First we must understandwhat data is…Data - factual information used as abasis for reasoning, discussion, orcalculation
Companies have amassedenormous amounts of datasuch as..-social media activity-financial transactions-location tracking-web behavior
In contrast to traditionaldata, big data varies interms of the three v’s.Volume – the amount of dataVelocity – how quickly data can be madeavailable for analysisVariety – the different types of structuredand unstructured data
“Big Data” is used todescribe vast amounts ofinformation. Mostprofessionals in the industryconsider multiple terabytesor petabytes to be thecurrent big data benchmark.
Data Scientists are professionals who possess deepanalytical talent and can make sense of Big Data.Most are educated in data management and havestrong backgrounds in mathematics or statistics.Many have trained to become certified in businessintelligence, allowing them to creatively developbusiness solutions.Villanova University has a plethora of articles onbusiness intelligence:http://www.villanovau.com/university-online-programs/#business intelligence
The Scenario:With the advent of e-books and online booksales, Barnes & Noble needed a way toimprove the in-store experience and to makethe right merchandising decisions.The Problem:Millions of SKUs to keep track of and thedata was insurmountable. Barnes and Noblehad a “Big Data” problem.
The Solution:With the help of IBM and Big Dataanalysis, Barnes & Nobles can now look atcustomer trends and provide feedback to itspublishers. Merchandising and planningemployees now have the insight to makestocking and promotional decisions in real time.Big Data analysis allowed B & N to translatetheir data into actual customer readingpatterns, which allowed them to makeoptimized inventory decisions that directlyresulted in revenue opportunities.
The results:• Reduced the time required to run analyticalqueries by more than 95 percent• Reduced employee time required toadminister the business intelligence solutionby more than 70 percent• Improved publishers’ ability to understandand react to market trends, optimize printruns and reduce the cost of unsold bookinventory• Enabled the company to optimize its
The Big Data trend is not a phase.It is estimated that Big Data will be a $16.9billion industry by 2015 and $50 billion by2017.The enormous growth in the Big Dataindustry will create thousands of jobs forbusiness intelligence professionals.However, experts believe that the us alonecould face a shortage of 140,000 – 190,000people with business intelligencecapabilities.