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THE Ex| $T| NG v5
Big data has brought both great opportunity and change to the technology industry. Data scientists
traditiona| |y look at the existing Vs that have c| assica| |y been used to understand key variables ot any
v, l. 'har
Every mouse click, like, phone call, text message, web search and purchase
transcrction on cr social network is catalogued and stored in the cloud of big data.
j Å Å 2,5oo,00o,0oo, oooooo, ooo BYTES ARE Ä ; ”ZIW
CREATED IN THE DIGFTALUNIVERSE
ataäsârüa 2012 2015 2020
gris gråt, zElêrBêtEs
' The primary goal of this large volume of big data is to make it useful to companies, as well as
' Consumers, to optimize future results.
, . - _n| .'
In today's multi-faceted Internet culture, the great volumes of data are also extremely varied in form. So
many variables can be thrown at a company that the true value of this information is often lost in the
sea of data.
PURCHASE WEBSITE REWARDS QUARTERLY
TRANSACTIONS TRAFFIC PROGRAMS BUSINESS REPORTS
E f Fm
TVf/ IEETER FACEQOK BLOG . CSENTENT
Information is being created at a faster pace than ever before. The varied channels of big data are each
clay increasing their output of content.
EI% ti _ _ 4= i e
41" T; i USERS GENERATE 2.7 Q e g, vi
' ' BILUON LIKES ON FACE- 'E' *i
- BOOK PER DAY
HHHE EHEH 90%ofthedataintheworld
today has been created in the
last two years alone
*få* i 40%
l ' NEW rweers ARE
l, th' ' ' CREATED BY ACTIVE
- ' " ' . USERS EACH DAY
____ --T- 40%oftweetsarerelatedto
television and are beginning to be
used in TV ratings
l OF VIDEO IS UPLOADED
° TO YOUTUBE EVERY
In 7 years, I 5x the amount of
data that exists tod will be
created every sing e year
This new influx of data requires a re-examination and addition to the classic 3 Vs concept.
It is necessary to filter through this information and carefully select the attributes and factors most likely to
predict outcomes, and matter most to businesses. The secret to success is uncovering the latent, hidden
relationships among these variables.
/ /// /// /// /// /// /// /// // QUESTIONS TO CONSIDER
e fi* .
»i -34 ___. -e
What affect does time of day How do age, family size, credit How do geo-location, product Does a surge in Twitter or
or day of week have on limit and vehicle type converge availability and purchasing Facebook ment' presage an
buying behavior? to predict a oonsumefs propensity history predict a consumefs increase or rease in
b propensity to consumer purchases?
// /// /// /// /// /// /// /// THE NECESSARY sTEps
Test and Conclude
u Establish a method to assess the Establish a method that is quick a Confinn a variables relevcance
viability of infonnation, regardless and cost-effective. before investing in the
of field type or size of data. creation of a fully formed
LBABLE After confirming the viability of beneficial variables, it is important I l
BIG to make prescriptive, needle-moving actions that change behaviors
and enhance the value of your company. ' i' “'
1 MAKES 2 IMPROVES 3 ALLOWS
infomtation transparent the ability to predict for improved decision making.
and usable at a higher outcomes.
i i i i 4 COLLECTS 5 PROVIDES
I l more accurate intemal a more accurate depiction of
transactional data that aan be” aistomers for marketing and
properly analyzed to boost designing tailored
performance. products and services.
l Many data scientists believe that perfecting as few as 5% of the relevant variables will result in a business
- achieving 95% of the sales benefits. The trick is identifying that viable 5% and e›dracting the most value from it.