Big Data Flashcards
Because of big data…
More data has been created in the last 2 yeas than in the entire history of human race
A typical fortune 1000 company…
Just a 10% increase in data accessibility will result in more than $65 million additional net income (marr)
John Massey
Credited with creation of term big data in 1998 - but was mentions before then
Big data is
Generally used to describe data sets that are so big we can’t analyse them with conventional methods (excel)
However ‘conventional methods’ is changing all time
3 V’s of big data (Gartner)
Volume - scale of data (US had 100,000 gigabytes of data stored)
Velocity - analysis of streaming data (moderns car have 100 sensors to monitor things)
Variety - different forms of data (30 billion pieces of content shared on Facebook every month)
Debate of 4th V
IBM introduced ‘veracity’ which described he uncertainty of data - how accurate is data
However original creator was not happy and even tweeted about how he disagreed
He said he can’t be applied to traditional data sets
Similar Arguments ‘value’
Under armour
Spent $170 million buying fitness apps (like my fitness pal) and more than 120 million athletes data
CEO explained that this strategy would put them directly into oath of where big data is heading - wearable technology that goes beyond watched
In future will be in clothing - accurately record movement, performance, route and location
Data has been transformative
Changed marketing landscape
Innovations in key areas: data collection, data storage, data analysis and data communication
Objects generating big data - referred to as internet of things (IOT)
Smartphones Virtual assistant (Alexa) Computers Cars Wearables In home (lightbulbs, hive heating) Smart mirrors (Unilever) Sensors for infrastructure
Tesla example
Interested in big data and AI
Tesla crowdsource sits data from their vehicles and store it in cloud
Data is used to: diagnose and patch problems with car ops, generate data through maps, showing speed of traffic and hazards as well as autopilot Vehicles
The cars upload info to ‘fleet’
Data collected by vechiles by 2030 could be worth $750 billion (McKinsey)
Innovation can happen in the way data is collected
Object type - through all the different types of object used to collect data
Data type - through different types of data collected, blogs, comments, loyalty cards, gps location
Data storage
Innovation needs to happen to store big data and cope with the volumes, whilst also be scalable and provide input/output ops per second
Companies which deal with largest amount of data run what is known as hyper scale computing environments (google)
Google’s data storage
Server farms
Google are energy efficient and environmentally friendly using 50% less energy than a typical server, using outside air to cool servers, sharing performance data to move industry forward
Data analysis
How you do this depends on if you are structured or unstructured
Structured - stored in a nice organised way, easily searchable
Unstructured - machine or human generated data which is not organised or easily searchable
Popular programmes for analysis include : python, java, matlab
Algorithms for data analysis
Supervised learning: classification
Unsupervised learning: clustering
Semi supervised learning: mix of 2 above
Reinforcement learning: machine continually trains itself using trail and error
Data communications
Visualisation: - animations used to show changes over times using 2d or 3D techniques. Virtual reality, augmented reality, projecting images on surfaces. Google chart
Big data in businsss
Helps makes decisions in supply chain, procurement, manufacturing, NPD, marketing, after market analysis.
Impacts every part of business
Product development
Used for ideation and screening, concept development, testing, commercialisation and post launch
Used to minimise risk of product failure, provide increased customer value, coordinate R&D resources efficiently, improve products based on feedback.
Includes crowdsourcing, optimisation algorithms, predictive algorithms, market/data analysis
Eg house of cards - targeted trailer at specific viewer, even the colours combination for posters were data driven
Eg google ‘I am not a robot’ is using data to drive/improve their driverless car
Marketing
Market mix
Product - design, data collection (iot), life cycle analysis, improvement, product lines
Price - dynamic pricing, forecasting, competitor analysis
Promotion - personalisation, targeted offers, segmentation
Place - target market analysis, channel selection, efficient distribution
Used pestle too
Customer sales and service
Big data has driven innovation in customer service
- AI (online shopping)
- complaint handling
- identifying customer pain points
- understand and guide the customer journey and touchpoints
- personalisation
- real time customisation
- fraud detection
Erevelles et al
Big data enables marketers to realise new gaps or areas of ignorance in marketers understanding of consumer behaviour
Dynamic pricing enables …
An organisation to implement a flexible pricing strategy based on changing consumer demand. Major leaguer baseball has frequently adopted dynamic pricing based on big data to improve revenue management. To set prices frequently during a season many variable and source of info have been integrated. (Erevelles et al)
Lavelle et al
Top performing organisations are twice as likely to apply analytics to activities.
The biggest challenges in adopting analytics are managerial and cultural
Visualising data differently will become increasingly valuable
Technology has turned the average consumer into …
An incessant generator of both traditional, structured, transactional data as well as more contemporary, unstructured, behavioural data
