Data science news

Big Data Is An Issue Of Corporate Survival

“It is im­per­at­ive from the busi­ness stand­point that you need to get ahead of this new wave of in­ter­act­ing with cus­tom­ers. You need to know who that cus­tom­er is, what they rep­res­ent to the busi­ness now, what they should rep­res­ent to the busi­ness and how to move them along the tra­ject­ory to be that great cus­tom­er they should be.”

Annika Jiminez, seni­or dir­ect­or for ana­lyt­ics solu­tions at Greenplum, said big data is hap­pen­ing in nearly every sec­tor of busi­ness and gov­ern­ment, from health care where it is used in med­ic­al re­cords and treat­ment path­ways to car man­u­fac­tur­ers us­ing it to cap­ture data on how vehicles are used and trans­mit­ting it to a data center.

‘Big Data’ Could Remake Science — And Government

The re­search firm Gartner pre­dicted in December 2011 that 85 per­cent of Fortune 500 firms will be un­pre­pared to lever­age big data for a com­pet­it­ive ad­vant­age by 2015.
Big-data ana­lyt­ics also has the po­ten­tial to im­prove gov­ern­ment ef­fi­ciency, pan­el­ists at the TechAmerica event said.

The Centers for Medicare and Medicaid Services, for ex­ample, could pull data from in­sur­ance re­ports and hos­pit­al forms and an­onym­ized data from elec­tron­ic med­ic­al re­cords to get a much bet­ter un­der­stand­ing of which med­ic­a­tions and pro­ced­ures are most ef­fect­ive, said Caron Kogan, a stra­tegic plan­ning dir­ect­or at Lockheed Martin Corp.

Visualization Broadens Business Intelligence’s Appeal

Some 400 IT and busi­ness unit man­agers re­spond­ing to a sur­vey found ad­vanced ana­lyt­ics, which Dresner Advisory Services founder Howard Dresner defines as “ex­tens­ive use of col­or, size, shape, 3D, tex­ture, mo­tion, etc. to con­vey mean­ing,” more com­pel­ling than Big Data, the cloud, so­cial me­dia ana­lyt­ics and oth­er trendy busi­ness in­tel­li­gence tech­no­lo­gies.

On a rising scale of im­port­ance, from one to five, re­spond­ents gave ad­vanced visu­al­iz­a­tion a 3.8. Dashboards, re­spond­ents’ top pri­or­ity, rated only slightly higher at 4.15

Predictive Analytics Goes Deep, Catches Pass From Tech Giant IBM

Beyond the sim­ple data ana­lys­is of stand­ard busi­ness in­tel­li­gence (BI) soft­ware, pre­dict­ive ana­lyt­ics solu­tions give mid­size IT the abil­ity to not just crunch num­bers but get a glimpse of what the fu­ture may hold – this is an in­valu­able as­set in the quickly chan­ging tech mar­ket. Adoption of pre­dict­ive soft­ware ser­vices has been slow in the world of IT, but it is now get­ting no­ticed both at the en­ter­prise in­vestor level and on the grid­iron.

Where Big Data Shows Huge ROI

Big data pro­jects can far sur­pass the hy­pe by nur­tur­ing con­text and con­nec­tions, ac­cord­ing to an ana­lys­is of nu­mer­ous case stud­ies by Nucleus Research.
Examples of those re­turns in­cluded: a 942 per­cent ROI for a man­u­fac­turer that was able to scour large, dis­par­ate data sets from vendors for pur­chas­ing and cost in­form­a­tion; 1,822 per­cent ROI from re­duced labor costs by a re­sort that in­teg­rated shift schedul­ing pro­cesses with data from the National Weather Service; and an 863 per­cent ROI by a met­ro­pol­it­an po­lice for­ce that was able to com­bine vari­ous crime data­bases along­side pre­dict­ive ana­lyt­ics and its de­part­ment as­sets.

How visu­al­isa­tion un­cov­ers the big pic­ture of ‘Big Data’

According to Gartner, Big Data is “…the volume, vari­ety and ve­lo­city of struc­tured and un­struc­tured data pour­ing through net­works in­to pro­cessors and stor­age devices, along with the con­ver­sion of such data in­to busi­ness ad­vice for en­ter­prises.” A re­cent re­port from the Center for Economics and Business Research (CEBR) 1, sug­gests that im­proved use of this Big Data could add £216 bil­lion to the UK eco­nomy and cre­ate 58,000 jobs. Data visu­al­isa­tion can be a key tool in help­ing users ex­plore and com­mu­nic­ate data through graph­ic rep­res­ent­a­tions – en­abling col­lab­or­at­ing, in­fer­ring con­nec­tions and draw­ing con­clu­sions that be­ne­fit busi­ness’ bot­tom line.

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