This really got me thinking. Why is Analytics a buzzword these days?
According to many industry experts that I listened to, this is not a brand new process as such. However, industries are adopting this at a high scale.
Why now? Because of overwhelming data that are accumulated thanks to all the Social Media, Search Engine and especially my most favorite User Generated Content (UGC). With billions of searches on Google, millions of photos being uploaded on Facebook, a million ride thanks to Uber, these cutting-edge software companies have now access to store torrents of data, and make informed decisions out of them!
Just visualize the volume of data being generated every minute, variety of data such as text/multimedia/rich content created and shared, and velocity (past and real-time data). These are the 3 Vs of Big Data! Companies want to make sense out of it to reduce costs, improve revenue, profits and customer satisfaction.
The transition in major companies is evident. From Business Reporting using KPI Metrics to Business Intelligence and Data Visualization + Dashboards to Descriptive Analytics to Predictive Analytics to Prescriptive Analytics.
I’ll write my understanding on these on separate articles.