BIG DATA AND DATA ANALYSIS
We talk about big data when a dataset is so large and complex that it requires specific tools and methods
to extract, manage and process information in a reasonable time.
Collecting and analyzing large volumes of data reveals hidden information and patterns.
Combined with sophisticated business analytics, big data gives companies insight into market conditions
and customer behavior, making decisions more effective and faster than the competition.
DATA ANALYSIS
Data and information. Goals.
The Big Bata Analytics project's goal is not to generate reports about what happened but to understand how this can
helping to make better decisions.
This means changing the data analysis model of data by opting for so-called approaches:
• descriptive
• predictive
• prescriptive
that is, by leveraging large data analytics applications through which to generate useful knowledge
decision making processes (anticipating for example customer needs in real-time preferences and habits).
To succeed in this goal requires new skills: data scientist, in particular, which, using 'machine learning algorithms'
and 'advanced visualization tools' can generate useful and 'undisputed' information to support business competitiveness and profitability.
The Analysis. What creates knowledge.
Data analysis can lead to different levels of knowledge and this process is related to the type of analytics models put in place.
You can identify four main categories:
• Descriptive Analytics: the set of tools designed to describe the current and past situation of business processes and / or functional areas.
These tools allow access to data according to flexible logical views and in a synthetic way to view and graph the main indicators of performance.
• Predictive Analytics: advanced tools that analyze data to answer questions about what might happen in the future.
They are characterized by mathematical techniques such as regression, forecasting, predictive models, and so on.
• Prescriptive Analytics: advanced big data applications that, along with data analysis, are able to propose to decision maker,
operational / strategic solutions on the basis of the analyzes carried out.
• Automated Analytics: able to independently implement the proposed action according to the results of the analyzes carried out.
Advantages. How to improve Business Performance.
The benefits that big data analysis can give are many:
• Increase your revenue
• Make predicting the development of demand
• Give more value to your account management
• Forecast what is best for any customer
• Open up new business opportunities
Data Ware will be able to provide you with all the support you need to enhance your business through Big Data Analysis.
