The Big Data Revolution And How to Extract Value from Big Data

“Big data” is the buzzword that is currently dominating professional conferences around data
science, predictive modeling, data mining, and CRM, to name only a few of the domains that
have become electrified by the prospect of incorporating qualitatively larger data sizes and
more voluminous high velocity data streams into business or other organizational processes.

As is usually the case when new technologies begin to transform industries, the technologies also introduce new terminology and, indeed, new ways of “thinking about” or conceptualizing reality and approaches to solve problems or improve processes.

For example, while only a few years ago it was only possible and conceivable to “segment” customers into groups most likely to purchase specific items or services, it is now possible and common to build models for each customer in real time as s/he peruses the internet searching for a specific household item or electronic gadget: instantly, that interest can be analyzed and translated into relevant display advertisements and offers to specific prospects providing a degree of customization that was inconceivable only a few years ago. As technologies to record the physical location of cell phones and their owners has matured, it seems that it won’t be long now until the vision depicted in the 2002 sci-fi thriller Minority Report, where display advertisements in malls are tailored to the specific individuals passing by, will become reality. At the same time, there are domains and situations where, inevitably, the excitement about new technologies around big data will give way to great disappointment. Sometimes sparse data describing precisely a critical piece of reality (critical for a business’ success) is much more valuable than big data describing non-critical pieces of that reality. The purpose of this paper is to clarify and reflect on some of the exciting new opportunities  around big data, and illustrate how StatSoft’s STATISTICA analytic platform(s) can help leverage big data to optimize a process, solve problems, or gain “big insights.”

Contents:
The Big Data Revolution
And How to Extract Value from Big Data
Overview
How Big is Big Data
Large Data, Huge Data
From Huge Data to Big Data
Technical Challenges with Big Data
Storage of Big Data
Unstructured Information
Analyzing Big Data
Map-Reduce
Simple Statistics, Business Intelligence (BI)
Predictive Modeling, Advanced Statistics
Building Models
Other Issues and Considerations for Implementation
Taking Advantage of Big Data by Building Large Numbers of Models
Deployment of Models for Real Time Scoring
Criticism of Big Data Strategies, Implementation Strategies
Big Data Does Not Necessarily Equate to Big Insights, Improvements
Velocity of Data and Actionable Time Intervals
Summary
References
Glossary
Big Data
Distributed File System
Exabyte
Hadoop
Map-Reduce
Petabyte
Terabyte

To Read the full business white paper. Click Here

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About statsoftsa

StatSoft, Inc. was founded in 1984 and is now one of the largest global providers of analytic software worldwide. StatSoft is also the largest manufacturer of enterprise-wide quality control and improvement software systems in the world, and the only company capable of supporting its QC products worldwide, with wholly owned subsidiaries in all major markets (StatSoft has 23 full-service offices, on all continents), and its software is available in more than 10 languages.

Posted on November 20, 2012, in Uncategorized. Bookmark the permalink. Leave a comment.

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