environment. This process meets computational demands as it allows users
to run virtual machines within managed
data centers, freeing them from worrying about acquisition of new hardware
and networks.
UNSTRUCTURED SOCIAL MEDIA DATA
According to a study by International
Data Corporation (IDC), mankind created an estimated 150 exabytes (1 billion gigabytes) of data in 2005, a number
that jumped to 1,200 exabytes in 2010. A
more recent study by IDC and EMC put
the amount of data created in 2011 at 1.8
zettabytes (1 followed by 27 zeroes), a
number the study researchers expected
to double every two years.
Only 5 percent of this data is structured (comes in a standard format that
can be read by computers). The remaining 95 percent is unstructured (photos,
phone calls and free-flow texts). A large
chunk of such unstructured data is in
text format. Posing challenges owing to
the sheer volume, depth and complexity, such data, however, holds immense
potential for organizations. The key lies
in identifying patterns from the data and
gaining relevant insights.
REAL-TIME ANALYTICS
Not long ago, analyzing data and
generating business intelligence reports
A NA L Y T I C S
depended on the time-intensive ETL process (extract, transform, load). Depending upon the system and data complexity,
analytics could be delayed by hours, days
or even weeks while data management
put it all together.
In today’s business landscape, minimizing the lag between acquiring data
and generating actionable insight has become the key differentiator. Acting in real
time to respond to an event can result in
huge profits and improved customer relationships for a firm.
Real-time analytics can benefit in
multiple business scenarios, including:
• High-frequency trading (sophisticated
algorithms to rapidly trade securities)
• Real-time detection of fraudulent
transactions
• Real-time price adjustment based on
competitor information
• Real-time feedback from social
media for a product firm about its
new launch
• Real-time recommendations by retail
stores based on customer’s location
• Real-time traffic routing based on
information about vehicle frequency,
direction, etc.
Social media content comes from
users without any vested interest, thus
their opinions beget more trust. Organizations whose products and services
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