Big data and Social Media Analytics
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While most organizations embrace the idea of Big data, they are yet to figure out how to solve the implications brought about by the big data explosion from social media. In this presentation we highlighted some of the key challenges that organizations face while implementing big data
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Big data and Social Media Analytics
- 1. Big ideas BIG DATA AND SOCIAL MEDIA ANALYTICS
- 2. Simplify360 is The social media partner of 6 & 7 December, 2013 For more details visit: www.bigdataconclave.com
- 3. According to McKinsey Global Institute Big data—a 1 growing torrent 1. http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation
- 4. USE CASES OF BIG DATA Three types of big data use cases that most often result in improved business outcomes. Source: IBM
- 5. HOW CAN BIG DATA HELP? The following are the key areas where big data can help in marketing • Implement more targeted marketing campaigns for specific geographies or individual consumers • Track and respond to promotions in real time to ensure the most profitable outcomes • Identify which promotion strategy will yield the best results in a specific chain or cluster of stores • Determine which new product options are the most profitable and least risky to pursue Better assess product price elasticity before implementing price changes • Perform predictive analytics across all areas of the business to improve performance • Process larger volumes of data faster, including batch data provided by external sources Source: IBM
- 6. Case study: American Express airline loyalty scheme American Express partnered with an airline to create an air miles loyalty scheme. The scheme was to give customers points that could eventually be used to purchase flights, each time they used their American Express card. Innovative air miles customer loyalty schemes such as this require the intricate management of a lot of consumer information from many sources, so must be robust, secure, well supported and well maintained. American Express uses big data to make the airline loyalty scheme one of the most successful scheme. One of the reasons this particular loyalty scheme is so successful is that both American Express and its airline partner recognize their clients as unique consumers with the help of big data http://www.smartinsights.com/
- 7. Big data explosion on social media
- 8. SOCIAL MEDIA DATA SUPPLEMENTS EXISTING DATA SOURCES FOR NEW MARKETING CAPABILITIES Analyze social media and consumer information data sources to gain customer insights and take informed sales, marketing or services actions Source: IBM
- 9. SOCIAL MEDIA BIG DATA 400 Million Tweets sent per day 2.5 billion content items shared on Facebook 2.7 billion Likes 300 million photos uploaded 500+ TB data ingested 100+ PB disk space in a single HDFS cluster 105 TB data scanned via Hive (30 min) Facebook stats as of 2012
- 10. CHALLENGES WITH SOCIAL MEDIA BIG DATA • One of the biggest challenge with so much data on social media is; deriving a meaningful contextual information. • Social media data is unstructured. Unlike other customer data from retail, banking etc. which is structured, data on social media is unstructured. Most organizations want to capture contextual conversations and other widely available sources of unstructured data from social media, blog commentaries and other sources in real time, and put them side by side with structured data in their information ecosystem for a much clearer picture of what is going on
- 11. Making sense out of the unstructured data from social media biggest challenge
- 12. THE BIGGEST CHALLENGE • Such unstructured data from social media has to be approached in a non traditional manner • Mastering the science of understanding the exploding big data from social media will definitely be a game changer
- 13. LET BIG DATA DO BIG THINGS FOR YOU WWW.SIMPLIFY360.COM Slide No. 13
- 14. THANK YOU CONNECT WITH US
- 15. Simplify360 is The social media partner of 6 & 7 December, 2013 For more details visit: www.bigdataconclave.com See you there..