Download - Big data analysis the new big thing
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BigDataAnalysis:TheNewBigThingSteveJellinek
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Withbigdata,thereare fourmethodsofdataanalysisrelevantintheretailindustry;predictive,prescriptive,diagnosticanddescriptive.Let’sgoovertheminalittlemoredetail;whattheyare,howtheyworkandwhothey’reusefulfor.
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Predictive
“Predictivedataanalysis,asthenameimplies,usescollecteddatafromthepastinordertocalculatewhatwillmostlikelybecoming forthefuture.”
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Prescriptive
Prescriptivedataanalysisusesyourcollecteddatatoplotoutacourseofactionforthefuturebyrecommendingawaytodosomethingandtheoutcomeforthataction.Ithasbeencalledthe“finalphase”inbusinessanalytics byIBM,whichmakessense.
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Diagnostic
Diagnosticdataanalysisusesthedatayouculltotrytotellyouwhysomethinghappened.Takingtheexampleofbedsheetsfromabove,thismethodofdataanalysiswouldtellyouwhygreensoldtheleast(becausewhowantsgreensheets?).
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Descriptive
Descriptivedataanalysistakesinallthedatayouhave,summarizesitandthenpaintsapictureofwhathappened.Datasuchas likes,retweets,+1’sonGoogle,pinsandmore comprisewhatgoesintodescriptiveanalytics.Allthesethousandsofonlinementionsaredistilledintooneclearandconcise graphictohelpyouunderstandwhatworkedandwhatdidn’t.
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Adigitalworkplaceisagreatspacetostartanalyzingallyourbigdata.Usingdigitalapplicationstocreate graphicsthatcantrackyourdata isanexcellentwaytoputitall
togetherinawaythatmakessense. Oneapplicationthatwill helpyoutrackyourretaildataanalysisis Hadoop,originallymadeusingaGooglealgorithmthatanalyzes
data.
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