Big Data, Analytics And Modeling

1490 WordsJan 24, 20166 Pages
Big Data, Analytics & Modeling Data is the backbone of business today and has always played a critical role in business. Today in the era of “Big Data” and Digital Business, data has become the primary driver of decision making, growth and innovation. The big data today is radically different from the data of yesterday. The Big Data age has brought with it a tremendous increase in the amount of data and types of data available to businesses. New data is produced every day, generated by social networking sites, mobile phones, location, third party, business transactions, etc. We are in an era which is characterized by the 5 V’s of Big Data: Volume, Velocity, Variety, Veracity and Value. The Big Data opportunities are enormous, as are its challenges. In this context it is especially important to understand the Opportunities and Problems that business faces to extract value from Big Data Analytics. Big Data Analytics is one of the critical game changers that is fundamentally altering the business environment and it is in turn transforming the role of the customer experience in a digital world, and pushing us towards the generation of new digital business models The benefits of Big Data Analytics are: • Data Warehousing: Creates “one version of truth” shared by all organization members. • Information graphics: convey insights about data and allow visualization of relationships between data, and trends. • Drill-down: Allows you to “ask questions” of the data interactively so
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