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Data Mining Essay

845 words - 3 pages

"Business, Social and Big Data Analytics (BSBDA)"Not more than a few years ago, the trend was to hold data and to try to derive some patterns within them to facilitate decision making. Though it still stands valid in many cases, when it comes to social data the idea kind of topples over. Because there is just so much complex and unstructured data generated every day that it is impossible to house it. Getting valuable insight from social data is like digging through the sands of the Sahara trying to find rocks of data that you need. This is where big data analytics comes in.Historically, marketers have chosen markets and made sales budgets based on past results and intuitions. Managers, now with the help of big data, can identify micro-markets and better allocate resources to maximize profits. These can be done at a substantially low expenditure (compared with an extensive market research). Companies can get all sort of telemetric information from social media users. Even information such as the amount of time a user is looking at a photo or any page can be obtained. Information such as who last purchased a product, feedback from users, modes of purchase, etc can be used in making decisions on how to market the product.To comprehend the magnitude of social media generated in the world, let's look at some statistics. In sixty seconds, 138 million mails are sent, 695,000 Google searches are done, 700,000 Facebook statuses are updated, 100,000 Tweets are tweeted in Twitter, 370,000 Skype calls are made and over 20,000posts are done in Tumblr. But are all these data useful? Take Twitter for example where an active user receives ~1000 tweets per day. Approximately 36% of these tweets are worth reading, 39% being neutral and the rest junk. Marketers are burdened with the task of identifying which data to choose and analyze which in itself is daunting.It is known that the young generation are the main proprietors of social media. Does this mean that data from social media does not hold information about the older generations that marketers would need? No! A report on Big data by Mckinsey Global Institute in June 2011 talks about a survey on users of people using social networks which revealed a 7 percent increase in 2009 in use of social networks by people in the age group 25-34, a 21-22 percent increase among those aged 35-54, and an astonishing 52 percent increase in usage among those aged 55-64. Good news for marketers indeed!There are various tools in analytics with which a marketer can analyze big data. Natural language processing done on data from social media can be combined with...

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