| Data Mining is… |
| A process that uses a variety of data analysis tools to discover patterns and relationships in data that may be used to make valid predictions. |
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| Big Data |
"Big Data" is a catch phrase that has been bubbling up from the high performance computing niche of the IT market."
In simplest terms, the phrase refers to the tools, processes and procedures allowing an organization to create, manipulate, and manage very large data sets and storage facilities.
The hot IT buzzword of 2012, big data has become viable as cost-effective approaches have emerged to tame the volume, velocity and variability of massive data. Within this data lie valuable patterns and information, previously hidden because of the amount of work required to extract them. To leading corporations, such as Walmart or Google, this power has been in reach for some time, but at fantastic cost. Today's commodity hardware, cloud architectures and open source software bring big data processing into the reach of the less well-resourced. Big data processing is eminently feasible for even the small garage startups, who can cheaply rent server time in the cloud.
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| The value of big data to an organization falls into two categories: analytical use, and enabling new products. Big data analytics can reveal insights hidden previously by data too costly to process, such as peer influence among customers, revealed by analyzing shoppers' transactions, social and geographical data. Being able to process every item of data in reasonable time removes the troublesome need for sampling and promotes an investigative approach to data, in contrast to the somewhat static nature of running predetermined reports. |
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| Cloud Computing – 'The Cloud' |
Cloud computing is an emerging computing technology that uses the internet and central remote servers to maintain data and applications.
Cloud application services or "Software as a Service (SaaS)" deliver software as a service over the Internet, eliminating the need to install and run the application on the customer's own computers and simplifying maintenance and support.
A style of computing where massively scalable (and elastic) IT-related capabilities are provided “as a service” to external customers using Internet technologies.
Cloud computing is a better way to run your business. Instead of running your apps yourself, they run on a shared data centre. When you use any app that runs in the cloud, you just log in, customize it, and start using it and that’s the power of cloud computing. |
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| Predictive Analysis – Modelling the World |
| "Predictive analytics encompasses a variety of techniques from statistics, data mining and game theory that analyze current and historical facts to make predictions about future events" is how Wikipedia describes it. |
| A small architecture showing how predictive analytics is used nowadays. |
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| Predicting the present helps an organization improve its organizational excellence. In other words, it increases efficiency and improves the effectiveness of operations. However, organizations also have another set of processes: management processes. These are aimed at creating and implementing new strategies, and monitoring progress.
Predictive analytics provide Business intelligence and Fun. |
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