Newsletters
Customer Relationship Management News NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
Home CRM Systems Customer Service Business Intelligence Sales & Marketing More Topics...
Eliminate costly downtime!
Find out how with Free White Paper
& enter to win a Samsung Galaxy Note

www.apc.com
Business Intelligence
Fiercely productive scanners
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.


 Business Intelligence
1.   Mark Hurd's 5 Keys to Market Success
2.   Twitter Acquires Data Analyzer Gnip
3.   Silverpop: IBM Marketing Gets Personal
4.   Teradata Intros QueryGrid Analytics
5.   Tool Analyzes Tweets for Companies


advertisement
Twitter Acquires Data Analyzer Gnip
Company has been partner since start.
Average Rating:
Tool Analyzes Tweets for Companies
Customer satisfaction analyzed, rated.
Average Rating:
Mark Hurd's 5 Keys to Market Success
Using a 'customer-obsessed' strategy.
Average Rating:


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

Network Security Spotlight
Heartbleed Could Cost Millions, Could Have Been Prevented
Early estimates of Heartbleed’s cost to enterprises are running in the millions. The reason: revoking all the SSL certificates the bug exposed will come at a very hefty price. Some say it all could have been avoided.
 
Michaels Says Nearly 3M Credit, Debit Cards Breached
Arts and crafts retail giant Michaels Stores has confirmed that a data breach at its POS terminals from May 2013 to Jan. 2014 may have exposed nearly 3 million customer credit and debit cards.
 
Google's Street View Software Unravels CAPTCHAs
The latest software Google uses for its Street View cars to read street numbers in images for Google Maps works so well that it also solves CAPTCHAs, those puzzles designed to defeat bots.
 

Enterprise Hardware Spotlight
Vaio Fit 11A Battery Danger Forces Recall by Sony
Using a Sony Vaio Fit 11A laptop? It's time to send it back to Sony. In fact, Sony is encouraging people to stop using the laptop after several reports of its Panasonic battery overheating.
 
Continued Drop in Global PC Shipments Slows
Worldwide shipments of PCs fell during the first three months of the year, but the global slump in PC demand may be easing, with a considerable slowdown from last year's drops.
 
Google Glass Finds a Home in Medical Education, Practice
The innovative headpiece may find its niche in markets where hands-free access to data can be a big advantage. Glass experiments for doctors are already under way, with some promising results.
 

Mobile Technology Spotlight
Review: Siri-Like Cortana Fills Windows Phone Gap
With the new Cortana virtual assistant, Windows catches up with Apple's iOS and Google's Android in a major way, taking some of the best parts of Apple's and Google's virtual assistants, with new tools too.
 
With Galaxy S5, Samsung Proves Less Can Be More
Samsung has produced the most formidable rival yet to the iPhone 5s: the Galaxy S5. The device is the fifth edition of the company's successful line of Galaxy S smartphones, and shows less can be more.
 
Facebook Rolls Out Potentially Intrusive Location-Sharing
Looking for friends? Facebook users in the U.S. will soon be able to see which of their friends are nearby, using a smartphone's GPS. Could be a cool feature in some cases, or way too much information.
 

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.