– Krishna Kallakuri, owner, founding partner and vice president, DataFactZ, says:
In today’s world, business is conducted in a global marketplace spanning cities and continents. Data is gathered in large volumes from a variety of sources, including GPS devices, sensors, social networking sites and company websites among others. Big data analytics help businesses acquire detailed information about operations, customers and social information from these sources.
There are two types of data:
- Traditional Data: Data stored in data warehouses and data marts; usually referred to as structured transaction data.
- Non-Traditional Data: Data from click streams, web sources, social media, GPS trackers, sensors, blogs etc.; usually referred to as unstructured data.
Traditional methods of data analysis bring data into a single location, for cleaning and processing. Big data analytics is about exploratory analysis of huge amounts of structured, unstructured and semi structured data. In order to make sense of it, two technologies are needed: data extraction and integration tools; and Business Intelligence (BI), analytics tools, statistics, data mining, etc. Big Data analytics combines the best of both the worlds.
Why is Big Data Analytics Important?
Big Data analytics helps combine traditional and nontraditional data in order to provide business insights. Big Data is not just for big businesses, but also for small and mid-sized organizations that have digitized processes for sales, marketing and customer relations. It helps businesses discover new customer segments, expansion opportunities and sales prospects. More importantly it gives insights into the problem areas of a business such as change in customer behavioral trends and competition.
The Data Warehousing Institute conducted a survey and found more than 74 percent of businesses conduct some form of analytics, and 34 percent of organizations leverage the power of Big Data analytics. It is important to adopt data analytics to retain a competitive edge.
According to The Data Warehousing Institute, the most important advantages of embracing Big Data analytics are:
- Customer service
- Business Intelligence
- Analytic applications
- Targeted social influence marketing
- Accurate business insights
- Customer segmentation
- Recognition of sales and market opportunities
- Automated decisions for real-time processes
- Definitions of churn and other customer behaviors
- Fraud detection
- Greater leverage and ROI for big data
- Risk quantification
- Market trends
- Understand business change for planning and forecasting
- Identification root causes of cost
- Understand consumer behavior from clickstreams
- Yield improvements in manufacturing
How DataFactZ assists with Big Data Analytics Implementation
Social media presents a vast amount of unstructured data which can be a goldmine for product marketing with large retail brands. Through Big Data analytics, DataFactZ can help brands find a structure for the unstructured data, by reviewing responses to social media posts and tracking responses to posts. Retailers can then use this information to learn how to market new products and report the findings to the stores.
DataFactZ delivers Big Data expertise across a wide range of technology platforms:
- EMC Greenplum
- SAND Technology
DataFactZ is a professional services company that provides consulting and implementation expertise to solve the complex data issues facing many organizations in the modern business environment. As a highly specialized systems integration company, we are uniquely focused on solving complex data issues in the data warehousing and business intelligence markets. We pride ourselves on being able to solve some of the most complex business problems to help deliver class-leading information systems solutions. Our aim is to assist organizations to design and deploy a technology platform that delivers integrated, accurate and timely information to wherever it is needed. This is the foundation on which all successful organizations are built. We ensure that every step you take towards the implementation of a high quality scalable, business intelligence environment is the right step. Our Consulting practice has national foot print in United States and has been recognized as one of the fastest growing companies by Inc. Visit us online at http://www.datafactz.com.