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The role of Big Data Analytics in the World of Media and Entertainment

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The role of Big Data Analytics in the World of Media and Entertainment

A reverberating revolution is on the go in the media industry. Reason: thorough digitization and data-driven marketing.

A seamless amalgamation between digital and analytical solutions is transforming versatile media platforms across the globe. Not only does it help in curating more personalized content for its niche audiences, but also bolsters newer capabilities, such as master data management for digital assets and improved customer engagement programs.

Is Big Data Big Enough?

Facebook gathers and processes more than 500 TB of data every day.

Google processes 3.5 billion requests every day.

Amazon records 152 million customer purchase data every day.

With the rise of digitization, media and entertainment companies are leveraging big data technology like no other for better customer engagement.

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Here are a few examples showing how media companies are using the power of big data:

In predicting audience preference

Large chunks of data helps in predicting and understanding the demand of audiences – right from the genre of shows and music they like to content selection for a given age group or for different channels.

Better acquisition and retention

Any day, big data help to fathom the reasons why consumers subscribe or unsubscribe a particular channel. It aids companies in developing robust promotional and product strategies to attract and retain more loyal user base. Social media data also lend a helping hand to enhance consumer interest.

Content revenue generation and new product development

With the power of accurate and productive data, media houses incentivize consumer behavior and while doing so, they understand the true market value of the content generated.

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How Media Uses Data Anaytics?

Netflix

Netflix assimilates large chunks of viewership data, with which it performs an in-depth analysis of viewer’s behavior for millions of viewings of shows. The analysts conduct thorough research on the attributes and qualities of data about consumers to know which show is the most popular. This analysis also helps them know how long viewers are watching a program or season or any individual show. Hence, in this way it outbids its competitors and owns rights to showcase blockbuster hits.

Bollywood

Talking about our very own Bollywood, SRK’s Chennai Express used big data and analytics to boost social media presence and digital marketing endeavors. And, no wonder, it smashed the box office records of 2013. It became such a raging success that the IT services company Persistent Systems released a statement saying, “Chennai Express related tweets generated over 1 billion cumulative impressions and the total number of tweets across all hashtags was over 750 thousand over the 90-day campaign period.”

This is a single instance. Many other bigwig producers have time and again collaborated with cutting edge big data analytics firms to better understand consumer trends and drive customer engagement.

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Conclusion

Big Data is a surefire boon for media and entertainment houses; it helps companies to solve crucial questions about consumers, things they like, content they feed in, and shows they treasure. Moreover, it aids in tracking clicks, shares and views across multiple devices and media platforms.

To lead the change, join DexLab Analytics. Their Data analyst course in Delhi NCR is surely worth taking up to fulfill all your divine career aspirations. Check out business analytics course itinerary now.

 

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4 Ways in Which Data Scientists Can Add Value to an Enterprise

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4 Ways in Which Data Scientists Can Add Value to an Enterprise

Data is everywhere. There is no shortage of data – even the neophyte entrepreneurs who have just begun their business operations are sitting on mounds and mounds of data – but this often makes us introspect how can we use data to grow bigger, more productive?

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How Can You Improve Your Business Figures with Data Lakes

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Today, data lakes are springing up here and there. And with that, the composition structure of data lakes is changing. As more and more data are moving towards cloud, data lakes are shifting focus towards cutting edge sources, like NoSQL, while cloud data warehouses are emerging across hybrid deployments.

How Can You Improve Your Business Figures with Data Lakes

A humongous amount of data is being churned out on digital platform each day. IBM says as much as 2.5 quintillion bytes of data is created on a daily basis. Now, this ever-expanding amount of data needs for proper storage system – for that, data lakes have been constructed to hold data in its raw form. In these vast storehouses, data remain mostly in their unstructured state, which is pulled out by data scientists to remodel and transform them into versatile data sets for future use.

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Chief Data Officer Is the Next “Commander” To Join the Digital Kingdom and Here’s Why

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Chief Data Officer Is the Next “Commander” To Join the Digital Kingdom and Here’s Why

An over-empowering digital transformation is here and it is wreaking havoc in the C-Suite. CDOs have started taking a front line in managing and pushing new tech like AI and machine learning to alter business landscapes forever.

As a matter of fact, this promising job title has existed for years, even decades – mostly in the financial market. But now when data is being generated at record high speeds, the job role of the CDO is emerging out bigger and better. No more a single person or a general crew is enough to tackle such challenging data issues – to fulfill complicated data management tasks, management is now looking up to specialized data experts.

Gartner predicts that 90% of multinational organizations will appoint a CDO by 2019. Though the first generation CDOs were only concerned about data governance and management, of late, they have been shifting focus on how to best implement data as the best strategic asset in organizations to trigger optimum results.  

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Take a look down to know how CDOs can add value to your organization, while streamlining data and developing strategies:

Be competitive, be ahead of the curve

The best way to ace is by taking over your competitors. In corporate jargon, it means to understand your competitor’s strategies better and arm yourself in the way. Also, it calls up to know your customers better, including the things they like to purchase and know ways you can fulfill their needs. Glean all of these observations with the flattering tool of IoT and machine learning, including social media and supply chain.

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Share information through Data silos

Think how would you feel if you are unable to share information within your department? It can be exasperating. But in reality, it happens. Employees working in the same company, even in the same team forget to share information – data is treated as a commodity that is traded for. That’s why, chief data officers break down data silos in an organization to make sure everyone within the framework get access to data to boost decision-making.

CDOs infuse life into data

All analysts are not good with data. No matter how much they pore themselves over into pie charts and bar diagrams, they just can’t nail it. Machine learning using Python and other related technologies has made things easier – now CDOs can infer trends and draw meaningful insights necessary for a better company future. And mind it these analyses eventually saves hours of production time, millions of losses and much more.

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There’s nothing better than cleaner, fresh data

Unkempt data is no data at all. In fact, data comes handy only when it is clean. Today, with the influx of so many data, organizations falter to keep pace with so much data extravagance data starts becoming dirty or of little use. This results in – every report run is full of flaws, estimates are wrong and lists compiles are inaccurate. As a savior in troubled situations, CDOs help in churning out crystal clear, consistent data by taking care of all the business processes, and making sure that they are properly maintained by the users.

CDOs are the meat and potatoes of C-Suite team

Not only they understand the intricacies of the subject matter, CDOs undoubtedly makes better use of your data, and looks forward to ways to use them in more meaningful manners. They are not here to hoard the data, but to share it extensively among the people working in the organization to produce fascinating results all around.  

Now that you know how important CDOs are, enroll for a reputable business analytics online certification by DexLab Analytics. Business analytics certification is the key to good times, go get one for yourself today!

 

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Where Did I Go Wrong Predicting the Bitcoin Boom?

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A few years ago, Silicon Valley in San Francisco came under the influence of a new, mysterious thing known as Bitcoin. It swept away the tech enthusiasts off their feet. There were a wide set of rumors that Bitcoin was virtual money, invented by a pseudonymous math stalwart named Satoshi Nakamoto, who would later stir up the structure of modern finance and render government-powered currency antiquated.

 
Where Did I Go Wrong Predicting the Bitcoin Boom?
 

To understand the phenomenon better, I once bought a single Bitcoin long time back, which then involved a strenuous labor-intensive process, where I had to go to CVS and use MoneyGram to wire dollar value of a Bitcoin to a crypto-currency exchange. After a month or so, I decided to sell it off for a slight loss, thoroughly convinced that this virtual money is nothing but just a passing fad.

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How Data Is Rendering Unrecognizable Change in Marketing

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Business without data is like surviving without an iota of food and water. Data is indispensible. It plays a significant role in framing suave marketing campaigns, creatively, discerning the actual, productive channels to push data through them.

 
How Data Is Rendering Unrecognizable Change in Marketing
 

According to latest reports and analysis, nearly 42% of marketers have introduced more than ten solutions related to data analytics, marketing analysis or customer engagement technologies in a time span of 5 years, in which more than 9% marketers installed more than 20 solutions.

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

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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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Internet of Things: It’s Much More Than What It Appears to Be

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Internet of Things: It’s Much More Than What It Appears to Be

What’s all the hype about “the next big thing”? Have you got it yet? Nope? It’s not owing to a lack of imagination, but an observation.

Currently, the Internet of Things is the big buzz. It’s all about enhancing machine-to-machine communication – being structured on cloud computing and systems of data-gathering sensors, the connection is entirely virtual, mobile and instantaneous.

Big Data And The Internet Of Things – @Dexlabanalytics.

What is IoT?

In simple terms, the concept of IoT stresses on connecting any device with the Internet – including cellphones, headphones, washing machines, lamps, coffee makers, wearable devices and almost anything that comes in your mind. The IoT is a colossal network of connected Things (inclusive of people) – the famous analyst firm Gartner says by 2020 there will be more than 26 billion connected devices in this world.

Explaining the Everlasting Bond between Data and Risk Analytics – @Dexlabanalytics.

What makes it so popular?

As we now know, IoT is a network of things and people, where communication takes place through numerous wireless and wired technologies and it comes with a wide set of advantages. Following are some of the advantages of this new breed of technology:

A better, less-complicated life

Imagine a life, where what you seek will be delivered to you right away, before you even ask for it. It may appear to you that you are dropped right into a scene from your favorite sci-fi movie or novel – the moment your morning alarm starts ringing, your bathtub automatically starts getting filled with hot water; when you leave your home, the lights get turned off automatically and doors lock itself on its own; your car takes you to the office through the less-congested roadway and when you return home, your home lights automatically start to switch on and lastly your air conditioner adjusts the temperature of your room once you are ready to hit the bed. Proper use of IoT makes your life easier and effortlessly simple.

Is Change the Only Constant: How Analytics has Changed, while Staying the Same Over the Last Decade – @Dexlabanalytics.

Less accident, better safety

How would it be if for an example you get a heart attack while driving back home and your smartwatch detects it and deploys autopilot mode in your car so that it straightaway takes you directly to the nearest hospital? On the way, your cellphone can dial up the hospital staffs and inform them about the current condition of the patient to help you get the best treatment possible.

Harnessing the power of data

Utilizing the power of data is awesome. Harnessing data to simplify things is the next best thing in today’s world. Living a life straight out of sci-fi movies is awesome, but practically, there’s still some time left for IoT to become a hardcore reality. Once IoT makes its way into our lives, a set of smart devices powered by sensors will take charge and make almost everything possible – whether it’s switching on the AC automatically when a person enters the room or driving a car to a destination without any driver.

IoT helps in taking better decisions in the best interest for businesses

Beyond making your lives easier, IoT possesses a bunch of capabilities – it’s a robust technology that collects the most valuable resource, i.e. data. Data helps businesses take better, well-informed decisions. 

Of all the recent technological developments, Internet of Things is considered to be one of the biggest trends to watch out for. In the next 5 years, it’s going to change lives forever!

To know more about the Internet of Things and more such digital trends, why don’t you settle for a good business analytics course in Delhi! DexLab Analytics is a premier Data Science training institute Gurgaon that offers hands-on experience to students alike.

 

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Is Change the Only Constant: How Analytics has Changed, while Staying the Same Over the Last Decade

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Data analytics is evolving. Coupled with Big Data, it is changing the topography of almost everything.

 

Is Change the Only Constant: How Analytics has Changed, while Staying the Same Over the Last Decade

 

Each year, more and more companies are allocating their time and budget to exploit and understand vast pools of data strewn across them, both inside and outside company files. Of course, Big Data and Analytics is selling like a hot cake today, but what is its story of evolution? How the technology flourished 10 years back?

Continue reading “Is Change the Only Constant: How Analytics has Changed, while Staying the Same Over the Last Decade”

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