Question

What is Big Data analytics? How does it differ from regular analytics? (use real-life examples)

What are the critical success factors for Big Data analytics?(uses real-life examples)

What are the big challenges that one should be mindful of when considering implementation of Big Data analytics?(use real-life examples)

Answer 1

BIg data Analytics is a more complex, dealing with large varied sets of data hwhere one may have to use comlex technical tools for instance parallel computing to uncover information that could be related to strategic decision making, streamlined operations etc. Regular analytics is on the other hand a simpler form where you work through limited amount of data with a specific goal in mind. eg. Big Data Analytics: Retail deciding on what customers prefer, positioninng of products and strategies to increase profits of certain products. Data anlytics: Trend Analysis.

CSF: Busines goals should be clearly defined:for instance to be able to take data driven decision the business executives should have ready access to actionabe information.

IT assessment: The IT infrasrtucture should be able to support the business use cases you aim for by focussing on technology, people and process

KPI's: Defininf the KPI's unique to the business to assess the progress. eg, if the new marketing campaign was more succesfful than the previous one?

Challenges:

Talent pool: To find the right talen pool within the right technical acumen and business knowledge

Changing the pysche of the higher management to trust data led stratgies and shifting from the earlier inutiion based model

Data securiy continues to be the top most challenge which is susceptible to hacking

Integration of data from disparate sources

Data validation to assess the final truth of information