Big Data: Adding Context to the Clicks A cut-out-and-keep guide for Business Analysts.
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Not a Data Scientist
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Explained Big data is a concept that’s rewiring the business world. Big data is about the capture and analysis of all the information created by the many disparate sources we all interact with online. Each piece of information you create forms a digital shadow that continuously grows. A gigabyte of stored data can generate more than a petabyte of related data. Companies that refuse to mine deep insights from big data won’t be able to compete with those that are ready and able to handle and analyse large, complex, multi-structured data sets.
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Explained The companies with the tools to harness the power of big data will be better prepared to face the future. Enterprises that use the insights they gain from their big data will be able to improve decision making and customer relations. Business analysts will be key players in giving a business context to the information extracted from the organisation’s data. These analysts will also be an essential link between the teams that mine the data, and the teams that put any insights into action. How business analysts adapt to a big data strategy will dictate how far and fast their enterprises grow.
Business Analysts
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Data Scientists
Marketers
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Explained Companies across the globe are starting to think about how to leverage big data to move their businesses on to the next level. Pioneering customer experience analytics company ClickFox introduced a big data strategy that reduced latency and processing speeds. Their solution, built on EMC Greenplum technology, meant 1-2 billion records could be processed each month with near zero latency. Data loading and processing speeds reduced from sixteen hours to four. China CITIC Bank, one of the earliest commercial banks established during China’s reform, implemented a big data solution that enabled it more access to real-time data for targeted marketing campaigns, while also improving loading speed and scalability. It increased its data analysis activities by 40 percent, improved data mining efficiency by at least 50 percent, reduced marketing campaign implementation time by 86 percent and achieved returns of up to 40 times the initial project investment. Tagged, a social network with 100 million members and 200 million page views per day, implemented a big data solution that allowed the company to keep up with the rapid growth of data volumes and complexity, quickly load data and analyse complete data sets. Tagged is now capable of ultra-fast data processing and analysis and has reduced its time to market from weekly to daily. This has enabled it to deliver an improved user experience and has increased the time members spend on Tagged by 50 percent.
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Explained There are challenges... Business analysts will need to get to grips with a new range of tools that will empower them and allow them to create bespoke models to solve complex problems. Business analysts will need to work closely with data scientists and marketing departments, enabling the link between abstract data extractions and business context. Only by adding this context will insights become actionable, and business models improved. In order to more effectively bridge this gap, business analysts will have to harness the new ways of visualising data to add business value and make it user friendly.
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Explained But there are also opportunities... A smart big data strategy will enable companies to become more than just industry leaders — they will become industry definers. Business analysts will be able to access deep data insights, enabling them to construct detailed and improved behaviour models. Business analysts will be instrumental in this cultural shift that we are seeing today in the world of big data. They will be the core link between insight and action.
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