Newsletters
Customer Relationship Management News NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Home CRM Systems Customer Service Business Intelligence Sales & Marketing More Topics...
Vblock™ Systems:
Advanced converged infrastructure
increases productivity & lowers costs.

www.vce.com
Customer Data
Tame your scariest paperwork. Find Out How
Average Rating:
Rate this article:  
Turn Big Data into Smart Data: You
Turn Big Data into Smart Data: You'll Have Happier Customers

By Sue Smith
February 12, 2014 7:32PM

Bookmark and Share
"It takes advanced analytical methods to find the correlations and underlying patterns that help us understand the present and predict the future," data scientist Ingo Mierswa explains. "If a company understands which customers will quit their contracts, or when a machine will break down, they can be proactive, solving problems before they occur."
 


Predictive analytics expert Ingo Mierswa, who also happens to be CEO and founder of RapidMiner, recently blogged about the relationship between big data and smart data. The true power of big data, he explains, lies in creatively using advanced analytics to transform that 'big' data into 'smart' data and actionable business intelligence.

Why Is Big Data Such a Big Deal?

First, Mierswa points out, big data can be defined in terms of the "3 Vs" that Gartner's analysts have enumerated -- Volume, Velocity, and Variety. We're talking about really large volumes of data, and different kinds of data (some structured, some unstructured, etc.), possibly collected in batch mode, at intervals, and/or in real-time (that's the velocity component).

Volume, of course, is the most obvious characteristic of big data. The sheer volume of big data makes it hard to store and hard to retrieve. But Mierswa points out that its size is actually the least interesting quality of big data.

"The technology needed to store and retrieve this massive amount of data is coming along quickly, building on past developments like relational database systems and storage clusters. Now NoSQL databases and Hadoop are considered solid solutions for distributed data storage and retrieval." And, Mierswa predicts that many more companies will soon be using these technologies as underlying data delivery frameworks.

It's actually the variety of big data -- whether it's structured and/or unstructured -- that adds another layer of complication on top of the usual storage and retrieval challenges. One of the key challenges, Mierswa suggests, is organization. "Big data is fundamentally hard to organize." He points out that when you move beyond analyzing just structured data, you may, for example, "need text analytics to transform unstructured information like text, images, or videos into structured data."

Big Data Alone Has No Value

What? Did you read that correctly? Indeed, Mierswa writes, "Big data alone has no value! To extract value from it, you have to employ advanced analytics. You can only unlock the true power of big data when you learn how to transform it into smart data, data that helps you understand why the world works as we know it."

"It takes advanced analytical methods to find the correlations and underlying patterns that help us understand the present and predict the future," Mierswa explains. "If a company understands which customers will quit their contracts, or when a machine will break down, they can be proactive, solving problems before they occur and making decisions that will guard the company’s interests long-term."

What Can Big Data Do for You?

Ultimately, that's the million-dollar question. And, how can your business leverage your customer data to better serve your customers, while increasing sales and profitability?

"Everyone seems to be trying to figure out how best to tap into 'Big Data' to achieve their goals," Mierswa writes. The key, is recognizing that, "the true power of big data lies in creatively using advanced analytics to transform it into smart data."

Large-scale marketing and sales success requires looking for patterns, correlating customer actions and reactions, and testing different strategies to determine what works best. Software for data mining and predictive analytics, like that developed by RapidMiner, can provide the tools marketers need.

RapidMiner actually evolved out of the Artificial Intelligence Division of the University of Dortmund, Germany, under Mierswa's leadership. Over the past five years, the company has grown substantially by helping well-known customers such as Lufthansa, PayPal, Pepsi, Siemens, and Volkswagen by turning their big data into smart data and actionable business intelligence.
 

Tell Us What You Think
Comment:

Name:

Sunitha:

Posted: 2014-02-15 @ 9:53am PT
Nice article, Big data is the future and is playing key role in operations. Register for Apr 4-6 Big Data Bootcamp-Austin http://globalbigdataconference.com/32/big-data-bootcamp/event.html

Big Data Queen:

Posted: 2014-02-13 @ 11:20am PT
Sue, very insightful article. We are seeing an increase in businesses seeking specialized skills to help address challenges that arose with the era of big data. The HPCC Systems platform from LexisNexis helps to fill this gap by allowing data analysts themselves to own the complete data lifecycle. Designed by data scientists, ECL is a declarative programming language used to express data algorithms across the entire HPCC platform. Their built-in analytics libraries for Machine Learning and BI integration provide a complete integrated solution from data ingestion and data processing to data delivery. HPCC Systems provides proven solutions to handle what are now called Big Data problems, and have been doing so for more than a decade. More at http://hpccsystems.com



APC has an established a reputation for solid products that virtually pay for themselves upon installation. Who has time to spend worrying about system downtime? APC makes it easy for you to focus on business growth instead of business downtime with reliable data center systems and IT solutions. Learn more here.


 Customer Data
1.   Mobile Ad Platform From Facebook?
2.   Michaels: Nearly 3M Cards Breached
3.   Google Proudly Scans Your Gmail
4.   1 in 5 Say They've Had Data Stolen
5.   McAfee Tool To Stop the Heartbleed


advertisement
Michaels: Nearly 3M Cards Breached
But the hack has been contained.
Average Rating:
McAfee Tool To Stop the Heartbleed
Firm offering it free to users.
Average Rating:
States Probing Massive Data Breach
Credit giant Experian in the hot seat.
Average Rating:


advertisement
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Top Cyberthreats Exposed by Verizon Report
Beyond Heartbleed, there are cyberthreats vying to take down enterprise networks, corrupt smartphones, and wreak havoc on businesses. Verizon is exposing these threats in a new report.
 
Where Do Web Sites Stand, Post-Heartbleed?
A security firm says the vast majority of Web sites have patched themselves to protect against the Heartbleed bug, but now there are questions raised on the reliability of open-source programs.
 
White House Updating Online Privacy Policy
A new Obama administration privacy policy explains how the government will gather the user data of online visitors to WhiteHouse.gov, mobile apps and social media sites, saying much is in the public domain.
 

Navigation
CRM Daily
Home/Top News | CRM Systems | Customer Service | Business Intelligence | Sales & Marketing | Contact Centers | Customer Data | CRM Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.