Thriving in a Big Data World Harvard Case Solution & Analysis

Big Data: A Revolution That May Transform How We Live, Work, and Believe by Viktor Mayer- Kenneth and Schanberger Cukier; Predictive Analytics: The Power to Predict Who will Click, Buy, Lie, or Die by Eric Siegel; and Keeping Up with the Quants: Your Guide to Understanding and Using Analytics by Thomas H. Davenport and Jinho Kim. The initial two publications mostly spotlight on the power of big data and quantitative analytics, and the third advises how businesses can tap into that power. Collectively, the mixture of advice and description provide a good primer for executives seeking a better comprehension of the emerging era of advanced number crunching. According to Siegel's estimate, we are adding 2.5 quintillion bytes of data every single day. Words have become info; the real states of our machines have become data; our real locations have become data; and even our interactions with each other have become information. "Information can often be gathered passively, without a lot of attempt or even awareness on the section of those being recorded.

And as the cost of storage has dropped so much, it is easier to warrant keeping data than losing it,"watch Mayer-Schanberger and Cukier. Indeed, we're awash in information, but what exactly does it mean? Inside their book, Mayer Schanberger and Cukier explain three new imperatives: 1. Use all of the information, not just a sample. In the past, businesses did not possess the economic means to capture, save and analyze all of the information from their operations, so they needed to settle for a sample of it. But a company like Amazon can economically capture and store data from each customer trade. 2. Accept messiness. Inaccuracies in measurements are much less dangerous than they once were because they can frequently be smoothed over by the sheer amount of information. Embrace correlation. For many goals, correlation is not insufficient and folks do not need to understand causality. Quantifying the probability a specific individual is going to do something - whether it updated to a higher degree of cable service is defaulting on financing or seeking another occupation -is right at the core of the Predictive Analytics of Siegel. The author describes how quantitative techniques can be deployed to uncover patterns that are valuable in information, enabling companies to predict the likely behavior of consumers, workers and others. Even a small rise in the accuracy of predictions can frequently result in large savings. For that journey, Keeping Up with the Quants is a primary guide. Authors Davenport and Kim provide a legitimate approach for helping executives believe like quantitative analysts

Thriving in a Big Data World Case Study Solution

PUBLICATION DATE: January 01, 2014 PRODUCT #: SMR472-PDF-ENG

This is just an excerpt. This case is about STRATEGY & EXECUTION

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