Overview of Big Data analysis
Big data brings new products along with cost reduction and service offerings. It helps us to achieve many goals but it will be better to go for one at one time.
Before going for a task, we must go through a deep and detailed study. It includes the outcomes, expectations and the most important are the areas where these have to be implemented.
Purposes of Big Data analysis
Big data analysis has many purposes and goals, which can be summarized under three headings:
Business
big data provide the ability to pursue new business models or to achieve a significant competitive advantage on the company's traditional business.
Technology
the size and complexity of the data require appropriate technology in order to derive value from it. In Part II and Part III of the book we will talk about available technologies in depth.
Finance
several cases in which big data was used show that it brings economic advantages to the companies that have adopted such solutions. It is necessary, however, to assess in advance the costs of implementing these solutions. An important element to consider is the availability, on the one hand of technologies which use low-cost hardware, and on the other of cloud solutions which allow to minimize the initial investment. We will address these issues in the section about big data ROI.
For companies, the analysis of structured data (such as personal data of customers or prospect customers) and unstructured data allow the creation of models that can analyze buying patterns, opinions regarding products, the company, or its competitors. The purpose of this analysis is to increase customer loyalty and implement policies for cross-selling of existing customers. As for the prospect customers, the goal is to enhance the activities of acquiring new customers through marketing efforts such as campaigns and targeted advertising, special offers, and so on.