Analytics Future, Trends and Challenges Tutorial
Hello and welcome to the fourth lesson of the SMAC course offered by Simplilearn. This lesson focuses on the ‘A’ of SMAC that stands for Analytics, also known as Big Data Analytics. Let us look at the objectives of this lesson in the next screen.
After completing this lesson, you will be able to define Big Data, explain digital footprint, and describe Big Data Analytics. You will also be able to list the emerging trends in Analytics and discuss the challenges and future of Analytics. Let us discuss Big Data in the following screens.
4.3 Big Data
The term ‘Big Data’ is commonly used to describe the rapid growth and vast availability of datasets in the form of structured, semi-structured, and unstructured data. Structured data refers to the data that is represented in a tabular format. For example, MySQL databases. Semi-structured data refers to the data that does not have a formal data model. For example, XML files. In unstructured data, there is no structured or predefined data model. The data is integrated by the processing systems as provided by the source and does not follow any predefined format. For example, Text files and web server logs. In the next screen, we will discuss the characteristics of Big Data.
4.4 Characteristics of Big Data
Big Data has three characteristics: variety, volume, and velocity. Each of these characteristics overcome challenges of managing data by traditional data processing applications. Variety indicates data received from different sources such as traditional databases, web server logs, social media, and so on. Volume implies the large data size ranging from terabytes to zeta bytes and more. Velocity indicates the huge volume of data arriving from different sources at high speed or in the fraction of a Nano second. Digital footprint is the source of Big Data, which will be explained in the next screen.
4.5 Digital Footprint
Digital footprint is the term used to describe the main source of Big Data. It refers to the data trail or traces left by users in the digital environment. Digital footprints are captured from user interaction with the digital environment, in any form of information transmission such as Internet, cellphones, Television, registration forms, or any other. Let us now learn about the two categories of digital footprints in the next screen.
4.6 Categories of Digital Footprint
There are two categories of digital footprints, active and passive. Active digital footprints are created when a user intentionally shares personal data to share information via websites or social media. For example, posting images or videos on social media sites, creating websites, and writing comments on other peoples' social media pages. Passive digital footprint of an individual is created by others or gathered from the activities performed by an individual without the intension of sharing personal data. For example, other’s comments on your social media page, visiting websites, and online shopping activities. So far, we have discussed Big Data, let us now move on and learn about Big Data Analytics in the following screens.
4.7 Big Data Analytics
Big Data Analytics, in the context of business, refers to the collection and analysis of large datasets available to discover hidden insights, intelligence, and other useful business data. Big Data Analytics offers several organizational benefits such as new business insights and market opportunities, access to huge databases, enhanced operational efficiency, and better customer experience. Let us understand how different industries are using Analytics in the next screen.
4.8 Analytics in Industries
Examples of how Big Data Analytics is used in some of the major industries are shown on the screen. The Banking and Finance industry uses Analytics for customer retention and cross-selling. Detection of error and fraud is also made easy through Analytics. The Retail industry uses Analytics for better supply chain and inventory management. Customer care facilities are also enhanced with the help of Analytics. Analytics lead to the emergence of new technologies and enhanced software and program management in the Information Technology industry. The Healthcare industry uses Analytics to provide E-healthcare facilities. Maintaining patients’ track records have become easier with the help of Analytics. Let us look at some emerging trends in Analytics in the subsequent screen.
4.9 Emerging Trends in Analytics
The focus of the industry has shifted from ‘what is’ Big Data to ‘what can be done with Big Data.’ Organizations are constantly researching and employing different Big Data solutions to gain a competitive edge. Some of the emerging trends in Analytics are as follows: Big data-as-a-service: Moving Big Data to Cloud platform leads to a new model called Big Data-as-a-service. In the Big Data environment, the data grows extensively and therefore needs specialized platforms to store and handle it, such as Hadoop Distributed File System (HDFS, MapReduce, and so on. Predictive Analysis: It refers to the process of identifying meaningful patterns of Big Data to predict future events. By using the Big Data insights, organizations can predict the future, which helps in decision-making. Real-time Analytics: With real-time analytics, organizations are able to identify any security violations and suspicious trades or transactions. Big Data-based security systems are being implemented in many organizations to secure their IT systems. Big Data and Mobile: With the arrival of new technologies, Mobile platforms have started contributing to the Big Data space. Mobiles mainly serve two purposes: they are the source of data and also the mode of delivery. Let’s find out the challenges faced by analytics users in the next screen.
4.10 Analytics - Challenges
Identifying customer behavior patterns is one of the major challenges in Analytics as customer behavior data is mostly disjointed. Optimized usage of cloud-based offerings in terms of ease of data access and safety of the content shared is another challenge in Analytics. This is especially in cases where public and private clouds overlap. The next challenge is building a data-driven pattern that becomes a compulsory need for any business. Since organizations vary in terms of size, products, services, location, and so on, it is a challenge for Analytics to build a common pattern that can be used universally. Keeping up with the pace of fast-growing technology and tools is another challenge for Analytics. In the subsequent screen, we will discuss the future of Analytics.
4.11 Future of Analytics
Analytics is gaining momentum rapidly and organizations have started to use Big Data for their business. Some of the predictions for Analytics are as follows: Technologies that can overcome Big Data challenges will become predominant and universal. Insights from Big Data will be widely used in the decision-making process. The database systems, and data processing and reporting tools will be integrated into one package. The concept of numbers-as-output, that is analytical results in the form of numbers and percentages, will fade slowly and these numbers will be visualized and presented in the form of images, insights, and action plans. In the next screen, let us find out how Analytics is used in the real-world situation with the help of a case study.
4.12 Case Study
One of the fast-growing online travel agencies wanted an efficient tool to analyze the bookings and inventory data to improve their system of many bus operating services in more than 12,000 routes. The company decided to adopt Google’s BigQuery, which is a web service that enables interactive analysis of extensively large datasets. According to the BigQuery analyses, customers searched for seats in the busses but could either not find any seats or very less seats were available. This resulted in the company adding more seats to their busses. As a result, the travel agency: • Analyzed data sets as huge as 2 terabytes, in less than 30 seconds • Spent 80% less than they would have on other infrastructure • Gained stronghold on the bookings and inventory data • Strengthened the company by enhancing customer service and trade quality In the next screen, we will understand the job market scenario and salary trends in the field of Analytics.
4.13 Analytics - Jobs and Salary
According to Datajobs, the average salary of an individual with Big Data Analytics skill ranges from $70,000 to $115,000, which further increases with experience. The breakdown of Analytics-related job titles is illustrated on the screen. ‘Developers’ is the most popular job with 42% demand. The demand pattern for other Analytics-related jobs in terms of percentage are also shown. Let us proceed to the next screen and get familiar with the learning path in the Analytics field.
4.14 Analytics - Learning Path
The learning path in the field of Analytics is displayed on the screen. The Foundation level comprises the non-certification courses, Business Analytics Foundation—R Language and Business Analytics Foundation—SAS (Pronounce as one word: sas). The Advanced level courses comprise two non-certification courses: Big Data and Hadoop Developer and Big Data and Hadoop Administrator. Finally, the Expert level includes the following certification courses: SAS Certified Clinical Trials Programmer, SAS Certified Predictive Modeler using SAS Enterprise Miner 7, SAS Certified Statistical Business Analyst: Regression and Modeling, SAS Certified BI (Pronounce as: b-eye) Content Developer, SAS Certified Data Integration Developer, and SAS Certified Platform Administrator.
Following is the quiz section to check your understanding of this lesson.
Let us summarize what we have learned in this lesson. Big Data is a common term used to describe the rapid growth and vast availability of data. Digital footprint refers to the data trail or traces left by users in the digital environment. Big Data Analytics refers to the collection and analysis of any large dataset available to discover hidden insights, intelligence, and other useful business data. Big Data-as-a-Service, Predictive Analysis, Real-time Analytics, and Big Data and Mobile are the emerging trends in Analytics.
This concludes the lesson on Analytics. The next lesson will focus on Cloud Computing.
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