Big Data

Front 1

What is Big data?

Back 1

The process of collecting and analysing large data sets from traditional and digital sources to identify trend patterns that can be used in decision making.

Front 2

What should digital technology include?

Back 2

• E-Commerce: advertising, functionality (app)
• Big data
• Data mining

Front 3

How has there been an exponential growth of big data?

Back 3

- Retail e-commerce databases (Tesco clubcard)

- User interactions with websites and mobile

- Usage of logistics, transportation systems

- Social media data (algorithms)

- Location data (GPS-generated)

-Scientific data (human genome analysis)

Front 4

Defining big data with the 3 V's

Back 4

1. Volume
2. Velocity
3. Variety

Front 5

Volume

Back 5

• Businesses usually lack the ability to interpret its meaning...

Relevance of data can now be recognised, cost of storage lower, analytical software enables business to discover relationships and correlations from arising data.

Front 6

Velocity

Back 6

• Speed at which data recorded increased

Increased usefulness of data, as its kept up to date and are reliable indicators, even in markets with dramatic change.

Front 7

Variety

Back 7

• Opportunity more unstructured info

- Emails

- Qualitative customer feedback

- Social media comments

Front 8

Uses of big data:

Back 8

4 main uses reviewed:

- Analysis of operations

- Marketing information

- Improving decision making

- Security issues

Front 9

Analysis of operations

Back 9

• Growing use of computerised machinery

Increased data on performance of business op..

Enables to correct errors in operations more effectively (quality defects, more rapidly).

Priorities established: Speed of production etc..

Front 10

Marketing information

Back 10

• Data from loyalty cards, websites, credit cards, customer feedback

Key factors that influence buying habits, likely reactions to different forms of promotions..

Clues to changes in future buying habits..

Front 11

Improving decision making

Back 11

• Establish new effective ways of using strategies + consequences of decisions made

Minimise impact of weaknesses through recognising successes and failures.

Data may be able to give an answer to why there are these failures, improve decisions.

Front 12

Security issues

Back 12

• Greater threat, more data created

Security breaches in the future being prevented by developed systems

Front 13

Give some issues of big data

Back 13

- Data protection legislation prohibits use of data when customer does not agree for it to be shared

- So much data, legal or not?

- Unreliable data, likely to give incorrect analysis

Front 14

Examples of users and uses of big data..

Back 14

1. ONLINE RETAILERS
2. TRANSPORT SCHEDULING
3. MORE PERSONALISED MARKETING

Front 15

Online retailers

Back 15

- Observe what they buy

- Noting products they look at

- Impact of page layouts on behaviour

- Predict what consumer wants in future

To companies like AMAZON, big data source of competitive advantages.

Front 16

Transport scheduling

Back 16

- Analysis of big data SAVES TIME

- Aeroplane arrival times, staff in wrong place at wrong time

- Incorporating localised weather conditions

- Greater accuracy of arrival times

REDUCING IDLE TIME FOR STAFF

Front 17

More personalised marketing

Back 17

- Improved observations on consumer behaviour

Matching automatically creates instructions to increase or (run down) inventory levels where availability does not match the anticipated demand.