Big Data Mid-Term
What is Big Data?
Big data refers to the large amounts of data collected and analyzed to provide insight. It's Customer Driven. Tempting us according to our weaknesses. It is about collecting and utilizing the unprecedented amount of available digital data. It's about creating value.
What can Money learn help us do?
MonkeyLearn is a platform that allows users to extract and classify data from text using machine learning. It's useful for things like sentiment analysis, keyword detection, and entity recognition.
Briefly explain the big data competition
A: For control of Consumer Internet B: For control of gateway to mobile Internet C: For control of Industrial Internet and IoT
What are the 5 stages of Big Data maturity model? Explain briefly what each stage is.
1) Business Monitoring- Monitoring business performance to flag areas of interest 2) Business Insights- Integrate insights and recommendations into existing business processes 3) Business Optimization- Embed analytics to optimize select business processes 4) Data Monetization- Leverage insights to identity new revenue opportunities 5) Business Metamorphosis- Transform customer and product insights to move into new markets
What are some of the big data benefit you can see in various industries?
1) Provides unique insight- reveal hidden correlation. 2) Underpins digital advertising and customized individual marketing- By gathering and analyzing customer data, company can better target their advertising campaigns. 3) Big data creates a market for harvesting and selling customer data. 4) Big data supports supply chain and industrial services efficiencies- brings revolutionary efficiency in product development, production and delivery
What mindsets must be changed to better understand and utilize the Big data?
1) With data analytics software, the sample is now representative (or, close to) of the population 2) Data is messy- different types, missing data, can be wrong 3) Correlation- does not imply causation, however, it can hint that some deeper causation exists.
What's in the Big data Ecosystem?
1. the consumer Internet 2. The industrial Internet 3. The Internet of Things 4. A growing digital data collection industry 5. New technology for collecting and interpreting new type of data
What are the current Internet giants? Which one you think might be able to dominate the market in the future? Why?
Amazon, Yahoo, Google, Facebook, Apple, Alibaba
Describe the 5Vs
Volume - the vast amounts of data generated every second Velocity -the speed at which new data is generated and the speed at which data moves around Variety -the different types of data we can use, structured and 80% unstructured (text, images, video, voice, etc.) Veracity -the messiness or trustworthiness of the data Value- accessing big data and turn it into profit/value.
What are the 5Vs of big data
Volume, Velocity, Variety, Veracity, Value
List some of the big data companies to watch for
WeChat, Tencent (China), Plantir
