Notesale: Turn your study into money

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Big Data & Analytics
BIG DATA - WHAT IS IT?
Some people thought it was 'just a fad' and would go away
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BIG DATA - DEFINITION - There is little consensus on "how big the data has to be to qualify as 'big data'"
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People generate massive amounts of structured as
well as unstructured data, creating a data influx or 'sea' of data
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THE 5 VS OF BIG DATA
● Volume - scale of data available for analysis
● Variety - different types available for analysis e
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, unstructured data, social media, images, videos etc
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BBC News (2015) - Doctors in London have stored more than one and a half thousand beating human hearts in digital
form on a computer
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Latest project which makes use of advances in storing large amounts of information
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(2014) - US Centres for Disease Control and Prevention collect mobile phone activity data from mobile
operators - map where calls to helplines are mostly coming from
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RECENT NEWS
The Guardian (2018) - Vodafone is partnered with the government of Ghana to share the movements of its customers
to help track and contain the spread of epidemics such as Ebola
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BIG DATA - BUSINESS OPPORTUNITIES
Whatis
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- Findings can lead to more effective marketing, new revenue opportunities, better customer service, improved
operational efficiency, competitive advantages over rival organizations and more
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(2012) - Decisions mould company strategy - which markets to enter or what products to develop
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Savvy managers
turn to analysing data - on their customers, operations, risk and more - for guidance
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G
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- The value placed on data by firms has grown rapidly
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Highfield (2014) - Boots Used Customer Data to Modernise its Loyalty Business
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- it ditched its direct mailing approach - opted for a fuller picture
method where people can get offers from whatever suits them best
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g
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BIG DATA - SKILLS AND CAPABILITIES
Joachim (2013) - Organisations need to develop and encourage talent within their organisations to exploit the
benefits of big data
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DATA CAPABILITY - focuses on three aspects to data capability
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➢ Tools and infrastructure which are available to store and analyse data
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The UK requires a strong skills base, able to manage, analyse, interpret, and communicate data, to extract insight and
value for the benefit of citizens, business, and academia
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- Can be an asset
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2
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No universally-recognised definition of a data analytics job – typically involve wide range of skills but generally 3
core skills:
➢ Data management
➢ Data analysis (including numeracy and statistics)
➢ Business insight (an awareness of commercial and wider contextual issues, and some subject specialisation)
While the precise skills required for a data analyst are not fully established, computing and mathematical skills are core
components and action are required across all skill levels
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DATA OPPORTUNITY - We live in a world where the volume, velocity and variety of data being created and
analysed each day is ever increasing
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- We will continue to amass more and more data
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BENEFITS OF DATA
● Increased transparency and accountability, new scientific discoveries, market-changing products, and services
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E
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GiffGaff customers can view whether they are spending more than they need on their monthly 'goody bag'
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With greater access and
understanding of their usage data, consumers could choose the best deal for their needs
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"Big data analysis
requires three core skills - computer science, analytics and statistics - as well as domain knowledge, blended with
strong communication skills
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A Data scientist is needed to lead team
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"These skills are guided by an understanding of the business context that drives the analysis
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A team is therefore likely to need a data scientist and a business analyst to extract the desired insights from big data
effectively
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− Required essential experience skills and qualifications
− Proven ability to deliver through data and or management information transformation
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- he oversees global analytics efforts and
focus on helping the company develop autonomous driving, mobility, and connectivity technology
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He will develop an "enterprise-wide vision for how to use analytics," a Ford spokesman said
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Easyjet is getting rid of
the chief customer officer role in favour of a Chief Data Officer as it looks to "exploit opportunities in data”
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MANAGEMENT OPPORTUNITIES AND ISSUES
▪ Implementing an analytics capability in organisations
▪ How to develop an analytics strategy?
▪ Securing senior management buy-in
▪ Considering the political environment
▪ How to embed analytics in organisational processes to ensure they deliver value, how to determine 'right'
infrastructure, including technological, issues relating to law, privacy and security, benefits management, project
management
▪ Hardware and software
▪ How to deploy analytics throughout the organisation to improve decision making and competitive advantage

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