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ARRIVAL OF BIG DATA WITH 2 OPPORTUNITIES - Coggle Diagram
ARRIVAL OF BIG DATA WITH 2 OPPORTUNITIES
UNTAPPED OPPORTUNITIES
Generating foresight
How to use such foresight to deliver more business value
cheap computing horsepower speeding transformation
discovering what causes what
Correlation in statistics ~ Walmart’s beer and diapers sales on Friday night
Causation is the Holy Grail of prediction
Can tweak things that cause sales, returns, or customer loyalty
IMPORTANT
recalculating entire risk portfolios in minutes
detecting fraudulent behavior before it affects your organization
generating coupons at the point of sale based on the customer's buying habits
determining root causes of failures , issues and defects in near-real time
Digitization-infusion-ubiquity trifecta perpetuates these data streams
Coming from interconnected supply chains, mobile devices, IoT, social media
e.g., Walmart produces over 200x entire Library of Congress every hour
Boeing 787 jet generates 2,500 iPhones worth every hour
CHALLENGES
data storage and analysis
high dimensional data, data integration, infrastructure, data quality
information security
data privacy
knowledge discovery
pattern evaluation, handling noises, incomplete data
a term that describes the large volume of data that inundates a business on a day-to-day basis
example
made of
unstructured information
transactions, reference data, master data
structured information
digital asset, videos, facebook post, communiction