With computerized information development anticipated to increment by 4,300% all over the world by 2020 and viable weights rising, organizations should now like never before convene the growing requests of their customers.
This digital upheaval is additionally giving remarkable chances to enhance the general client experience by means of big data analytics, as per a study conducted by Big Data Hadoop certification in Gurgaon. This is the procedure of gathering and deciphering these boundless amounts of information to separate the important, savvy, and helpful information that gives worth to a customer.
The following are 3 tips to utilize Big Data to improve general customer experience.
Actualize proactive bill shock administration
Bill shock is client agony from unforeseen allegations and is normally the consequence of broadband clients’ powerlessness to evaluate their huge information utilization, particularly while roaming. These disappointed clients can adversely affect the correspondence administration supplier’s repute and at last prompt income misfortune. Broadband organizations can stay away from this by giving continuous authorization activities and choices, through content warnings or email, permit free limited skimming, and divert clients to exchange information arrangements to dodge upcoming concerns.
Make more intelligent customized shopping encounters
Opt-in versatile showcasing correspondences of focused items and administrations can then be offered through customized messages particular to every phase of the purchaser cycle – mindfulness, engagement, thought, change and steadfastness. Suppose somebody selects to get promoting messages from a retailer who has an outlet in the neighborhood shopping center. GPS-incorporated tracking recognizes that the client is close to the store and sends the client an instant message alarming them to a unique one-day offer. With the client’s advantage provoked, she heads into the store and buys utilizing the coupon code as a part of the instant message.
Diminish holding up time in the line
A service organization, for instance, can deal with this perpetual agony of getting, as to orchestrate a home repair visit by getting the purchaser’s favored channel of correspondence, affirming the evening before in a mechanized way by means of that favored channel, and illuminating the client that the administration tech will call at 8:00 a.m. to tell the purchaser where he remains in the everyday line. This joys the client and disposes of the expense of up to three inbound telephone calls.
You have to know clients as people if you need to win them and then you’ll make more intelligent choices about their needs and practices.
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Of late, the blockchain technology has emerged as a revolutionary tool spurring acute interest amid the data community. Also known as the ‘distributed ledger’ technology, blockchain provides a way of recording digital transactions in a way that is crafted to be transparent, secure and efficient. The technology is robust and young. In the next few years, it is expected to hit the mainstream and drive commercialization.
No wonder, the blockchain technology is secure and full of positive outcomes yet there exist too much confusion and misunderstanding regarding its essence.
Myth 1: Blockchain is a database full of magical powers
Blockchain is nothing but a simple list of transaction journals – “This list is ‘append only so entries are never deleted, but instead, the file grows indefinitely and must be replicated in every node in the peer-to-peer network”. It doesn’t make room for any sort of physical data storage, like a PDF file or Word document.
Myth 2: Blockchain is the next big change (for good)
Of course, Blockchain is used to perform technical and intricate transactions. It works wonderfully when it comes to mitigating the risk of online fraud, nevertheless, it doesn’t completely eradicate the risks imposed by fraudsters. Thus, it also raises questions on data confidentiality.
Myth 3: Blockchain is free
Although people assume that blockchain is free, the hard fact is that it is neither inexpensive nor highly efficient – YET. It involves several computers to solve myriad mathematical algorithms to formulate a single immutable result, which is eventually known as the Single Version of Truth (SVT).
Myth 4: A single blockchain is in existence
Blockchain is a collective term used for different technologies that are closed or open sourced, available in private or public versions and serve a general-purpose or customized as per needs. However, the common element observed in all of them is that they follow a consensus mechanism and is fleeced up by crypto. Ethereum, Corda, Hyperledger, Bitcoin’s Blockchain and IBM and Microsoft’s Blockchain-as-a-service are all a part of Distributed Ledger Technologies.
Myth 5: Blockchain is the ultimate power technology
Of course, the code is powerful but it’s no magic. Bitcoin and blockchain technologies will definitely lead the future but their authority is limited to mathematics. They won’t replace the job roles of government or lawyers. Cryptocurrency is the fulcrum of blockchain and it’s still far from becoming mainstream.
Myth 6: Blockchain is used only in the financial sector
As a matter of fact, the first application of Blockchain was indeed a bitcoin cryptocurrency, which is a product of the financial sector. Nevertheless, the revolutionary technology has diverse applications across numerous sectors, including finance. Besides finance, blockchain is widely leveraged in healthcare, real estate and FMCG sectors.
At present, Blockchain Technology is evolving at a steadfast rate. Each day, volumes of data records are being created. Such humongous amounts of data need efficient management. For that, the Internet of Things is the key. Dexlab Analytics is a premier Data Science training institute in Gurgaon and we cover a plethora of in-demand skill training courses.
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We are living in a data-driven world. Our daily activities, like taking a ride in an Uber, surfing the net, social media interactions, gaming, etc. all contribute to data pools. Data is a valuable asset for businesses and companies are going the extra mile to have a robust team of big data experts.
The first step in the journey to be a specialist in any field is to familiarize yourself with the basics. So, let’s begin by understanding the different kinds of data that exist in the world.
Different forms of Data:
Structured data- This data can be organized in the form of tables, rows and columns. They can be easily accessed and operated. Examples of structured data are spreadsheets and the data stored in relational databases. Only 10% of the total data is structured.
Unstructured data- This data is neither structured nor organized. Operating unstructured data is quite difficult and requires advanced tools to access, sort and make sense out of this data. Examples are images, pdf files, video, streaming data, web content, email, graphics, etc.
The three ‘V’s of big data:
Volume- It denotes the total amount of data that is generated and stored. The units of measurement include gigabytes, terabytes and petabytes.
Variety- This denotes the different forms of data, namely structured, semi-structured and unstructured data.
Velocity- This is used for measuring the speed at which data is generated and processed.
Handling big data:
Hadoop is the best choice for dealing with complex data sets. It improves saleability of big data and enables users to play with data! Be it logs, json, xml or any other form of data- trust Hadoop to manage it.
It is equipped with a centralized processing system and an advanced tree structure for managing files. It allows parallel processing of large volumes of data.
To know more about this amazing technology, click here: https://www.dexlabanalytics.com/blog/revising-the-basics-of-big-data-hadoop
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The most ambitious project of India, Aadhaar project relies completely on Big Data. From collection of data to storage and utilization of biometric information of the entire population, big data till date has crossed over the billion mark. It is needless to say, a project of such a vast magnitude must be plagued with ample challenges but as its powered by big data, the chances of success is high.
Basically, Aadhaar is a unique 12 digit number assigned by the UIDA, Unique Identification Authority of India to an individual residing in India. The project was launched in the year 2009 under the supreme guidance of former Infosys CEO and co-founder Nandan Nilekani. He was the sole architect of this grand project, which required several added inputs from various other sources.
MapR, a business software company headquartered in California is providing technology support for the most-ambitious Aadhaar project. It is the developer-cum-distributer of “Apache APA +0.00% Hadoop” and for quite some time it is optimizing its well-integrated web-scale enterprise storage and real-time database tech for this project.
The encompassing technology architecture behind Aadhaar is structured on the principles of openness, strong security, linear scalability and vendor neutrality. The system is expected to expand with every new enrollment, which means it’s required to handle millions of transactions through billions of records, each day.
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The landscape of employment is changing. The job opportunities in the field of data science is surging onwards, that too at a robust rate. Continue reading →
Are you too scared to even think that machines will fly away with your job?
Do you support that the rise of AI will make humans obsolete?
Nowadays, AI can perform a large number of tasks, right from managing insurance claims to handling investment portfolios to solving HR related stuffs. Amidst all, do humans stand a chance to fight against the Automation Apocalypse? If yes, then how?
As per 2016 reports, McKinsey analyzed 830 occupations and concluded that only 5% of them could be automated. Amazon also showed somewhat similar picture. Within 3 years, the number of robots operated by the company got increased from 1400 to 45000, which is quite a number, but the number of employees hired remained unchanged.
While Automation Apocalypse is raging a war in the tech world, majority of techies don’t feel the urgency of being scared for jobs. They don’t have any problem in learning new stuffs, which would eventually make them more tech-savvy.
AI will eventually make workforce of any organization more powerful. Machines make their jobs easier and that definitely work in favor of the company in question.
When computers were invented, did it eat away your jobs? No, so this time too, nothing like that is going to happen. Even, numerous surveys speak in favor of automation.
The post depression bedlam is clearing for developed nations. Nevertheless, the household debts are shooting up, making credit risk managers face growing default rates. As per the reports of International Finance, household debts have risen by USD 7.7 trillion since the year 2007 till 2015. At present, the debts stand at a whopping amount of USD 44 trillion – the figures can give anyone a nightmare!
In such a topsy-turvy situation, credit risk managers should look for ingenious methods to lower default rates and keep accuracy in check. Application of data analytics infused with Big Data can come to their rescue.
The term Big Data is really very big! Big Data can help draw crucial insights that would help financial institutions in analyzing their customer base and how their purchase decision patterns vary. It can also be used to enhance business results, especially in regard to credit risk management.
If you follow the current business news, in the coming three years, banks would be facing two major risks – Credit and Liquidity. However, if credit risk managers follow the below-mentioned ways, they can turn this complication into an opportunity:
- Data Analytics determines a person’s behavior and how his circumstances have changed. This is verified by his social media activity, which further affirms how his financial position has changed with time. Hence, the chances of fraud and non-repayment are put in check.
- With proper analysis of mobile and social media data, credit risk managers may be able to gather insights and broaden their market horizon, enhancing the market base.
- Data science can establish contact with low risk customers.
Parsing data with Python should always be discussed after getting a good grip on the nuances of machine learning because both the intricate concepts are interlaced with each other. Click on the link first pythonprogramming.net/downloads/intraQuarter.zip and then go forward with parsing the data.
The data set given in the above link resembles the data set we caught hold of when we first visited the webpages before. The point of interest here is that we don’t need to visit the page even. We just need to have the full HTML source code, that’s it! This system is quite similar to parsing the website without disturbing bandwidth use.
Things are not at all going right in the technological sphere. The domain is shrouded under the dark haze of WannaCry Ransomware this weekend. After the relaxing weekend, the Monday morning situation could never have been worse. The figures revealed on Monday evening by the Elliptic, a Bitcoin forensics firm, affirmed with the duty of keeping a close watch, confirmed a digit of $57,282, 23 shelled out to the hackers of Ransomware malware attack, who took over innumerable amount of computers worldwide on Friday and over the weekend.
The recent past has been witnessing the unprecedented malware attack across 150 countries. The current picture describes more than 200000 systems around the world being affected and the loss of tons of data.
Also read: How To Stop Big Data Projects From Failing?
A few years back also, Ransomware was unheard of and today it has emerged as one of the major issues of concern. So, what is the solution now? Several veteran data scientists and the honchos of the technological world have voted for Predictive Analysis as the ultimate solution for destroying Ransomware.
With the conventional cyber defense mechanisms at a backseat, Predictive Analysis defense technology remains the ultimate resort for any organization. The Predictive Analysis is mainly dependent on instituting a pattern of life within the enterprise and saving from disgruntling malware and similar disturbing activities.
Paul Brady, the CEO of Unitrends, explained the procedure where the backup system uses the tools of machine learning to identify and understand that certain data anomalies indicate the threat of a Ransomware attack.
So the above mentioned description clearly depicts the many advantages of Predictive Analysis. Now, the sad part of the story remains, that the difficulty in management remains the major blockage for the employment of this method. Let’s hope for the best and wait for the day when Predictive Analysis would be the only possible solution. Till then gather information on SAS predictive modeling training in Pune and Gurgaon only at www.dexlabanalytics.com
What is trending in the technical world? Big Data is the word. The sudden upsurge witnessed in the IT Industry has equivalently led to the emergence of Big Data. The complexities of the Data sets are extremely troublesome to co-ordinate activities with the usage of on-hand database management tools. Hence, the shift to this catchy phrase, dealing with homogenous amount of data and is of uttermost importance. Let’s have a quick tete-a-tete with this newest branch of science i.e. Big data Analytics.
- A for A/B Testing– A very essential element of web development and big data industry, it is a powerful evaluation tool to decide which version of an app or a webpage is extremely effective to meet the future business goals. Also, this decision is taken carefully after comparing the numerous versions to select the best from the rest.
- Set the standards for Associate Rule learning– The structure enlists a set of technique in the quest for interesting relationships or the ‘association rules’ amidst variables in massive databases. For better understanding refer to the flowchart attached in the blog, describing a market analysis by a retailer, assuming the products which are high on demand and the usage of this data for successful marketing.
- Get a better understanding of Classification Tree Analysis-In clearer terms, it is the method of recognizing the category in which the new observation falls into. Statistical Classification mainly implements to:
- Classification of organisms into groups.
- Automatically allocating documents into categories.
- Creating profiles of students enrolling for the online courses.
PS: For the better understanding, take a quick glance at the illustration attached below.
- Why would you opt for Data Fusion and Data Integration? The answer is simple. The blending of data from multiple sensors, data integration and fusion leads to the total accuracy and direct more specific inferences which otherwise wouldn’t have been possible from a single sensor alone.
- Mingling with Data Mining – To be precise, Data Mining is nothing but the collective data extraction techniques to be performed on a large chunk of data. The parameters include Association, Classification, Clustering and Forecasting.
- The cloning of Neural Networks- This includes Non-Linear predictive models for pattern recognition and optimization.
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Do you know why several organizations face problems while implementing Big Data? Still wondering? The reason is lack of poor or non-existent data management strategies.
Proper technology systems need to be adopted. Without procedural flows, data is impossible to be analysed or delivered appropriately. However, before we delve deeper into making a plan to introduce data management strategies into the business, we should pay enough attention to the systems and technologies we are thinking to launch, along with the number of improvements to be made.
Big Data is ruling the tech world. Here are few types of tech that needs to be a part of a successful data management strategy:
Common data mining tools are R, SAS and KXEN.
More consistent, Automated ETL is used to extract, transform and load data.
They are efficient in offering a protective layer of security and quality assurance by doing a proper problem diagnosis and monitoring critical environments.
BI and Reporting Analytics
Turn data into insights, with BI and Reporting Analytics. It is very vital that data go to the right people and of course in the right manner. If that doesn’t happen, organizations suffer incessantly.
Analytics is a huge branch of study, starting from customer acquisition data, tracking details to intriguing user-friendly interfaces and product life cycle.
For More Details, Read The Full Blog Here:
Understanding The Core Components of Data Management
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