SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

Consumer Behavior in the Age of Social Media

Social media plays an important role in searching information  and decision-making behavior of consumers.  A country like India, where 65% of population is youth, uses laptop, tab, Smartphone etc to be socially connected.  Therefore the Brands have realized the importance of social media to reach today’s young generation. For example, if we go to Nike’s Facebook page the entire focus is on fitness and athleticism rather than their products. Another way to connect with consumers is to know the importance of real time marketing which focuses on real time incident. Social media has also molded the consumers to reviewers. 

 

To read more- visit the following link:

http://www.mbaskool.com/business-articles/marketing/9150-consumer-behaviour-in-the-age-of-social-media.html

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SOHAM SRIMANI
Social media is the talk of the town. Whether you want to improve your brand value or market your product, the importance of socia... Read More
Monday, 24 March 2014 11:21
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Cloud as an aid to the entrepreneurs!

What is Cloud? The cloud computing is a phrase, which is used to describe a variety of computing concepts that involve a large number of systems connected through a communication network such as the Internet. It also means the ability to run an application on many connected computers at the same time.

Entrepreneurship emphasizes on innovation and as we all know, innovation leads to sustainability in this volatile demand & application driven market.

The current technological environment demands these two factors, cloud and entrepreneurship to come together as an explorer combo pack. The idea is like start ups can swipe a credit card, buy a little bit of infrastructure and get the idea off the ground. And it doesn't matter if a company’s idea is related to technology, marketing or consumer products. It is a very fast and efficient means of getting the back office & customer-facing capabilities moving.

To read more- visit the following link:

 http://www.dailyrecord.com/article/20140301/NJBIZ/303010002/Cloud-computing-discussed-at-NJ-tech-conference?nclick_check=1

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Analytics to predict the most unpredictable: Weather

Now Analytics can also predict weather for as long as 40 days before.

EarthRisk Technologies has come up with an analytical model that can predict extreme weather events. This model is designed in such a way that it can identify different patterns of weather which involves intensive calculations. With the help of historically available data, it compares with the present conditions and uses predictive analytics to forecast the weather 40 days in advance.

Knowing advance weather forecasts will certainly help industries in the utility, energy and agricultural sectors as they heavily depend on weather information. With the help of this model, proper timely decisions can be taken.

 

To gain more insights on how Analytics are helping in predicting weather you can go to http://venturebeat.com/2013/05/10/big-data-can-predict-weather-up-to-40-days-into-the-future/ .

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Pillars of analytics

Data Analytics is used in an ample number of ways to achieve a competitive advantage over other businesses. The various areas are - Big Data and Information Optimization helps in determining an organisation on how they can apply the present analytical access patterns and skill sets though it is still critical to audit the interaction between the analytical assets and core database system. Visual Analytics and Data Discovery gives guidance in finding a trend in the data set by developing various hypotheses and visualizing the complexity of the diverse data set. Companies need to inspect on different patterns and accord in the data for future benefit using Predictive Analytics. Right Time and Real Time Analytics are used to grasp on how customers are handling data analytics for managing industry. 

For more Information follow 

http://tonycosentino.ventanaresearch.com/2013/03/11/the-four-pillars-of-big-data-analytics/

 

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Analytics in Retail Banking

Well, nowadays retail banks are more focused in implementing data analytics techniques and models into their day to day decision making processes. Data analytics not only provide solutions to attract and retain profitable customers but also by the help of various tools and techniques like data discovery and visualization, it is possible to analyze the various aspects which are associated with customers. Retail bankers are trying to discover the relationships and correlations in large amounts of data using customer intelligence derived from analytics. Big data analytic enable them to track customer behavior and preferences to achieve higher level of customer satisfaction which definitely helps to achieve stakeholder’s wealth maximization. For more information, please go through the link: http://spotfire.tibco.com/blog/?p=22990

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SOHAM SRIMANI
Thats a well written summary man
Tuesday, 25 March 2014 05:17
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Big data analytics: is it really big?

‘Big data’ is a combination of four ‘V’s: Volume, Velocity, Variety and Value, in structured/unstructured way. The data should be organised in a proper architectural form and then different analytical tools can be applied. The common analytical tools like agent-based modelling, neural networks, factor analysis, cluster analysis, time series analysis can be used to do proper analysis of the ‘big data’.

For more information, please go through: http://www.scientificcomputing.com/blogs/2014/02/big-data-analytics-continues-evolve

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Interactive Visual Analysis: simplifying complex datasets

While solving problems on Analytics, many times it happens that the given datasets are really complex to analyze as they overlap each other. With Interactive Visual Analysis (IVA), the task becomes easier, where the datasets can display the level of interactions between them without overlapping each other.

By developing the IVA, one can gain knowledge about the datasets, which is not apparently noticeable. Not only this, IVA involves formulation and testing of hypotheses and one can also explore the correlations between the different variables.

 

 Sounds interesting? Watch the video here: https://www.youtube.com/watch?v=UcYRrPqC5A8

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Prediction of movie performance through analytics

Movies! This word creates a taste of entertainment, a sense of refreshment among the minds of audience. We all would like to see movies that satisfy our genre-wise thirst. Also we prefer watching movies that includes our favorite stars or from our favorite directors or even sometimes we prefer watching movies from our favorite production houses.  don't we? Even, the ratings given by movie rating agencies and critics affects our decision about whether to watch a movie or not.

Now a days, our advantage is that we can predict how a movie will perform by using various analytics models.

Read more at

http://www.kdnuggets.com/2013/12/movie-analytics-india-dhoom-3-to-don-3.html

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Riya
very well. visit the following info as well http://www.theregister.co.uk/2013/06/06/google_box_office_prediction/... Read More
Tuesday, 04 March 2014 15:07
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Utilization of analytics in recruitment

To find the best tools and techniques for appropriate human resource selection must be the prime focus of a HR manager. The enhancement of the recruitment process can be attributed not only to the social media techniques but also to the data analysis, redefining recruitment. Data analysis helps in making accurate decisions faster which ultimately leads to a proactive business. The employee turnover can be reduced by analysis of the proper reason using sentiment analysis. Predictive analysis helps in eliminating the guesswork factor.

For more information please go to

http://theundercoverrecruiter.com/big-data-recruiters/

 

 

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Analytics - caring for health

Analytics Platforms are offering greater insights into real time surveillance of disease outbreaks. This will be helpful for countries like India, where population density is high. Due to the population size and density, India is prone to infectious diseases and controlling the outbreak of the diseases is becoming difficult.

With the help of predictive modelling, the Analytics Platforms can be used in determining the severity and spread of the disease. Based on these, the control measures can be applied accordingly.

 

For more information, please go through the link http://articles.economictimes.indiatimes.com/2014-01-31/news/46870122_1_disease-outbreaks-notification-system-syndromic-surveillance

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Analytics- redefining telecom industry

The last five years, we have seen a massive upsurge of data; we have generated 90 percent of the entire world's data in the last two years!!! Why today analytics is so successful? Just because of availability of data? No! We have to admit the technological advancement we made through the last decade to analyze the available data, also the success can be attributed to the decreased cost of storage space. Twenty years ago, we had all the data analysis tools in place but data was scarce. Today there is a frightening abundance of data... But then what to do with this available data and how! Yeah we got the techniques, but we need the applicability mapping... Think about the applicability of analytics into the telecom sector, which represents an agile supply chain management ...These examples points to the tremendous possibilities that big data offer in telecom sector. But we must never forget the underlying secret: only blue-blooded telecom experts can usher in this exciting telecom future. Today's big buzzword is big data. Its companion, buzzword analytics, is also a big favorite. There are good reasons why this is so. 

For More Information Go To This Link:

 

http://www.business-standard.com/article/management/a-secret-about-analytics-114030200628_1.html

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Robots- exhibiting feelings & emotions

How about a system which can learn from its mistakes? How about a system which can evolve over time automatically? We refer to these features as Artificial Intelligence, exhibited by a software or by a machine. 

To Read More: visit the following link...

http://www.theguardian.com/technology/2014/feb/22/robots-google-ray-kurzweil-terminator-singularity-artificial-intelligence

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Traffic Jams? Analytics to the rescue!

Traffic congestion is a major issue in major cities of the world. While there are discussions going on how to optimize this problem, Analytics can be seen as a major problem solver. With the help of Analytics, traffic systems will become 'smart'. They will predict the flow of vehicles in future and depending on that information, decisions can be taken in managing congestion.

In fact, the City of Cologne, Germany has implemented Analytics to make traffic systems smart.

 

To see how they have done, please go through this link: http://www.futuregov.asia/articles/2013/jan/22/german-city-uses-analytics-solve-traffic-jams/

 

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Location Analytics - Analytics To The Next Level

 Ever heard of Location Analytics?

Well, that is what the next level of analytics is. 

Willing to learn the consumer behaviour deeply, the companies are investing in technologies that can track the locations of their customers, and also gain insight into what they are buying and where they are buying. Location Analytics can help the companies to fine tune their inventories, effective pricing of their products and much more. They combine all the data - ranging from customers' purchasing information to Geographical Information System data in order to study patterns and gain understanding of how, where and why customers buy. 

 

Go over to http://www.allanalytics.com/author.asp?section_id=1411&doc_id=257137 to have an in depth knowledge of Location Analytics and to http://www.bigdata-startups.com/BigData-startup/world-largest-coffee-shop-starbucks-grinds-lot-data/ to know how the world's largest coffee shop Starbucks is implementing Location Analytics.

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Marketing 3.0- values driven marketing

Philip Kotler, an American author, consultant and professor, defines Marketing 3.0 as values driven marketing – covering the customers’ mind, heart and spirit. The new model for marketing (Marketing 3.0) treats customers not as mere consumers but as complex & multi dimensional human beings that they naturally are.  Customers, in turn, are choosing companies and products that satisfy deeper needs for participation, creativity, community, and idealism.

For more information follow : http://www.mbaskool.com/business-articles/marketing/9010-marketing-30-values-driven-marketing.html

 

 

 

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DATA MINING: explore possibilities! play hard! play soccer!

The numbers are coming in thick and fast but can big data and advanced analytics influence a team’s performance in the Soccer Premier Leagues?

Since the 1950s, when retired RAF pilot Charles Reep’s roughly-researched analytics led to the long-ball strategy, the football community has been enthralled by statistics. Today Premier League teams and their followers are being inundated with data as high-tech cameras capture every pass, dribble, free kick or touch of the ball while monitoring players’ xy coordinates every tenth of a second throughout the 90-minute match! What we call it as?

For more information check the following link:

http://knowledge.insead.edu/operations-management/beyond-moneyball-data-mining-the-premier-league-3155

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Nitin Sinha
Well written man
Friday, 07 March 2014 11:25
SOHAM SRIMANI
Thank you maitree!
Monday, 24 March 2014 17:08
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Analytics in the air!

Big Data and Analytics have become very much popular nowadays. Every industry is incorporating analytical techniques to handle big data and predict future outcomes. The recent addition in the industry list to play with data is the airlines industry, who have started to love it. From carrying on regular and vital maintenance activities & optimizing them, to capturing customer behaviour in purchasing airline tickets, Big Data is surely helping the $743 billion global airline industry to earn profits. In what ways Big Data is actually supporting the airlines industry?

Have a look at http://www.datanami.com/datanami/2014-01-03/how_big_data_helps_airline_profitability.html for more information.

 

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Predictive analytics: what it is?

 

 

Predictive analytics is the next generation of analytics which is important for the engineering and construction industry. Data makes up the building blocks for analytics. But instead of using data analytics to make sense of the past — to understand what we have done and what trends we can pick out from our past behaviour — predictive analytics uses data to predict what is likely to happen. When you use predictive analytics, you let the data tell you the answers that you may not be aware of; that are not obvious to you.  You’re looking at data you may not be collecting yourself. Target is pouring over data and finding the themes, patterns and relationships to build predictive models to achieve business outcomes.

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Nitin Sinha
nice topic
Thursday, 27 March 2014 15:58
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Concept of cloud computing in handling big data

The traditional ways of handling data do not afford easy ways to handle large number of data(in terabytes) which can nowadays be easily solved by cloud computing.

The main advantages of cloud computing are:

1)      removal of the concept of limited storage infrastructure

2)      elimination of the need of building IT infrastructures to deal with obstacles

3)      reduction of the cost of infrastructures and charges only for the resources actually used

The main challenges for cloud computing are:

1)      shipping of hard disk drives to cloud providers

2)      data transferring through web

 

According to Gartner's Hype cycle, cloud computing has reached a maturity that leads it into a productive phase. This means most of the main issues with cloud computing have been resolved.

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Data Mining: revolutionize education!

In recent years, data mining has been used widely in the areas of science and engineering, such as bioinformatics, genetics, medicine, and electrical power engineering. Several researchers and organizations have conducted reviews of data mining tools and surveys of data miners. These identify some of the strengths and weaknesses of the software packages. They also provide an overview of the behaviors, preferences and views of data miners. How about reaching a few inches deep into the applicability and usability of data mining which is the analysis stage of a typical KDD in terms of Education?

Please Follow this link

http://www.thehindu.com/news/cities/chennai/harnessing-data-mining-to-revolutionise-education/article5690365.ece

 

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SOHAM SRIMANI
read and feedback
Tuesday, 25 March 2014 05:46
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