Big Data Insights

High level updates and insights from the world of Big Data

It’s almost impossible to talk about emerging technology without talking about the Internet of Things. The IoT continues to grow more popular, and the network of devices connected to it gets bigger every day. Currently only 300,000 developers have contributed to the Internet of Things, but by 2020 approximately 4.5 million will have added to it. Gartner has estimated that there will be 26 billion devices connected to the IoT within the next six years.

According to estimates by Cisco, the Internet of Things will bring global businesses a net profit of more than $14 trillion. Because of this, a growing number of enterprises have started implementing more IoT-connected devices into their operations. A study conducted by The Economist found that 95 percent of business leaders plan to leverage the technology in some way within the next three years.

According to a report by Gartner, the IoT presents a unique opportunity for organizations to utilize a vast amount of freely existing information to gain business insights.…

While financial firms have always been on the lookout for suspicious behavior that might suggest insider trading, modern organizations are increasingly turning to predictive analytics and big data tools to detect anomalies that stand out in areas beyond an individual’s trading history. In such a heightened regulatory environment, the use of big data tools like Apache Hadoop provide firms with a service that can avoid costly fines and legal trouble.

As organizations collect larger amounts of data from and about their employees, behavioral histories of workers can be analyzed to find situations in which activity has made a sudden change. For example, Mitch Kraskin, founder and CEO of Compliance Science, uses big data tools to perform peer analysis reporting that identifies abnormal behavior within a peer group.

“Very specifically what we are doing is looking at trends within a population.…

As a growing number of people begin to use mobile phones, the data created from the devices can be analyzed and used to help fight the spread of infectious diseases. Nuria Oliver, scientific director at communications provider Telefonica, used mobile data to track the spread of the H1N1 virus in Mexico, for example. According to Oliver, anonymized and aggregated information allows researchers to quantify the impact of public health efforts on the mobility of citizens and therefore on movement of the disease.

With the steady growth of the Ebola epidemic, aid workers are now looking at how to use big data analytics to stop the spread of the virus. The official medical channels through which to fight the virus are growing more strained by the minute. In Liberia, for example, there are only 200 recorded doctors to help a population of 4 million, CNBC reported.…

While Zest uses big data to provide loans to individuals, financial startup On Deck does the same for businesses. On Deck analyzes information like past credit use, cash flow and vendor payment history in order to evaluate loan applicants in mere minutes. Big data analysis allows them to approve loans for organizations that have grown used to being turned down, yet are entirely capable of growing their business and paying back a loan.

On Deck utilizes big data tools like Hadoop to analyze information about a business itself, as opposed to most major banks which use data about an applicant’s personal history to make decisions about loans. Through the use of online data, and relatively little information from the business owners themselves, On Deck creates algorithms that are capable of assessing risks, building credit profiles and make lending decisions quickly.…

There has been a lot of talk about the applications for big data and predictive analytics in recent years, with many sectors utilizing the technology to experience dramatic improvements in customer retention and business insights. But perhaps no other industry has witnessed such extreme benefits in such a short amount of time as the financial services sector. Advantages are being realized in almost every area of the industry, from reducing credit card fraud to improving trading practices. Now, a handful of new firms are utilizing big data analytics to change the world of loans.

ZestFinance Inc. uses big data analytics to screen applicants for small, short terms loans, collecting thousands of pieces of data on those who are poor and without bank accounts in order to offer them loans when others will not. In an interview with Bloomberg, ZestFinance CEO Douglas Merrill explained that the firm sorts the data it collects through algorithms capable of inventing new analytical tools as the data fluctuates, instead of simply following preprogrammed instructions.…

Big data a game changer for financial services The growing use of big data for business analytics has dramatically changed the financial services industry, offering a variety of benefits to firms and their customers.

As more customers bank via online and mobile channels, firms have fewer opportunities for personal interactions with their clients. However, customers still appreciate an personalized banking experience.

Through the use of big data analysis tools, banks and other financial institutions can offer that by capturing customer activity then analyzing it to better understand customer preferences and predict future behavior.

As Silvia Wompa, head of Willis Group Holdings’ financial industry group for Western Europe, noted, firms can decrease customer churn through the use of predictive analysis. They can review internal and external data to create a model that estimates each customer’s probability of leaving. With early identification of those at high risk of attrition, they can use personalized offers and service to improve retention.…

Wall Street firms seek innovative trading models As profits from traditional forms of trading shrink, Wall Street firms turn to big data tools to create new revenue streams and innovative trading solutions. Since competitors can quickly match reductions in transfer speed, trading velocity no longer determines competitive advantage. Because of this, firms are now looking to identify alternative data types that may help them make unique, insightful decisions that grow profits.

The new practice, known as high-intelligence trading, is creating buzz within financial services organizations looking for untapped data streams to integrate into their trading platforms, without the adding to trade latency. A large portion of financial service companies is now focusing on unstructured data analysis, such as news feed sentiment analysis, to generate information for trading algorithms.

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Financial services see high speed, more insight with data analysis Big data and predictive analytics enable firms to identify future trends and make better decisions.…

Businesses report benefits from big data initiatives  A report recently released by Accenture found that enterprises are growing increasingly satisfied with the business outcomes of big data initiatives and are recognizing big data’s role as an important tool in corporate digital transformation.

The study, “Big Success With Big Data“, was based on interviews with executives in technology, data and analytics roles from companies that had completed at least one big data implementation in 19 countries across seven sectors. It discovered that 92 percent of companies surveyed are satisfied with the results they are experiencing from their big data projects.

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Enterprises can reap a variety of benefits from employing big data analytics tools like Apache Hadoop. According to Accenture Analytics senior managing director Narendra Mulani, the advantages of implementing big data platforms include growing a loyal customer base, increasing revenue and enabling more efficient operations.…

At this past Fashion Week, a bevy of designers was showing wearable technology on their runways, suggesting that the devices are more in demand and stylish than ever.

Sensoria, a new line of athletic clothing, showcased socks with GPS location capabilities and shirts with built-in fitness trackers. The Daily Beast reported that Womenswear designer Rebecca Minkoff debuted a set of gold-link jewelry that fit with her collection while also doubling as smart devices. The line featured a bracelet that could be used as a phone charger and necklaces with pendants that vibrate when the wearer gets an email or text alert.

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While those devices certainly signal the increasing popularity of wearable technology, they aren’t necessarily spawning brand new businesses. But one company does seem to have fashionably bridged the gap between couture and technology, highlighting the possibilities wearables have for brands and their marketers.…

Enterprises are quantifying their operations through the collection of information from multiple endpoints, and this big data surge is allowing those businesses to connect to consumers on a more personalized level.

Analytics tools like Apache Hadoop help retailers like you to better understand the preferences and shopping patterns of customers and to plan inventory and pricing accordingly. The information collected through multiple retail channels allows retailers to offer programs that drive improved sales, such as loyalty rewards, personalized coupons and exclusive savings.

White Paper: Modern Data Architecture for Retailers

One of the fastest-growing ways retailers gain actionable information about consumers is through their mobile and online activities. E-commerce businesses especially benefit from this trove of new information, rolling out initiatives like personalized assistance. LiveMint contributor Moulishree Srivastava offered the example of a customer who bought a shirt online but had trouble finding a tie that matched.…

With the rise of the quantified enterprise, many companies are looking for ways to effectively use big data and analytics programs to gain a competitive advantage. Tools like Hadoop – Apache’s open-source data storage and processing platform – are a great way to aggregate and analyze the vast amount of information collected by businesses each day. As CITEworld reported, market research firm Researchbeam recently released a report in which they projected the global Hadoop market to grow to $50 billion by 2020, highlighting the increasing popularity of the platform. Fortune 50 companies like Facebook and Yahoo! have implemented Hadoop infrastructures to handle their analytical needs.

A modern data architecture with Apache Hadoop helps companies utilize market data more effectively. The platform offers low-cost computational capabilities and distributed computing, making it accessible for businesses of all sizes. Hadoop is also able to scale to meet the growth in data volumes being driven by a variety of newer sources, including social media, mobile technology and the Internet of Things.…

Quantified enterprises use more data in more ways than ever before. One of the biggest potential benefits of all the data you collect is your ability to improved relationships with customers. Customer service representatives and sales associates should be the biggest users of your Hadoop big data.

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By aggregating and analyzing for Hadoop data you can provide your customer-facing employees real-time tips on how to communicate with clients in a more personal way, rather than sticking to a rigid, unwelcoming script.

A Hadoop analytical platform gives retailer employees a more comprehensive picture of what customers want to learn about a product or service and how they wish to engage with a brand when they contact the company. Big data analytics offers the means for businesses to determine what customers need and want.

Utilize every available data point The key to harnessing big data’s full potential of the quantified enterprise is to include information from all access points in the analysis process.…

The Apache Hadoop platform allows businesses to store rarely used information in a cost-effective manner, while still being able to access it quickly. This saves IT departments time and money.

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As enterprises quantify more of their daily operations, they seek useful information from an ever-growing number of endpoints. With more and more data under management, business leaders face a dilemma: some data is clearly critical and some data is clearly not, but a growing portion of data has ambiguous value. This ambiguous data is used infrequently, but may include nuggets of useful information.

Here’s what has changed. Hadoop makes it less expensive to store all of the data than it is to determine what to throw out.

Bottom line? All data can be retained, at an acceptable cost and with the appropriate policies in place for data access, governance and security.…

As shoppers, we are all guided by our emotions when making purchases. Things like wanting to feel good about saving money or contributing to something that will make the world a better place, calming insecurities we may have about ourselves or finally finding the thing that will fix a long-standing problem all play a role in what products we buy. These days, the rise of the quantified enterprise is offering retailers the ability to tap into those emotions to better target prospective buyers.

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In an interview with Forbes, BJ Bueno, founder of The Cult Branding Company, noted how critical it is for companies to understand the thought process behind customer purchases.

“It’s important for retailers to understand what values consumers are rallying around,” said Bueno. “They need to dig into the unconscious of customers and find the emotional triggers.”

Big data tools provide customer insights  There are many ways for retailers to connect with customers on a deeper level by utilizing the data created through purchases and information available online.…