With big data being the biggest buzz word in business, it was only fitting that the inaugural day of the NASSCOM Product Conclave had a session devoted to explore the numerous opportunities in the area.
The mantle was then taken over by Anand S, Chief Data Scientist from Gramener, who talked about the application of big data visualization and how his firm was monetizing the same. He cited examples of making business sense out of educational data like subject marks in schools in Tamilnadu, birthdays in the US and India, cricket statistics, restaurant sales and even analysis of wealth management and consolidation of currencies. There was also a rather interesting brief on how they tracked the cargo delays in the airlines sector with big data. The humorous touch made him a favourite among the audience and made sure that the session was not lagging at the fag end of the day. Further, he explored four emerging business models in the big data segment – value-added data, exploratory stories, templatized analyses and for add-ons (where crunching data is mainly for an additional business reason rather than the main one).
Purdue University researchers have developed a visual analytics tool that can give police and emergency responders a real-time view of a location, layered with crime, traffic, geospatial, weather and other data. The goal, researchers say, is to give law enforcement agencies predictive, and well as responsive, capabilities.
Called the Visual Analytics Law Enforcement Toolkit, or VALET, the tool allows officers to analyze high-volume criminal data with the surrounding context, such as traffic conditions, civil incident data and any related emergency management events, the project leaders said in an announcement. It also can layer in weather information, zoning tracks, census and demographic data – and even the moon phase.
The tool has a variety of potential uses. It could be used at headquarters to plan regular routes based on crime rates and the times of the day or week crimes are most likely to occur, even factoring in weather forecasts or scheduled major events that could gum up roads. The researchers say VALET’s statistical analysis of historical data and temporal prediction algorithms can forecast future criminal, traffic and civil incident levels with 95 percent confidence. It also would be effective in managing the response to a major incident, where outside factors could affect the response.
In today’s world, consumer attention is constantly being fought for. It has been shown that visual representations of data aid in capturing attention and keeping it for a longer period time. In order to be successful, it is important for businesses to be identifiable and easily separated and differentiated from other businesses. A great way to for businesses to set themselves apart is to use unique and innovative data visualizations. These types of visualizations help communicate different types of information effectively and plainly through engaging graphics.
Every day, enterprises are amassing mountains of data. In fact, according to IBM, companies have captured more data during the last two years than in the last 2000 years.It’s what you do with what you have that matters.” Thanks to big data analytics, companies can now tap into these vast data resources to maximize marketing impact and gain a clear competitive advantage.