Big Data Use Cases: Product Development
Big Data Use Cases: Product Development
Big Data Use Cases: Product Development
Big data can help you address a range of business activities, from customer experience to
analytics. Here are just a few. (More use cases can be found at Oracle Big Data Solutions.)
Product Development
Companies like Netflix and Procter & Gamble use big data to anticipate customer demand.
They build predictive models for new products and services by classifying key attributes of
past and current products or services and modeling the relationship between those attributes
and the commercial success of the offerings. In addition, P&G uses data and analytics from
focus groups, social media, test markets, and early store rollouts to plan, produce, and
launch new products.
Predictive Maintenance
Factors that can predict mechanical failures may be deeply buried in structured data, such as
the equipment year, make, and model of a machine, as well as in unstructured data that
covers millions of log entries, sensor data, error messages, and engine temperature. By
analyzing these indications of potential issues before the problems happen, organizations
can deploy maintenance more cost effectively and maximize parts and equipment uptime.
Customer Experience
The race for customers is on. A clearer view of customer experience is more possible now
than ever before. Big data enables you to gather data from social media, web visits, call logs,
and other data sources to improve the interaction experience and maximize the value
delivered. Start delivering personalized offers, reduce customer churn, and handle issues
proactively.
Machine Learning
Machine learning is a hot topic right now. And data—specifically big data—is one of the
reasons why. We are now able to teach machines instead of program them. The availability
of big data to train machine-learning models makes that happen.
Operational Efficiency
Operational efficiency may not always make the news, but it’s an area in which big data is
having the most impact. With big data, you can analyze and assess production, customer
feedback and returns, and other factors to reduce outages and anticipate future demands.
Big data can also be used to improve decision-making in line with current market demand.
Drive Innovation
Big data can help you innovate by studying interdependencies between humans, institutions,
entities, and process and then determining new ways to use those insights. Use data insights
to improve decisions about financial and planning considerations. Examine trends and what
customers want to deliver new products and services. Implement dynamic pricing. There are
endless possibilities.
https://www.bernardmarr.com/default.asp?contentID=1076
The increase in the amount of data available presents both opportunities and problems. In
general, having more data on one’s customers (and potential customers) should allow
companies to better tailor their products and marketing efforts in order to create the highest
level of satisfaction and repeat business.
Companies that are able to collect large amount of data are provided with the opportunity to
conduct deeper and richer analysis. This data can be collected from publicly shared
comments on social networks and websites, voluntarily gathered from personal electronics
and apps, through questionnaires, product purchases, and electronic check-ins. The
presence of sensors and other inputs in smart devices allows for data to be gathered across
a broad spectrum of situations and circumstances.
While better analysis is a positive, big data can also create overload and noise. Companies
have to be able to handle larger volumes of data, all the while determining which data
represents signals compared to noise. Determining what makes the data relevant becomes a
key factor. Furthermore, the nature and format of the data can require special handling
before it is acted upon. Structured data, consisting of numeric values, can be easily stored
and sorted. Unstructured data, such as emails, videos, and text documents, may require
more sophisticated techniques to be applied before it becomes useful.
Big data is most often stored in computer databases and is analyzed using software
specifically designed to handle large, complex data sets. Many Software-as-a-Service
(SaaS) companies specialize in managing this type of complex data. Data analysts look at
the relationship between different types of data, such as demographic data and purchase
history, to determine whether correlation exists. Businesses often use the assessment of big
data by such experts turn it into actionable information. Such assessments may be done in-
house within a company or externally by a third-party who focuses on processing big data
into digestible formats.
Nearly every department in a company can utilize findings from data analysis, from human
resources and technology to marketing and sales. The goal of big data is thus to increase the
speed at which products get to market, to reduce the amount of time and resources required
to gain market adoption, and to ensure that customers remain satisfied.
https://www.investopedia.com/terms/b/big-data.asp
https://www.ibmbigdatahub.com/infographic/where-does-big-data-come photo
Social data comes from the Likes, Tweets & Retweets, Comments, Video Uploads,
and general media that are uploaded and shared via the world’s favorite social media
platforms. This kind of data provides invaluable insights into consumer behavior and
sentiment and can be enormously influential in marketing analytics. The public web is
another good source of social data, and tools like Google Trends can be used to
good effect to increase the volume of big data.
Transactional data is generated from all the daily transactions that take place both
online and offline. Invoices, payment orders, storage records, delivery receipts – all
are characterized as transactional data yet data alone is almost meaningless, and
most organizations struggle to make sense of the data that they are generating and
how it can be put to good use.
https://www.cloudmoyo.com/what-is-big-data-and-where-it-comes-from/
https://www.allerin.com/blog/top-5-sources-of-big-data
Big data is often boiled down to a few varieties including social data, machine data, and
transactional data. Social media data is providing remarkable insights to companies on
consumer behavior and sentiment that can be integrated with CRM data for analysis,
with 230 million tweets posted on Twitter per day, 2.7 billion Likes and comments added to
Facebook every day, and 60 hours of video uploaded to YouTube every minute (this is what
we mean by velocity of data).
5. Broadcastings: Mainly referred to video and audio produced on real time, getting
statistical data from the contents of this kind of electronic data by now is too complex
and implies big computational and communications power, once solved the problems
of converting “digital-analog” contents to “digital-data” contents we will have similar
complications to process it like the ones that we can find on social interactions
http://www.hadoopadmin.co.in/sources-of-bigdata/