Fundamentals of Data and Business Analytics by Professor Eric Paolo Capistrano

Summary

Erica Pestano introduces the fundamentals of big data and business analytics, covering its three main aspects: introduction, database and data management, and addressing business challenges. She explains business analytics as a combination of tools and techniques, including business intelligence and analytics. Big data is described with its 3Vs: volume, velocity, and variety, and the importance of studying it due to its evolving definition. The economic impact of big data is highlighted, with mentions of job creation, growth in various sectors, and the market value of big data software. The video concludes with a look at big data providers and the value chain, promising further exploration in upcoming sessions.

Takeaways

• 📚 The course is divided into three aspects: introductory part, fundamentals of database and data management, and business issues and challenges for Big Data.
• 🔍 Business Analytics involves using various tools and techniques, including business intelligence, reporting, data explanation, ad hoc queries, and statistical analysis.
• 📈 Big Data definitions vary but generally include large volumes of structured and unstructured data, generated at high velocity and in high variety.
• 🌟 Big Data is characterized by the '4 Vs': Volume, Variety, Velocity, and Veracity, each representing a different aspect of the data's nature and challenges.
• 🌐 The world generates 2.5 quintillion bytes of data daily, highlighting the massive scale of Big Data.
• 💡 Big Data analytics combines proprietary, customer, and public data to produce more accurate and actionable insights.
• 💼 Investments in Big Data have led to increased productivity, business growth, job creation, and significant economic contributions.
• 💹 The business data market value is substantial and expected to grow, with the software market for Big Data also experiencing significant growth.
• 🏢 Large companies are investing in Big Data, leading to improvements in various sectors such as manufacturing, retail, and credit card firms reducing fraud and credit risks.
• 🔮 The session concludes with a teaser for upcoming sessions that will delve into data management services and business practices necessary for effective Big Data utilization.

Q & A

What are the three aspects that the course on big data and business analytics will cover?

The course will cover an introductory part, fundamentals on database and data management, and business issues and challenges for Big Data.

What does the term 'business analytics' comprise of?

Business analytics comprises of various tools and techniques, including business intelligence, reporting, data explanation, ad hoc queries, and analytics involving statistical analysis and interpretation of data.

How does IBM define Big Data?

IBM defines Big Data as data generated everywhere around us at all times, arriving from multiple sources and characterized by velocity, volume, and variety.

What does Gartner's definition of Big Data include?

Gartner's definition of Big Data includes high volume, high velocity, and high variety of information assets that demand cost-effective and innovative methods for delivering good quality data.

What is the significance of the number 2.5 quintillion in the context of Big Data?

The number 2.5 quintillion refers to the bytes of data that the world generates daily, highlighting the massive scale of data production.

What are the four defining aspects of Big Data?

The four defining aspects of Big Data are volume, which refers to the size of data sets; variety, which includes the different types of data gathered; velocity, which is the speed of data generation; and veracity, which is about the uncertainty and the challenge of interpreting the data.

How does Big Data enable better profiling and recommendations for customers?

Big Data enables better profiling and recommendations by combining proprietary customer data with public data and personal data from various sources, allowing for more accurate and personalized insights.

What are some of the economic impacts of Big Data mentioned in the script?

Some economic impacts of Big Data include a reported increase in productivity by 5-6%, business growth of at least 10%, creation of 4.4 million jobs, and a significant impact on growth in sectors like manufacturing and retail.

What is the current market value of the business data market and what is the projected growth by 2017?

The current market value of the business data market is $25 billion, with projections to grow to $53.4 billion by 2017.

What is the estimated economic contribution of Big Data by 2030?

The economic contribution of Big Data is estimated to breach $15 trillion by 2030.

What is the role of the various providers in the Big Data supply chain?

The various providers in the Big Data supply chain offer different layers of services, products, and solutions, including software and hardware, to facilitate the production and management of Big Data.