For some decades now companies have been gathering large amounts of data. Over the last few years more light has been shed on how the information obtained from customers is being used. While we all know that knowledge equates to power, it takes accurate interpretation of the information gathered to transform it into a powerful tool for businesses. The use of big data analytics comes in handy once you know what to look for within the information collated.
For it to be considered big data, it needs to be not only large in its volume of results, but also varied in its format. An IBM report highlighted to businesses just how effective interpretation of the hundreds of thousands of tweets sent in a single minute are. This could reveal how customers are viewing any given business products. The information also highlighted how that information could be used to better understand consumers, ultimately increasing revenue.
The four main areas where big data analytics is of benefit:
- Develop and promote an existing product or service being offered
- Improve internal processing
- Develop a new product or service to offering
- Transform the current business model
Analytic tools
Storing and managing the data you need can be done on a number of platforms, the most cost effective of which is undoubtedly Hadoop. At only $333, it is much cheaper than IBM, which charges $1000 for processing a terabyte of data. There is Netezza, but that service costs an impressive $14000 while Data Warehouse Appliance is the most costly at a whopping $16500.
For big data, your next step is to use an analytic tool that examines your consumers purchasing or service history. You’ll want to focus on a tool that has predictive capabilities. Big data analytics offers companies the ability to appropriately cross sell, offering promotions according to the consumer’s established taste and trends.
You can choose to use separate analytic tools or make use of comprehensive platforms. The successful big data analysts have created these tools to focus on what needs to be achieved. With your focus clear, and goals that are both easily identifiable and quantifiable, you’re set to look at the best analytics on offer to your sector.
The Top Three Big Data Analytic Platforms
1010data has an impressive customer base. It is used by a number of Wall Street big banks and heavy hitters, including Marquis customers and NYSE Euronext. The company has tried and tested its query language, producing effective results that translate to increased revenue for its clients. It offers data integration, reporting and data-visualisation tools to make understanding the results easy for decision makers.
In comparison to cloud provider Amazon, 1010data may appear dwarfed with their 250+ customers. It is 1010data’s finely honed private-cloud capabilities and applications that specifically match its customer’s needs which lands them in the top three of analytical tools providers.
Amazon Web services makes use of the cost effective Hadoop cloud based storage service and works with a host of major players in the data-management game. This makes its services highly sought after. From Cloudera, Oracle, Microsoft to RedShift Data Warehousing, you’ll enjoy the offerings of well-known data-integrators, analytics and business intelligence providers.
Amazon’s ability to handle data-intensive applications in the cloud is of huge appeal to organisations that want to enjoy the services offered, whilst keeping its customers sensitive data safely secured on the premises. Cloud-based hybrid strategies for big data analysis is of particular appeal if you’re seeking the expertise of well-known names under the umbrella of one well-connected and recognisable brand.
Hortonworks offer a host of services to the cash conscious. Its entire platform of comprehensively tested and proven services is open-source and offered without charge. While it’s not actually a database management system (DBMS), it does make good use of Apache Spark’s repeated query analysis capabilities. It doesn’t stop there and offers Hadoop and other open-source processing options such as Storm. As it’s free, Hortonworks will always undercut its competitors when it comes to support fees.
Of course you’re not going to get the frills and fancies of the other analytic providers; you will however get an easy to use platform that won’t burn up your budget.
There are numerous options available when it comes to data analysis. The trick is to fit the service that you pick to your business model. Some data analysis providers are incredibly expensive and some are free. It is worth considering the benefits and how the service will better your business before forking out a large amount of money.
Image Gerd Leonhard
