Big data analytics, as defined by IBM is the use of advanced analytic techniques against very large, diverse data sets that include different data types such as structured and unstructured data. Big data comes from sensors, devices, video/audio, networks, log files, transactional applications, web, and social media – much of it generated in real time and in a very large scale.
Social Media Analytics is a subset of Big Data Analytics and is a powerful tool for uncovering customer sentiment dispersed across countless online sources. IBM states that Social Media Analytics can help organizations take control of this data so they can improve customer satisfaction, identify patterns and trends, and make smarter decisions regarding marketing campaigns.
Big Data analytics solutions are necessary toharness data within and across enterprises to create new business value. Selecting a technology to transform this flood of information into actionable strategies is not an easy task. The ocean of data comprises of not just the sheer volume, but also data variety, data patterns, data velocity and virtual data. Business benefits may not be realized if sub-optimal technology choices are made.
There are increased investments taking place in the arena of big data analytics due to the following four reasons:
- Unstructured data is all over the place.
- Big data is now cheaper to store and process thus enabling businesses.
- Analytics tools like Hadoop are opening up big data.
- Analysis can now be done in real-time to give companies instant insight and leading to productivity gains.
Navigem offers high-performance analytics solutions, which speeds the process of scoring and reporting in these areas:
- Detect, prevent and remediate financial fraud.
- Calculate risk on large portfolios.
- Execute high-value marketing campaigns.
- Improve delinquent collections.
Big data give organizations their competitive edge and has useful applications in medicine, science, culture and other fields. Governments have invested into it too. The next challenge may be about dealing with “dictatorship” due to data analytics.
Lessons for others:
- Organizations need to have a big data analytics strategy besides social media analytics strategy to have a competitive edge.
- While IBM is a leader in this space, there exist many high-performance analytics solutions such as the one by Navigem.
- Big Data Analytics as defined by IBM
- Rapid development in big data analytics
- Navigem Big Data Analytics Solutions
- A revolution in big data that will transform how we live, work and think.
Submitted by: Tushar Goteti – SMBP Student University of Waterloo.
If you have concerns as to the accuracy of anything posted on this site please send your concerns to Peter Carr, Program Director, Social Media for Business Performance.