Most people decipher – Hadoop and Big Data are the two sides of the same coin. Adding the fascinating word to your resume leads to better opportunities and higher pay structure. But what the future holds for Hadoop? Is it dismal or encouraging?
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By mobilizing the volume and wealth of information in an organization, Big Data leads to improved customer perceptiveness, competitive advantage and operational efficiency. In the current data-centric era, big data is the buzzword. Nevertheless, how many of you actually know what it entails?
In this blog, we have compiled few FAQs, which will instantly shed some light about the basics of Big Data and its implementation.
Substantially complex, big data involve hundreds and thousands of terabytes or exabytes of data (starts with 1 and has 18 zeros after it, or 1 million terabytes) per single data set. If explained in simple words, big data is a collection of data sets, which comes from a variety of sources, like customer data, Internet of Things and social media. If compiled and analyzed in the right manner, it helps in understanding the nature of the lifestyle and purchasing habits of people and customers better.
The answer to this question is a bit challenging. Depending on the infrastructure of the market, the threshold limit of big data is determined. In most of the cases, the lower boundary of big data is limited to 1 to 3 terabytes.
However, using big data technologies for small databases can prove to be effective. Netezza brings about 200 built-in computer programs, like Python and Revolution R, which gained immense appreciation for being applicable to small databases.
Intuition is consequential, as ever. Staring at the humongous amount of data compels us to start from somewhere. As there is so much data, intuition is important, like never before. If you ask me, big data hasn’t yet replaced intuition, in fact the latter somehow complements the former. Both of them share a continuum relationship, instead of binary.
Transactional data, social data and machine data- are the chief sources of big data. Top-notch retailers like Amazon and Dominos boasting of more 1 million customer transactions per day results in to the generation of petabytes of transactional big data. Social media data comprise of 230 million tweets on Twitter per day, more than 60 hours of video uploaded every minute on YouTube and 2.7 billion Likes and Comments on Facebook appearing every day. Lastly, machine data can be boiled down to various modes, including the information generated by industrial equipment, web logs tracking behavioural data and real-time data emanating from sensors.
Adopt interactive data visualization tools and take your business to new heights. These tools are rewarding, say thanks to Big Data! Big conglomerates, like Google, Netflix, Amazon, Apple, Facebook and Twitter embraced the tools to visualize data. And this goes beyond the basic usage of graphs, excel charts and pivot tables.
Well, yes, very much so. Big Data is leading the future and is going to stay HERE AND NOW. It is right on its way to fundamentally transform the ways in which companies function and regard their competitors, customers and overall business.
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The saying goes – ‘necessity is the mother of all inventions’ and with the advent of globalization we have witnessed this aphorism in its sincerest form. A new wave of competition and profit generation owing to the advent of the internet, within the labyrinth of our society has led to the creation of Data at a scale previously unthinkable. To capture the essence of this huge amount of data, a new term Big Data, was coined which meant extremely large data sets, which are to be analyzed to reveal patterns that lie within.
Today, technology has become the backbone of the society and data is its vertebrae. The technological boom began and became common around year 2000; this is when data monetization became apparent.
To simplify, data monetization is the act of generating revenue by exchanging, processing and analysis of data. Processing and analyzing means extraction of value from a particular set of data; eventually this value is to be interpreted to make decisions.
The need for data analysis is apparent since the digital universe is expected to grow 50-fold in terms of data by 2020, yet today only about 1% of the data is analyzed.
To capitalize on data monetization, we can employ the following approaches:
Already 70% of the large institutions purchase external data and monetization of the information asset is still in its infant stage. According to a study performed by Gartner, Data Monetization will be performed by 30% of the companies or more and in a survey conducted by IBM, data monetization was found to be among top 5 priorities of an organization.
The above clearly implies the upward trajectory growth in the near future in this industry, and with the application of the above-mentioned approaches, an effective strategy can be implemented by any organization hoping to be a part of the Data Monetization phenomenon.
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Considering the complex competitive global environment, the world business today is witnessing a paradigm shift from mere data storage to data mining and other subsequent activities.
Thus, from a managerial perspective it is of prime importance to develop a psyche, which can interpret the collection of data. This psyche cannot be theoretically learnt from books, as it requires a knack to make data talk. Data is no more evaluated independently. Today, a cross-domain relationship between data exists, which on analysis depicts patterns, responsible enough to do wonders for the organization.
The question is how can we connect the dots? Following the recent trends, developers are grabbing every opportunity to break a huge chunk of data into meaningful relevant information. From the standpoint of technical professionals, along with an analytical mindset, they need to get hands on experience on the technological perspective to understand the real significance of data evaluation.
Read Also : DexLab Analytics – Training the Future to be Big Data Analytics Fluent
The data not only aligns with the internal activity of the business but also is an integral part for consumer servicing. There is an intense need to study the needs of consumer and every decision he makes, which broadens the outlook of a business on how he/she is using their product. What are the expectations of the customer from an existing product? What more my customer needs? The answers to these questions cannot always be mapped quantitatively but a qualitative approach towards data is one of the key aspects of data analytics.
In this digital era, slightest technological ripples are going to reshuffle the whole industry scenario. And, that is why the omnipresence of data will aid businesses in setting new benchmarks in consumer and market findings. Growing pace of social media would open a Pandora’s Box for companies, who have their right audience in this particular domain.
The emergence of IOT, which primarily thrives on data, will cause disruption in the current business orientation. The data producing sensor architecture directly connected to the company can help the business to be fast and robust, which is the need of an hour. In addition, this analytics might influence mid-size distribution largely.
Simple example of this model: Sensors attached to tyres could sense data, and alert a tyre manufacturer about the usage of a consumer, which will help in servicing their customer at the right moment.
Thus, on an individualistic note there is need to develop a data analytical mindset and include data-ception in perception.
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Once again, good news is in the air for our very own ‘Big Cats’. The very recent reports on Tiger Census have proudly announced the incredible rise in the number from 1,706 to 2, 226 since 2010, when the counting started.
The previous years have seen the major downfall in the number owing to reasons like poaching, environmental degradation, dwindling habitats and of course man- nature conflict . But in contrast, the combined efforts put forwarded by local communities, conservationists and the Government has resulted in the upliftment, as stated by Marco Lambertini, Director General of WWF International.
Continue reading “Tigers will be safe in the hands of Big Data Analytics”
Most us are taking a lot of technological marvels around us for granted these days. We have casually taken note of the things like how our smartphones now help us assign photos of people or organize them, or how Facebook usually knows the right people’s faces to tag. However, it has only happened recently, which most people have not realized, that this technology is not so much of a “cool trick” and will actually shape the way people are conducting their business endeavours.
These latest technological developments are already being tested out in several different industries and for a lot of different purposes. Like for instance, security scanners at the airports are now making use of this technology to allow the e-passport holders clear their customs faster. And with the further development in facial recognition technology, the border and customs officers will be able to recognize and weed out travellers with fake passports better.
Moreover, the facial recognition technology is now being implemented in several government facilities and businesses that require a higher level of security clearance. With the use of this technology, security professionals may easily run the real-time criminal searches with the use of CCTV footage.
Now if you are like us, and constantly purchase things online then you must be aware of the fact that your choice and even your face must be with them in their database as a part of your customer profile. But these days, major retailers in physical stores are using intelligent data and trying to up their game to compete with the shopping sites. This will help them target customers faster and help them provide offers specifically tailored to these people based on their buying preferences just like at online stores.
Furthermore, such a technology can also be used to catch shoplifters red handed in the act, a system that Walmart has actually implemented in place in many of its stores
When your face as a customer shows up for the first time on their screens they will start to build a profile of yours, which will be based on your in-store actions. Like for instance, the amount of time one spends in a certain area, the path around the store and items that you choose to buy.
Even the entertainment industry, like theme parks, casinos, etc have already caught up in the use of this technology to not only target marketing activities, but also to keep an eye on suspicious activities. And when it comes to greater applications for facial recognition, like in the industries of banking and fintech we are only just scratching the surface.
Several industry insiders have agreed that facial recognition will allow marketers to effectively know their customers much better, the visitor photos stored may work as the cookies for referencing for identification and for storage of users as well. So, this technology can soon eliminate loyalty cards as an obsolete art.
The moment one walks into a store the staff will already have an idea of what they bought there when visited the store the last time, and thanks to the camera footage with the facial recognition technology, will provide the retailers with an advantage to keep up their pace with ecommerce giants like Amazon, Flipkart, Alibaba etc.
One may also use facial recognition to retarget their customers with several personal offers. Like you decide to buy a certain product at a certain store, but then leave as it is slightly over budget for you. Soon you may find an internet ad or a personal message about a good discount on that product from that retailer offering you a good deal. But for all this to take proper shape, there must be a strong backup strategy, which certainly plays a strong role when it comes to way people collect, use and store data of any kind.
Thus, this will begin a whole new chapter to targeted campaigns be it online or offline or both, through the leveraging of Big Data for even a single customer.
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We have some intriguing news, The Ultimate CMO Challenge from the Delhi School of Economics, University of Delhi is being held and we are sponsoring the event. Participate at the Ultimate CMO Challenge if you a PG student or are pursuing a course in MBA.
The first round will be an online round where participants would have to submit their solutions online. Problem case will be sent to the teams that have registered for the challenge, the solution to be submitted should be of 6 slides except the cover slides. One can mail their solutions to cmo.atharva@mibdu.org
Viacom the owner of household brands such as Comedy Central, Nickelodeon and MTV, is one of the largest media companies in the world, delivering more than 170 cable, broadcast and online networks in around 160 countries.
Monitoring of the digital networks, which are used to pump their content into millions of homes, gives them access to a huge amount of data, on how both their systems and their audiences behave.
To plug tax loopholes, the income tax (IT) department will use Big Data analytics to track tax evaders by collecting financial information about them, such as – common address, mobile number and e-mail to establish relationships between their multiple PANs. The department with support from various private firms will analyse the voluminous big data available post-demonetisation for checking transactional relationships between PAN holders.
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