Data science news

84% of en­ter­prises see Big Data Analytics chan­ging their in­dus­tries’ com­pet­it­ive land­scapes in the next year

87% of en­ter­prises be­lieve Big Data ana­lyt­ics will re­define the com­pet­it­ive land­scape of their in­dus­tries with­in the next three years. 89% be­lieve that com­pan­ies that do not ad­opt a Big Data ana­lyt­ics strategy in the next year risk los­ing mar­ket share and mo­mentum.

These and oth­er key find­ings are from an Accenture and General Electric study pub­lished on how the com­bin­a­tion of Big Data ana­lyt­ics and the Internet of Things are re­de­fin­ing the com­pet­it­ive land­scape of en­tire in­dus­tries.

The study also shows that many en­ter­prises are in­vest­ing the ma­jor­ity of their time in ana­lys­is (36%) and just 13% are us­ing Big Data ana­lyt­ics to pre­dict out­comes, and only 16% us­ing their ana­lyt­ics ap­plic­a­tions to op­tim­ize pro­cesses and strategies. Moving bey­ond ana­lys­is to pre­dict­ive ana­lyt­ics and op­tim­iz­a­tion is the up­side po­ten­tial the ma­jor­ity of the C-level re­spond­ents see as es­sen­tial to stay­ing com­pet­it­ive in their in­dus­tries in the fu­ture.

Painting by the Numbers: Data Visualization

Persuasive and en­ga­ging, di­git­al visu­al­iz­a­tions are open­ing up new fron­ti­ers of un­der­stand­ing and shar­ing in­form­a­tion, as well as cre­at­ing new risks.

The rising pop­ular­ity of CS 171 and the high qual­ity of its fi­nal pro­jects speaks to a grow­ing in­terest in di­git­al visu­al­iz­a­tion at Harvard and in the world. Part art­form, part ana­lyt­ic­al tool, di­git­al visu­al­iz­a­tions oc­cupy a unique niche in com­mu­nic­a­tion. They are adding a visu­al com­pon­ent to con­ver­sa­tions in fields ran­ging from hip hop to sci­en­ti­fic col­lab­or­a­tion. Powerfully per­suas­ive and en­ga­ging, re­search­ers and prac­ti­tion­ers say that di­git­al visu­al­iz­a­tions are open­ing up new fron­ti­ers of un­der­stand­ing and shar­ing in­form­a­tion, but bal­an­cing aes­thet­ics with con­tents can cre­ate risks.

“The big dif­fer­ence was that sud­denly we had in­ter­act­ive visu­al­iz­a­tion. Until 2007 what we saw was usu­ally stat­ic…. Ever since then, with lib­rar­ies such as D3 or Canvas or WebGL, you can do pretty cool stuff that works re­li­ably on many plat­forms,” says Alexander Lex, a postdoc­tor­al visu­al­iz­a­tion re­search­er at SEAS.

Big data in mar­ket­ing: how to gain the ad­vant­age 

It’s no sur­prise more and more data is be­ing gen­er­ated as internet-connected devices in­crease, big data in­filt­rates our daily lives and con­sumers gain more com­fort about shar­ing their de­tails with brands.

Consumer at­ti­tudes are evolving – re­cent re­search com­mis­sioned by Webtrends found that, con­trary to per­cep­tions of ‘Big Brother’, more than half of Britons say they’re not bothered about the amount of data they share with brands.

Using data to cap­it­al­ise on value of real-time in­sight As these at­ti­tudes evolve fur­ther, the door is open for your busi­ness to be more cre­at­ive and in­nov­at­ive in how you use data to give cus­tom­ers the per­son­al­ised, ex­cit­ing and en­ga­ging ex­per­i­ences they seek. Big data is a key part of the equa­tion to un­der­stand­ing ex­actly who your cus­tom­ers are and how you can en­gage with them.

Insights in ac­tion  For ex­ample, us­ing real-time in­sight, you can see which products are be­ing viewed by a cus­tom­er on your web­site. You can then serve up links to oth­er rel­ev­ant products in­dic­ated by their pref­er­ences and be­ha­vi­our on­line, or de­liv­er per­son­al­ised dis­counts and of­fers that in­crease the like­li­hood of con­vert­ing the sale.
These ac­tion­able in­sights can also be used to in­form fu­ture plans for cam­paigns to tar­get con­sumers and en­cour­age them to vis­it your web­site or en­gage with your brand, max­im­ising the ef­fect­ive­ness of your mar­ket­ing spend.

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