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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Even if you are not a data scientist yet, but there is still data surrounding you and engulfing you in a cloud of structured, specified and targeted data. Data that you use every day on a regular basis and data that actually shapes up your daily routines of commute to work, gym or entertainment. It is like the omnipresent atmosphere that we often take for granted. Why do we say that?
Here is an extract from the life of a non-technical executive of our team, after reading this many of you may feel that this somewhat similar to your story as well.
On an ordinary day, our aforesaid employee gets up in the morning at the ring of his alarm and remembers that his flight will leave at 5 o’ clock that morning. Then he looks at his smart phone and checks the updates on his flight. The flight is on time and the security checks are moving unperturbed. Then he swipes around some more on his smart phone to see if the traffic situation is on his side on this day. He soon finds the traffic is light unlike most other days and decides to cut his commute time very tight expecting himself to reach the airport within 15 minutes. So, he concludes there is ample time for him to leave for the airport at 4:00 am and feeling a sense of confidence about his decision as he made an informed choice so, the chances of things going wrong are low.
Then after his daily ablutions he prepares to set out and opens his Ola/Uber app on phone to call a cab. The app immediately responds with the information that the driver is 2 minutes away. Almost instantaneously the cabbie calls him to understand the precise location of his house and concurs that he will be couple of minutes to get there.
Soon after boarding the cab, our friend opens his health app and connects it via Bluetooth to his smart watch. He notes with a scorn that he is not getting enough exercise and that he only slept 5 hours of deep sleep last night. Then while sitting around being bored in the cab he opens the new Microsoft app that uses your phone camera to look at the picture and guess the age of the face. With further disappointment and in an uncomplimentary way the app gives him a number that is 7 years more than his actual age! But still our executive friend here feels happy as this is a good start of a day. Firstly, because he had the power of data to make educated decisions about some very simple yet troublesome things and two because he got a cab fairly fast.
Now this story may seem like a pretentious rant of pseudo-first world problems, but our point is completely different than the luxurious facilities available to modern urban smart phone owning working class. Our point is to emphasize how almost unknowingly we have let in data into our lives, the myth (and/or fact) of choice is real and we are using it unknowingly while adding and accessing the omnipresent phenomenon of – Big Data.
Yes, Big Data did not just come to office one day and sat in a cabin labelled as “Big Data at work”. This is like electricity a utility that changes our life and influences our decision making ability. Still unconvinced? Then we ask you to conduct a simple survey among your friends. Ask around to know how many people you know buy over-expensing, sub-par quality products without going through the ratings or reviews. If you hadn’t realized it yet, this is what you would like to label as “Big Data at work”.
Thus, in closing thoughts Big Data analytics is the fundamental ability that enables capabilities to people which will effect and transform our daily lives forevermore and what we see today is evidently just the tip of the ice-berg.
So, start your Big Data certification in Pune today, with DexLab Analytics.
In India the hottest job locations for a data analyst position according to our pay-scale and job scenario survey are – Gurgaon, Mumbai and Bangalore. For more details on payment packages on offer for various data analysis positions view our infographic with numbers based on industry-based survey.
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If you still are unaware of the power of data analytics even after the success of the movie Moneyball, then you might as well be living under a rock. Yes the book by Michael Lewis transformed the way sports administrators can identify low-performing players by using data analysis rather than the conventional techniques. This was the first time something as analytical and core-academic was used in the field of sports and that too for something as substantial as selecting players.
But today data analysis is used in almost every aspect of our lives than just the way we like our favorite teams in popular sports. The basic idea behind statistical analysis is to determine meaningful patterns within a given set of data. This discipline is slowly edging its way into every conceivable business avenue these days whether big or small. The main elements in this field are data (that are available easily these days) and highly powerful computer programs that are used to analyze it and draw valuable insights from it. This field has completely changed the way we perceive information and make decisions. Historically these analysis tools have helped companies take decisions on how they should position themselves in new market ventures as well as place their new products.
For instance, ecommerce start-ups that house some of the smartest minds in the business are using expert statisticians to analyze Big Data with state-of-the-art data analysis tools to generate useful deductions from otherwise dull numbers and decimal points. Whether it is the heavy shifters in the logistics market or simply consumer durables and other fast selling products, companies are using data analysis to predict trends, deduce pricing patterns and are leveraging themselves with a revolutionary use of data analysis tools. Also in the sports world data analysis is behind big decisions like who to draft in a team to what should be the in-game strategy to marketing budget. Movie studios also employ analysis tools to calculate box-office generations and to even predict which movies will be a hit and which ones will be a flop.
Therefore, it is highly unlikely that data analytics would not make its way into the field that generates the highest number of data i.e. finances. The worlds of finances are all about numbers and so data analysis is an integral tool that has been used as an operational instrument in this field for a long-time now. While data analysis has been used in the financial world for several years globally, it is still fairly new to the Indian markets. Until now Indian markets only used data analysis tools in brokerage firms for slicing orders and for minimizing the impact cost of sales and purchases. But data analysis can also be used for mitigating frauds in money laundering, risk analysis and management and for rogue trading.
But currently the stock market is also on the verge of boarding the Big Data analysis train which is known as ‘Quants’ amongst the industry insiders. The basis of decision making in the stock trading market holding the hands of Data Analysis is to choose on the basis of history repeats itself theory. So the analysis tools are used more for technical analysis. The trend of analyzing data on the verge of the result season is slowly transforming as realizing valuable insights and patterns in data has somewhat a knee-jerk effect for the analysts and experts associated with the field. Hence, it is understandable that data analysis is making its way into the core practices of how we trade finances. So, it is understandable that the new key player in the market is data analysis or in other words also known as power computing. As the market experts have realized that using data analysis tools with precision will only increase their trading capabilities while enriching their funds in the process, so it is highly recommended for market participants to join the coveted team of data analysts to harness the true potentials of data.
In India the leading data analyst training institute in Delhi, NCR is DexLab Analytics which offers industry-oriented training courses in data analysis, Big Data Hadoop and other statistical analysis tools used in the market currently.
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