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Ohlhorst - Big data analytics: turning big data into big money

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Unique insights to implement big data analytics and reap big returns to your bottom line Focusing on the business and financial value of big data analytics, respected technology journalist Frank J. Ohlhorst shares his insights on the newly emerging field of big data analytics in Big Data Analytics . This breakthrough book demonstrates the importance of analytics, defines the processes, highlights the tangible and intangible values and discusses how you can turn a business liability into actionable material that can be used to redefine markets, improve profits and identify new business opportunities. Reveals big data analytics as the next wave for businesses looking for competitive advantage Takes an in-depth look at the financial value of big data analytics Offers tools and best practices for working with big data Once the domain of large on-line retailers such as eBay and Amazon, big data is now accessible by businesses of all sizes and across industries. From how to mine the data your company collects, to the data that is available on the outside, Big Data Analytics shows how you can leverage big data into a key component in your businesss growth strategy. Read more...
Abstract: Unique insights to implement big data analytics and reap big returns to your bottom line Focusing on the business and financial value of big data analytics, respected technology journalist Frank J. Ohlhorst shares his insights on the newly emerging field of big data analytics in Big Data Analytics. Read more...

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Contents WILEY SAS BUSINESS SERIES The Wiley SAS Business Series - photo 1

Contents

WILEY & SAS BUSINESS SERIES

The Wiley & SAS Business Series presents books that help senior-level managers with their critical management decisions.

Titles in the Wiley and SAS Business Series include:

Activity-Based Management for Financial Institutions: Driving Bottom-Line Results by Brent Bahnub
Advanced Business Analytics: Creating Business Value from Your Data by Jean Paul Isson and Jesse Harriott
Branded! How Retailers Engage Consumers with Social Media and Mobility by Bernie Brennan and Lori Schafer
Business Analytics for Customer Intelligence by Gert Laursen
Business Analytics for Managers: Taking Business Intelligence beyond Reporting by Gert Laursen and Jesper Thorlund
The Business Forecasting Deal: Exposing Bad Practices and Providing Practical Solutions by Michael Gilliland
Business Intelligence Success Factors: Tools for Aligning Your Business in the Global Economy by Olivia Parr Rud
CIO Best Practices: Enabling Strategic Value with Information Technology, Second Edition by Joe Stenzel
Connecting Organizational Silos: Taking Knowledge Flow Management to the Next Level with Social Media by Frank Leistner
Credit Risk Assessment: The New Lending System for Borrowers, Lenders, and Investors by Clark Abrahams and Mingyuan Zhang
Credit Risk Scorecards: Developing and Implementing Intelligent Credit Scoring by Naeem Siddiqi
The Data Asset: How Smart Companies Govern Their Data for Business Success by Tony Fisher
Demand-Driven Forecasting: A Structured Approach to Forecasting by Charles Chase
Executives Guide to Solvency II by David Buckham, Jason Wahl, and Stuart Rose
The Executives Guide to Enterprise Social Media Strategy: How Social Networks Are Radically Transforming Your Business by David Thomas and Mike Barlow
Fair Lending Compliance: Intelligence and Implications for Credit Risk Management by Clark R. Abrahams and Mingyuan Zhang
Foreign Currency Financial Reporting from Euros to Yen to Yuan: A Guide to Fundamental Concepts and Practical Applications by Robert Rowan
Human Capital Analytics: How to Harness the Potential of Your Organizations Greatest Asset by Gene Pease, Boyce Byerly, and Jac Fitz-enz
Information Revolution: Using the Information Evolution Model to Grow Your Business by Jim Davis, Gloria J. Miller, and Allan Russell
Manufacturing Best Practices: Optimizing Productivity and Product Quality by Bobby Hull
Marketing Automation: Practical Steps to More Effective Direct Marketing by Jeff LeSueur
Mastering Organizational Knowledge Flow: How to Make Knowledge Sharing Work by Frank Leistner
The New Know: Innovation Powered by Analytics by Thornton May
Performance Management: Integrating Strategy Execution, Methodologies, Risk, and Analytics by Gary Cokins
Retail Analytics: The Secret Weapon by Emmett Cox
Social Network Analysis in Telecommunications by Carlos Andre Reis Pinheiro
Statistical Thinking: Improving Business Performance, Second Edition by Roger W. Hoerl and Ronald D. Snee
Taming the Big Data Tidal Wave: Finding Opportunities in Huge Data Streams with Advanced Analytics by Bill Franks
The Value of Business Analytics: Identifying the Path to Profitability by Evan Stubbs
Visual Six Sigma: Making Data Analysis Lean by Ian Cox, Marie A. Gaudard, Philip J. Ramsey, Mia L. Stephens, and Leo Wright
For more information on any of the above titles, please visit www.wiley.com .

Cover image liangpviStockphoto Cover design Michael Rutkowski Copyright - photo 2

Cover image: @liangpv/iStockphoto

Cover design: Michael Rutkowski

Copyright 2013 by John Wiley & Sons, Inc. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com . Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions .

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002.

Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com . For more information about Wiley products, visit www.wiley.com .

Library of Congress Cataloging-in-Publication Data :

Ohlhorst, Frank, 1964

Big data analytics : turning big data into big money / Frank Ohlhorst.

p. cm. (Wiley & SAS business series)

Includes index.

ISBN 978-1-118-14759-7 (cloth) ISBN 978-1-118-22582-0 (ePDF) ISBN 978-1-118-26380-8 (Mobi) ISBN 978-1-118-23904-9 (ePub)

1. Business intelligence. 2. Data mining. I. Title.

HD38.7.O36 2013

658.4'72dc23

2012030191

Preface

What are data? This seems like a simple enough question; however, depending on the interpretation, the definition of data can be anything from something recorded to everything under the sun. Data can be summed up as everything that is experienced, whether it is a machine recording information from sensors, an individual taking pictures, or a cosmic event recorded by a scientist. In other words, everything is data. However, recording and preserving that data has always been the challenge, and technology has limited the ability to capture and preserve data.

The human brains memory storage capacity is supposed to be around 2.5 petabytes (or 1 million gigabytes). Think of it this way: If your brain worked like a digital video recorder in a television, 2.5 petabytes would be enough to hold 3 million hours of TV shows. You would have to leave the TV running continuously for more than 300 years to use up all of that storage space. The available technology for storing data fails in comparison, creating a technology segment called Big Data that is growing exponentially.

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