Big data analytics helps businesses to get insights from today’s huge data resources. People, organizations, and machines now produce massive amounts of data. Social media, cloud applications, and machine sensor data are just some examples.
An Example of Big Data Basics and Analytics in Action
Suppose a company runs big data analytics on its past sales data. It sees that demand has been rising in certain regions for one of its product lines (descriptive). From additional social media and CRM data, it also finds that customers are buying products from this product line to replace a competitor’s product (diagnostic).
Adding in marketing data and analytics, the sales potential is forecast for each region where customers might replace their current product (predictive). Recommendations are then made for optimizing advertising and pricing to maximize sales profits (prescriptive).
