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Big Data Enables Pattern - Based Analytics

By SiliconIndia   |   Thursday, 04 October 2012, 10:25 Hrs
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Bangalore: Is Big Data going to be like the new Apple iOS6 maps? An overhyped technology that doesn't live up to the fame? Quite obviously ,getting talked about a lot does not automatically make it a must have technology. More than anything else, the ease of usage, sustainability and ROI will determine the worth of Big Data. So does Big Data solve actual analytical issues encountered in a business? Yes, states John Bruno, CTO and EVP; Corporate Development at NCR and Radhika Subramanian, CEO of Emcien in an interesting write up on Forbes.

They substantiate by observing customer buying patterns. Both structured data in the form of databases and unstructured data in the form of Tweets, emails, videos, CCTV footage and phonecalls is growing at an alarming rate. The volume and the velocity with which this data is generated is shocking as is the statistic that 90% of the data in the world was created in the last 2 years. However what is more problematic is the third 'V'; variety. There are several formats and types of data today. This variety across different silos, systems can't collaborate and consequently while performance within an individual silo could be understood, a comprehensive overview cannot be attained. This may also affect the strategic decisions that a company wishes to take.

The best way to handle this is by the usage of good old Big Data. Data is usually sorted and maintained in the individual silo for the needs in the respective silo ( eg. sales, marketing, operations). So the data which affects the organization is disparate and disjointed. It is a fact that all business functions are interrelated to some extent and may affect each other. Big Data makes an aggregation possible so that an integrated view of the direction the organization is taking can be attained. The challenge is to access and find value in the mountains of data that will help in decision making.

Traditional BI tools were not designed to identify the cross fuctional linkage. So a business user may have a lot of insights hidden simply because he does not know what he has to look for. Big data enables companies to observe their customer buying patterns with respect to their product. This allows for quicker, relevant decision making. Making connections between interrelated data could help understand what a customer buys, where he usually buys it from. This could allow for a targeted marketing strategy or allow streamlining sales. Also, product proliferation - which cannot be tackled by the usual approach can be addressed with pattern based analytics across silos within the organization. While this is still in its infancy stage, pattern-based analytics solutions are being used by some companies to give them an edge over their competitors for gaining insights about purchasing patterns which in turn influence product offering and supply chain planning. This leads to effiecient sales and supply chain performance.

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