Decoding Decisions with Big Data!

1st May is just a couple weeks away. And we cannot wait to see the way Myntra fares. Going mobile! What will be the result? The management and directors may have studied the ins and outs before making a decision that has the ability to set a new standard in the world of eCommerce in India;

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The Internet of Things: Transforming the Retail Industry

2015 has brought with it a revolution, when it comes to disruptive technologies and innovative methods of utilizing the same. One of the most popular trends to grace the world today is the Internet of Things(IoT). Actually calling it a trend would be counterproductive.

IoT is not really a trend- because it is definitely here to stay and spin the world in new directions. IoT has already made itself indispensable. From smart cars to smart homes, IoT exists in the grey area between accepted technologies and awesome new gizmos that rule the market today.

The surprise though, is that in spite of IoT being a buzz word, it has not become as mainstream as, say the internet or the mobile, or even virtual. Not everyone everywhere is aware of the huge implications that IoT already has and will have in their lives.

This is largely because IoT is not retail ready. Of course there are many new gadgets coming up every day that are collectively termed as IoT. But can you really imagine one person wearing or using 50 different objects to harness the power of the Internet of Things?

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Big Data- Growth Story 2014…

Big data, it seems, has become the new mantra for all and sundry. Every industry you see has used or is planning to use data analytics to increase sales or get to know their customer base. Newer and better organizations are coming up because of data analytics becoming important. Also, new jobs have been generated in the name of data.

For the uninitiated, Big Data refers to a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. Data analytics is all about processing this data using softwares, tools or other such services. Continue reading “Big Data- Growth Story 2014…”

How Financial Services firms are leveraging Big Data?

Financial Services today is an umbrella that covers everything from bank loans to insurance services. There are so many functions involved in the financial services sector that it is easy to lose count. In technical terms, financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancy companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.

Managing money or economics maybe highly theoretical, but it is also one of the most practical and important aspects of our world. From times immemorial, we have required some kind of financial service. Since we learnt farming, we have believed in the concept of barter. Then came the money lenders and the Templars who created an ancient version of the banks we see today.

Finally we have banks that are deemed a very important part of our civilization. So much so that today, we use the services these banks provide to even buy the smallest of gadgets. Banks and other financial institutions have been crunching numbers forever. But now this highly manual process is becoming digitized now.

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Semantics- Reading between the Lines!

Big data analysis has made all sorts of things easier. The power of data is finally being harnessed in spades for various functions. Marketers and retailers alike are using big data to understand their consumers or customers respectively.

There are various facets of big data analytics that give it all the more power. One of the biggest data points today is the social media. All marketers accept the fact that the social media is a powerful tool to capture consumer attention.

Messaging through social media, phones, etc has become a common trend. In fact, the Queen’s English is also changing with colloquial annotations all over the world, which is called as ‘texting lingo.’

This brings to light a very important part of data analytics- text analytics. Text mining, also referred to as text data mining, roughly equivalent to text analytics, refers to the process of deriving high-quality information from text. High-quality information is typically derived through the devising of patterns and trends through means such as statistical pattern learning.

text analysis with compass

Text analysis involves information retrieval, lexical analysis to study word frequency distributions, pattern recognition, tagging/annotation, information extraction, data mining techniques including link and association analysis, visualization, and predictive analytics.

The overarching goal is, essentially, to turn text into data for analysis, via application of natural language processing (NLP) and analytical methods. Text Analysis makes qualitative research faster and easier. The ability to analyze what your respondents say helps you gain insight into their attitudes, behaviours, concerns, motivations and culture.

The technology is now broadly applied for a wide variety of government, research, and business needs. Text mining is being used by large media companies, to clarify information and to provide readers with greater search experiences, which in turn increases site “stickiness” and revenue. Additionally, on the back end, editors are benefiting by being able to share, associate and package news across properties, significantly increasing opportunities to monetize content.

Text mining is starting to be used in marketing as well, more specifically in analytical customer relationship management. It can be applied to improve predictive analytics models for customer attrition.

There is also sentiment analysis, where they may analyse movie reviews for estimating how favourable a review is for a movie. Analyzing unstructured text data is said to hold great promise. There are many text analysis tools that provide information on the readability and complexity of a text, as well as statistics on word frequency and character count.

At IntelligenceNODE, we believe that text analysis is an indispensible part of data mining and here to stay! With evolving language, our understanding of words also changes!

 

The big data revolution in the Indian jewellery market!

A slump in gold prices in April led to a buying frenzy in India. Gold sales have drastically risen in the last quarter in the country. This points out the fact that, come what may, we will not compromise on our jewellery.

For the jewellery industry today, though, even more precious than diamonds, is the predictive power of big data. While some retailers have yet to embrace the Big Data revolution, others are using the power of algorithms to forecast potential growth.

Improved consumer confidence, lower unemployment and enhanced stock dividends from the fourth quarter of 2012 have combined to leave people ready to start spending on luxury items again, like jewellery.

India possesses world’s most competitive gems and jewellery market due to its low cost of production and availability of skilled labour.

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