Big data analytics

• Definition

  <- process of uncovering trends, patterns, and correlations in large amounts of raw data to help make data-informed decisions
• How it works

  1. collects data
  2. processes the data
  3. cleans data
  4. analyses the data

  helps predict the future, identifies upcoming risks and opportunities through use of AI and machine learning
• Benefits

  1. Customer acquisition and retention

  2. focused and targeted promotions

  3. potential risk identification

  4. innovate

  5. complex supplier networks

  6. cost optimization

  7. improve efficiency
• Challenges

  1. collecting and processing the data becomes harder

  2. too much time spent on cleaning the data

  3. security

  4. adapting and finding the right tools

  5. storage - unable to be kept in traditional databases