With newer and newer big data sources exploding onto the scene, traditional data warehouses are being challenged.
Satya Bhamidipati, director of business development of big data and advanced analytics at Oracle, discussed data mining and advanced analytics techniques that will enable the monetization of data during a session at Data Summit 2016.
High performance analytics accelerates customer insights, creates value with data innovations, and improves product adoption, Bhamidipati explained.
With internal data sources, businesses can tap into forecast models and category management. But by utilizing external data sources companies can create value with data from the Internet of Things (IoT) to improve safety, create value
A healthy balance of utilizing both internal and external sources is needed, according to Bhamidipati.
Additionally, data mining can provide better information and valuable insights and predictions, Bhamidipati said.
Several analytic methods, such as classification, regression, anomaly detection, attribute importance and association means, can also help spread data throughout the organization.
By taking a traditional approach to analyzing data, which includes defining the business challenge, data preparation, extracting data, ingesting it, building the model, deploying it, and then visualizing the results, companies can stay on top of its information.
According to Bhamidipati, SQL can bring all these tools together for a complete analytics picture of an organization.
With data variety, companies can build better predictive models, increasing sources of relevant data and boosting analytical accuracy, Bhamidipati said.
Data Summit is an annual 2-day conference, preceded by a day of workshops, that offers a comprehensive educational experience designed to guide you through all of the key issues in data management and analysis today. The event brings together IT managers, data architects, application developers, data analysts, project managers, and business managers for an intense immersion into the key technologies and strategies for becoming a data-informed business.