16. Big data and data analytics Flashcards
What is big data?
Data sets whose size or type is beyond the ability of traditional relational databases to capture, manage, and process the data with low latency
Big data characteristics
High volume
High velocity
High variety
Big data types
Categorical (nominal)
Ordinal
Interval
Ratio
Big data opportunities
Making better informed decisions (strategies, recommendations)
Discovering hidden insights (anomalies, forensics, patterns, trends)
Automating business processes (complex events, translation)
Identify insurance fraud (opportunity)
Save and make money by reducing fraudulent auto insurance claims
Identify insurance fraud (data & analytics)
Predictive analytics against years of historical claims and coverage data
Text mining adjuster reports for hidden clues (missing facts, inconsistencies, changed stories)
Identify insurance fraud (results)
Improved success rate in pursuing fraudulent claims
Reduced fraudulent claim investigation time
Marketing to individuals with low propensity for fraud
Identify corporate image (opportunity)
Improve reputation, brand and buzz by tapping social media
Identify corporate image (data & analytics)
Continually scanning Twitter verse for mentions of their business
Integrating tweeters with their robust customer management system
Identify corporate image (results)
Saw tweet from top customer lamenting