big data miu zuo. data is emerging as the world's newest resource for competitive advantage
TRANSCRIPT
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Big Data
Miu Zuo
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Data is emerging as the world's newestresource for competitive advantage.
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What is BigWhat is Big Data?Data?
How big is it?How big is it?
The Age of Big Data
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Big DataBig Data is an all-encompassing term for any collection of data sets so large and complex that it becomes difficult to process them using traditional data processing applications.
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Big Data is being generated by everything around us .
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• Web data, e-commerce
• Social network
• Purchases at department
• Bank/ credit card transactions
Lots of data are being collected and warehoused:
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Characteristics 4V4V
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Data reflects the state of our life and provides actionable insight which can help us to make decision faster.
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meteorology
genomics
environmental research biology
internet search
finance
business informatics
Big Data affects many areas:
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What does Big Data means to companies?
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Big Data is a great help to companies:
• Identify competitive advantages
• Determine pricing strategies
• Product development
• Target advertising
• Strengthen customer service
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Got an example.
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A clothes shop owner could integrate data taken from many sources, including customers’ shopping preferences, geolocation and credit card data, to improve personalized marketing and upsell opportunities.
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The result: A girl who loves red colour now received targeted offers for a free red T-shirt on her birthday.
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In this simple example, the shop owner used the data to create new opportunities for customers to interact with the brand.
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MASSIVE DATA…WHICH REQUIRES
MASSIVE PROCESSING
However,
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Gain the ability to get the data you want into the shape you need with the minimum time and effort is very important.
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In short, to extract meaningful val
ue from Big Data, we need optimal processing power, analytics capabilities and skills.
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Thank you