The Business Case for Big Data Part 1
What's the Big DealOkay, so a new buzz word is emerging. It's gone beyond just a buzzword now, and I think it is going to change the landscape of retail, financial services, healthcare....everything. Let me spend a moment to talk about what i'm going to talk about.
Massive amounts of data are being collected every second, more than ever imaginable, and the size of this data is more than can be practically managed by today’s current strategies and technologies. There is a revolution at hand centering on this groundswell of data and it will change how we execute our businesses through greater efficiencies, new revenue discovery and even enable innovation. It is the revolution of Big Data. This is more than just a new buzzword is being tossed around technology circles.This blog series for Big Data will explain this new wave of technology and provide a roadmap for businesses to take advantage of this growing trend.
Cases for Big DataThere is a growing list of use cases for big data. We naturally think of Marketing as the low hanging fruit. Many projects look to analyze twitter feeds to find new ways to do marketing. I think of a great example from a TED speech that I recently saw on data visualization from Facebook from my masters studies at University of Virginia. We can see when the most likely time for breaks-ups occurs by looking at status changes and updates on users Walls. This is the intersection of Big Data, Analytics and traditional structured data. Ted Video
Marketers can use this to sell more stuff.
I really like the following piece on looking at twitter feeds to measure mood. The following company was bought by a hedge fund. They could predict how the S&P was going to do within three days at an 85% accuracy. Link to the article Here we see a convergence of predictive analytics and Big Data. So, we'll look at a lot of these business cases and start talking about what this means for the business. It's more than just finding ways to use Hadoop + NoSql and we'll talk about that too.
How do I start in Big Data?That's what is coming next post.
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