BIG DATA ANALYTICS: REVIEW OF TOOLS AND TECHNIQUES

Abstract

Perhaps nothing will have as large an impact on advanced analytics in the coming years as the ongoing explosion of new and powerful data sources. When analyzing customers, for example, the days of relying exclusively on demographics and sales history are becoming the things of past. Virtually every industry has at least one completely new data source coming online soon, if it isn’t here already. Some of the data sources apply widely across industries; others are primarily relevant to a very small number of industries or niches. Many of these data sources fall under a new term that is receiving a lot of buzz: big data. Big data is sprouting up everywhere and using it appropriately will drive competitive advantage. Ignoring big data will put an organization at risk and cause it to fall behind the competition. To stay competitive, it is imperative that organizations aggressively pursue capturing and analyzing these new data sources to gain the insights that they offer.