done, you can close the VBE by clicking on the ‘X’ in the corner and then going back to the spreadsheet. Once done type in some words in a few cells and then type ‘countWords’ in another cell. And then click one of your cells containing the texts and then close the parenthesis. This cell can now contain the number of words in the cell that we have input. If it doesn’t, then we can set it to ‘automatic’ (Formulas > Calculations Options > Automatic in Excel 2010.

This simple function works best to save time as it can be dragged down over as many cells as you’d like, with hundreds of keywords and phrases. However, you must keep its limitations in mind. We are counting the spaces and not just words.

 

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