Big Data and Analytics Explained (Video)
Big Data and Analytics are not just buzzwords, in this video, from Harvard Business Review you’ll get to know the meanings, definitions, types, and why they could be a key competitive advantage for your company.
What are the Big Data Analytics Definitions?
- Big data refers to the vast volumes and types of information that companies can collect from both internal and external then process it using high-tech systems and applications.
- Analytics is the use of math and statistics to derive meaning from data in order to make a better business decision.
What are Data Analytics Types?
- Descriptive analytics: include for example dashboards, scorecards, and alerts. They describe what happened in the past.
- Predictive analytics: those are more useful; they use past data to model future outcomes. This may be indicating how customers will spend within a certain period, or how sales would be affected with a certain promotion in question.
- Prescriptive analytics: those are the most advanced ones; they use techniques like optimization or a/b testing to advise decision-makers on the best decision or act that can be done.
How can the big data and analytics help your organization gaining a competitive advantage?
Organizations who succeed to combine big data with effective analytics could have one of the key competitive advantages for the current age. In fact, several requirements should be thought it is known as the DELTA model: