The goal in analyzing large volumes of data is to exploit previously uncovered huge amounts of structured and unstructured business data. Ultimately, the database should be used for current decisions. In traditional BI (Business Intelligence), reporting and analysis tools are available, but these work predominantly in a past-oriented and descriptive way.
Currently, the area of prognostic analytics is gaining in importance. Predictive analytics does not look retrospectively into the past, but provides an outlook on possible future developments and is particularly suitable as a supplement to BI if very large amounts of data are available.
Diapers and beer
A prime example, which is repeatedly called, is about diapers and beer. In the process, a supermarket chain of past values has stated: “A male consumer, who procures diapers on Saturdays, is also likely to buy beer”. As a result, various cross-selling concepts based on the prediction were implemented: diaper beer bundles are likely to meet high demand.
Top topic Analytics
A study from last year’s survey conducted by IBM among 3,000 CIOs around the world hits the same note: 83 percent of CIOs in mid-sized companies place analytics at the top of their agenda.
Impulses through the cloud
No wonder that the analysis of large amounts of data will be a focus at the upcoming CeBIT. Prof. Dr. For example, Michael Feindt, company founder of forecasting specialist Blue Yonder, will be presenting his thesis at the joint CeBIT Bitkom ” Cloud Computing – a Vision for 2015 and Beyond” panel on March 8th , that accurate forecasts on the basis of big data are outstanding via Cloud -based services. Expensive analysis software could thus find its way into the middle class via the flexible billing models that the megatrend of cloud computing entails. Said panel discussion will take place at CeBIT on March 8th at 1pm in Hall 4, Stand A58.
SaaS makes it affordable
“With Big Data and Predictive Analytics, we serve the market with future technologies. With a flexible reference model like cloud computing, we can spread it much more effectively than with traditional software licenses, “said Feindt. Flexible sourcing models would enable businesses to benefit much faster and smoother from what’s happening in analytics. The analysis of big data is an excellent example of this. “Many industries access daily data from countless sources and in various formats. With a predictive analytics solution as Software as a Service, it is possible to gain valuable insights in the form of accurate forecasts from this raw material in real time, “says Feindt.Big Data and Analytics flirt with the cloud