In the ever-changing, globalized economy, companies have started depending on assessments advanced by their internal processes, business operations, and customers to explore new opportunities for advancement and growth. Such insights present a massive intricate set of data that are produced then managed, analyzed, as well as manipulated by experts. The collation of such a large amount of data is collectively referred to as big data. The numerous peta and terabytes are presently considered as the big data benchmark. The main characteristics which describe big data include; volume which refers to the amount of produced and stored data that determines the potential and the value of the insight and if it can truly be assumed as big data or not. Secondly, the variety referring to the nature and type of the data to assist the data analyst to successfully use the subsequent insights; Velocity refers to the speed that determines how Continue reading
Data Management
Data Warehousing and Data Mining
Organizations tend to grow and prosper as they gain a better understanding of their environment. Typically, business managers must be able to track daily transactions to evaluate how the business is performing. By tapping into the operational database, management can develop strategies to meet organizational goals. The process that identified the trends and patterns in data are the factors to accomplish that. By the way, the way to handle the operational data in organization is important because the reason for generating, storing and managing data is to create information that becomes the basis for rational decision making. To facilitate the decision-making process, decision support systems (DSS) were developed whereas it is an arrangement of computerized tools used to assist managerial decision making within a business. Decision support is a methodology that designed to extract information from data and to use such information as a basis for decision making. However, information Continue reading
Data Analytics in Retail Industry
Data acquisition using the Internet of Things (IoT) in the retail industry is one of the most important innovations in increasing the amount of relevant data that can be collected during a customer’s visit. Analyzing the behavior of a customer during an in-store purchase using sensing devices can reveal a customer’s interests and choices. Using a number of sensing devices, the in-store customer behavior is captured, pre-processed, and then transmitted over a wireless network to the cloud. A data analytics model built with fuzzy logic is developed to generate the data of a customer’s purchasing intentions. This approach will help retail stores to recommend products to customers and guide supply chain planning. Such an approach allows retailers to gain more sales thereby increasing their market value. The increase in the amount of data available due to the advent of automation, new technologies, and standards have made the decision-making process in Continue reading
Ethical, Security, Legal and Privacy Concerns of Data Mining
Data mining is a powerful new technology with great potential to help companies focus on the most important information in the data they have collected about the behavior of their customers and potential customers. It discovers information within the data that queries and reports can’t effectively reveal. The amount of raw data stored in corporate databases is exploding. From trillions of point-of-sale transactions and credit card purchases to pixel-by-pixel images of galaxies, databases are now measured in gigabytes and terabytes. Raw data by itself, however, does not provide much information. In today’s fiercely competitive business environment, companies need to rapidly turn these terabytes of raw data into significant insights into their customers and markets to guide their marketing, investment. Data mining, or knowledge discovery, is the computer-assisted process of digging through and analyzing enormous sets of data and then extracting the meaning of the data. Data mining tools predict behaviors Continue reading
Why is Data Analytics Important in Healthcare?
Do you know about data analytics? These data analytics allow for an industry to obtain any insights from patters and connections that are found so they can make better decisions. Businesses are able to achieve multiple advantages by using these statistics. Analytics help find meaning in real-time or historical data so there can be prediction made about the future to improve the probability of success. Due to the healthcare industry using data analytics they will be able to benefit their business by improving patient care quality, improve operational efficiency, and prevent diseases. Every business is curious on how they can make their operations better whether it’s for money savings or for the care of patients. Using analytics will allow for the improvement of operational efficiencies. The ERP systems allow for them to collect all the information that they want to include in their statistics. Analytics allow for businesses to find the gaps Continue reading
Revenue Management in the Hospitality Industry
The revenue management refers to the application of business analytics methods to the consumer behavior at the micro-level and optimizes the product type, price and availability so that the revenue of the organization is maximized. The primary aim of revenue management is to assure that the right product is sold at the right moment to the right customer. The analytical methods are applied to understand the perception of the customers regarding the product value and using it to align with the price, availability and the placement of the product service. The business organization often faces questions regarding different consumer product such as how to sell them and when to sell them. The revenue management uses the data driven and analytical methods to maximize the organization’s revenue. The revenue management encompasses data mining and operational research so that the customer behavior can be identified and associated with the sales procedure of Continue reading