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Big Data 101 Module 1 Video 2

This document provides an overview of big data, discussing how consumers and businesses use big data and examples like recommendation engines, personal assistants, and how Netflix used big data to predict the success of House of Cards. It also discusses how Chinese e-commerce companies are using big data to gain market share and retain customers.

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Dipak Nandeshwar
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121 views2 pages

Big Data 101 Module 1 Video 2

This document provides an overview of big data, discussing how consumers and businesses use big data and examples like recommendation engines, personal assistants, and how Netflix used big data to predict the success of House of Cards. It also discusses how Chinese e-commerce companies are using big data to gain market share and retain customers.

Uploaded by

Dipak Nandeshwar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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- [Instructor] Hello and welcome to Big Data University.

In this lesson, we will provide you


with an overview of Big Data.
And you will learn how to get value from it.
We will cover the terms, the concepts and the technologies
and what has led to the big data era.
Many of us are generating and using big data
without being aware that we are.
How is big data impacting business and people?
Have you ever searched for or bought a product on Amazon?
Did you notice that Amazon started making recommendations
related to the product you searched for?
Recommendation engines are a common application of big data.
Companies like Amazon, Netflix and Spotify
use algorithms based on big data
to make specific recommendations
based on customer preferences and historical behavior.
Personal assistants like Siri on Apple devices
use big data to devise answers
to the infinite number of questions end users may ask.
Google now makes recommendations
based on the big data on a user's device.
Now that we have an idea
of how consumers are using big data,
let's take a look at how big data is impacting business.
In 2011, McKinsey & Company said that big data
was going to become the key basis of competition
supporting new waves of productivity growth and innovation.
In 2013, UPS announced that it was using data
from customers, drivers and vehicles
in a new route guidance system
aimed to save time, money and fuel.
Initiatives like this one support the statement
that big data will fundamentally change
the way businesses compete and operate.
How does a firm gain a competitive advantage?
Have you ever heard of the Netflix show
called House of Cards?
The first season of the show was released in 2013
and it was an immediate hit.
At the time, the New York Times reported that
Netflix executives knew that House of Cards
would be a hit before they even filmed it,
but how do they know that?
Big data.
Netflix has a lot of data.
Netflix knows the time of day when movies are watched.
It logs when users pause, rewind and fast forward.
It has ratings from millions of users
as well as the information on searches they make.
By looking at all these big data,
Netflix knew many of its users
had streamed the work of David Fincher
and films featuring Kevin Spacey had always done well.
And it knew that the British version of House of Cards
had also done well.
It also knew that people who liked Fincher
also liked Spacey.
All these information suggested
that buying the series would be a good bet for the company,
and in fact it was.
In other words, thanks to big data,
Netflix knows what people want before they do.
Now let's review another example.
Market saturation and selective customers
will require Chinese e-commerce companies
to make better use of big data
in order to gain market share.
Companies will have to persuade customers
to shop more frequently, to make larger purchases
and to buy from a broader array
of online shopping categories.
E-commerce players already have the tools to do this
as digital shopping grows.
Leading players are already using data
to build models aimed at boosting retention rates
and spending per customer based on e-commerce data.
They have also started to adopt analytics backed pricing
and promotional activities.
The Internet of Things refers to the exponential rise
of connected devices.
IoT suggests that many different types
of data today products will be connected to a network
or to the internet for example refrigerators,
coffee machines or pillows.
Another connection of IoT is called wearables
and it refers to items of clothing
or things we wear that are now connected.
These items include Fitbits, Apple Watches
or the new Nike running shoes that tie their own shoelaces.
You have seen some of the characteristics of big data
and you have seen some of the applications.
Happy learning.

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