Estimated reading time: 4 minutes
The use of big data analytics is how we begin to make sense of the abundance of data collected today. Being able to analyse them in a way that organisations are able to reap benefits from is important, as it provides a competitive edge for them. For example, oil and gas exploration companies use big data analytics (i.e. seismic data) to locate and simulate reservoirs while product-oriented businesses are collecting big data to analyze customer preferences and purchases over time. Hence, Organisations analyse big data to discover consumer patterns and trends. The benefits of big data and incorporating business intelligence are endless. By 2020, the amount of big data generated annual is expected to increase by 4300%.
Big Data is analyzed by organizations and businesses for reasons like discovering patterns and trends related to human behavior and our interaction with technology, which can then be used to make decisions that impact how we live, work, and play.
What is big data?
Big data is “high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation.”
What are the types of data collected?
With advancements in technology, there are an increasing amount of the different types of data collected. They include:
- Web data. This refers to the customers web behaviour data to analyse preferences and online habits.
- Text data. One of the biggest and most widely applicable types of big data such as data from emails, news and documents.
- Time and location data. The use of GPS, mobile phone and wi-fi connections can provide organisations with more data about the whereabouts of their consumers.
- Smart grid and sensor data. This refers to data collected from cars, oil pipes, performance of engines and machinery that help inform the organisation on how to provide solutions faster.
- Social network data. This provides organisations more information about the demographic they are interested in, to better target them for marketing and advertising purposes.
The business value of big data analytics
They 3 main business values of big data analytics include:
- to draw insight from data,
- to make better decision based on the insight
- to automate the decision and turn it into a business process
Big data analytics are able to provide a solution for business problems and by successfully doing that, will provide a competitive edge for organizations. The key is to collect and analyse data with a clear business target and goal, so that the organisation is clear on what it wants to achieve. A business case for analytics must solve real business problems that an organization faces.
Streamlining Businesses Through Big Data Analytics is a 2-day training course held from 23-24 September 2019 (Kuala Lumpur) and 26-27 September 2019 (Singapore) to learn the best practices on how to utilise Business Intelligence (BI) for businesses. The course is crafted for BI consultants, IT managers or anyone who has an interest in BI. The course also includes various assignments and group discussions to better understand how to create and utilise BI frameworks and develop solutions for businesses.
Register your interest below to receive the training course brochure.
23-24 September 2019 (Kuala Lumpur)
26-27 September 2019 (Singapore)