Lecture 18 Big Data in Retail - International Trends

Question 1

What is big data

Answer 1

massive data set that force organization to change how data is gathered, stored, managed, analyzed and visualised.

Question 2

where is the data coming from?

Answer 2

technology: point of scale systems(kiosks and e-commerce websites), sensor(GPS) server logs(mobile applications, gaming platforms)
human: blogging(twitter), Networking(Facebook), Reviewing(Yelp)

Question 3

3 categories of data assets

Answer 3

Proprietary: Data assets belonging to specific firms
Purchasable: Data assets that can be bought(big data brokers)
public: data assets accessible from public domain(forum postings)

Question 4

Business Analytics: Assuring Transparency

Answer 4

esure that stakeholder have the relevant anlytical information they need to help operations being efficient in order to facilitate cross boundary collaboration

Question 5

Business Analytics: Automating Decisions:

Answer 5

Better decision making by minimizing risk, and reveal insight that otherwise would be hidden

Question 6

Predictive Analytics: Segmenting Populations

Answer 6

allows firms to segment consumers to meet needs of individual segments

Question 7

Predictive Analytics: Enabling Experimentation

Answer 7

Allows businesses to perform experiments to discover needs, show variability and improve performance

Question 8

Persuasive Analytics: Spurring Demand

Answer 8

cause purchase commitment by showing recommendations supported by data analysis.

Question 9

Persuasive Analytics: Innovating Business

Answer 9

create new services and goods, strenghtening existing, invent new business models