The temptation to form premature theories upon insufficient data is the bane of our profession
– Sherlock Holmes
We live in a world of incredible beauty and complexity. A world increasingly measured, mapped, and recorded into digital bits. A large chunk of data is always acquired from different sources. Big Data Analytics is increasingly emerging as a key enabler in helping organizations achieve their goals.
Everything from gathering, analysing data, predicting consumer behaviour, deriving market direction and providing precise and effective solutions in terms of minimising costs that help you climb up the ladder in the long run. Businesses could make decisions based purely on their long experience inthe field and the eye for what will work. Or, they could base their selection onthe analysis of data regarding how consumers react to different ads and marketing strategies.
What’s new are tools to effectively capture, visualize and analyse unstructured data that are messy, streaming in text, audio, video, clicks, PDF files, email, blogs, tweets, sensors and the rest. We use data mining to analyse customer behaviour in order to manage attrition and maximize expected customer value.