CNV3-I2-15- Book Review

Viral Patel -

The book explains the big advantages of Big Data. Big Data is more than merely lots of information and it refers to massive and growing amounts of unstructured data that is beyond the capabilities of existing data management systems. Based on simple principles, David Stephenson, guides businesses on how to transform your company, and significantly improve KPIs across a broad range of business units and applications.

Using big data enable managers to measure and know a lot more about their business and customers, and lead to better decisions and improved performance. The author has translated this forecast in practical terms and combines the theory and practice associated with Big Data with practical illustrations. Big Data took off when the field of Machine Learning (ML) and Artificial Intelligence (AI) were developed to allow an increased ability to store and analyse information electronically. An integral part of Big Data is the combination of AI with ML. Big Data, even of medium size, requires terabytes or storage space to be able to format and analyse text, video, sound, images and create data in the form of search indexes, image and video archives, social networks, research data generated by research and development centres, weather reports, and surveillance data from satellites and other sources. This data can be stored digitally and used for business analysis to gain insights for future course of action for growth through appropriate business strategies.

Using big data will enable businesses to know a lot more about their business and customers, and lead to better decisions to enhance performance. The author has explained this in practical terms and combines the theory and practice associated with Big Data with practical illustrations.

The strategic use of Big Data often requires a substantial change in the mindset of companies. An example of this, the German Otto Group which employs over 54,000 people in 20 countries, as one of the world’s largest online retailers, found it was losing millions of euros annually in costs associated with product returns. By employing ‘deep-learning technology’ Otto produced an analytic tool which had 90% accuracy in forecasting 30-day sales. Now, with the purchase of several hundred thousand items from third parties, with no human intervention, Otto’s surplus stock holding has declined by one fifth and their product returns decreased by more than two million items per year.

Big Data Demystified give a clear landscape of big data, how to think about creating teams and projects, and how to maximize the value of those projects. Dr. Stephenson is person, with hands-on experience, who has seen big data done differently across many organizations and brings that breadth of experience to paint a clear picture of big data and analytics for his readers.

The book mentions that the strategic use of Big Data depends both upon knowledge of AI and ML but also on the mindset of companies. The simple chapters that of this book will help you to map examples onto your own business and will help you:

  • Know which data is most useful to collect and requires insights to future action
  • Understand big data to help you attain business goals gain competitive advantage.
  • Use big data for knowing current status and to improve in the future.
  • Structure your big data team for making your business more data driven.