Business analytics and Big Data

Author: Abhishek kapoorTwitter: @kapoorsunny

What is Business analytics(BA)

Quantitative processes for a business to arrive at optimal decisions and to perform business knowledge discovery.

Types of Business analytics

• StatisticsStatistics is the study of the collection, organization, analysis, interpretation,

and presentation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments.

• PredictionAnalysis on patterns found in historical and transactional data to identify

risks and opportunities. Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision making.

• OptimizationProcess using statistical information and tools provided to fine tune the

process. Includes a mathematical modeling, an easy-to-use development and visualization environment, and a state-of-the-art set of optimization algorithms.

Whoa !!!!

Every day, we create 2.5 quintillion bytes of data

What is Big data

According to wikipediaBig data is a collection of data sets. Larger data sets is due to the additional information derivable from analysis of a single large set of related data, as compared to separate smaller sets with the same total amount of data.

Any information provided by any thing is when consolidated is a part of Big Data.

Union of Business analytics and Big

Data

Business optimization and Big Data

• Big data inspires new ways to transform processes, organizations, entire industries. creating unique predictive capabilities for intelligent decisions.

• Big data can fine tune the business process with the help of tools it provides

Example of Business optimization and Big Data

• A large financial institution took separate data warehouses from multiple departments and combined them into a single global repository in Hadoop for analysis.

• The bank used the Hadoop cluster to construct a new and more accurate score of the risk in its customer portfolios. The more accurate score allowed the bank to manage its exposure better and to offer each customer better products and advice.

Business Statistics and Big Data

Terabyte to Petabyte, structured to unstructured , big data technology allows to store and process the data in an business efficient way. And provide best possible information from data in order to aid decision making.

This includes everything from planning for the collection of data and subsequent data management to end-of-the-line activities such as drawing inferences from data and presentation of results.

Example of Business Statistics and Big Data

Technologies like HDFS (Hadoop filesystem, HBASE, Neo4j) provide ability to store data of any form in a secure and fault tolerant manner.

Map Reduce technology can interpret the domain specific data With the help of interpreted data, business can make various decisions.

Business Prediction and Big Data

Big data Tools and application programming interfaces can be used to estimate or predict future patterns using business data.

Predictive analytic techniques generally take large amounts of historical big data and detect patterns in said data that can be used to predict the future, often by assigning a probability to how likely something is to occur. A wide variety of techniques can be used to build predictive analytic models

Examples Business Prediction and Big Data

Forecasting estimating quarterly sales, product demand.

Neural networks can assess how likely it is that a credit card transaction is being performed by the cardholder.

Response models can predict how likely a particular person is to respond to a particular marketing offer, based on the success or failure of offers made in the past.

Predictive scorecards can determine the likelihood that someone will fail to make payments on his or her loan in the coming year.

Thanks

Author Credential

Name: Abhishek kapoorTwitter: @kapoorsunny