Business Information Management Week 11 PDF

Business Information Management Dr. Michael P. O’Brien Module: MI4007 Week 11 1 Digital Transformation https://www.youtube.com/watch?v=ystdF6jN7hc&t=24s 2  Digital Transformation PAST CURRENT...

Business Information Management Dr. Michael P. O’Brien Module: MI4007 Week 11 1 Digital Transformation https://www.youtube.com/watch?v=ystdF6jN7hc&t=24s 2  Digital Transformation PAST CURRENT IT-centric Business-centric Systems of record Systems of engagement & insight Traditional applications Cloud-native apps Transactional data and reporting Streams of data and analytics Internet Internet of Everything Non Generative Generative 3 Digital Transformation 4  Data Creation Growth Statistics According to 2024 estimates, 402.74 million terabytes of data are created each day. – “Created” includes data that is newly generated, captured, copied, or consumed. In zettabytes, that equates to around 147 zettabytes per year, around 12 zettabytes per month, 2.8 zettabytes per week, or 0.4 zettabytes every day. 5 Data Creation Growth Statistics The amount of data generated annually has grown year-over-year since 2010. In fact, it is estimated that 90% of the world's data was generated in the last two years alone. In the space of 13 years, this figure has increased by an estimated 74x from just 2 zettabytes in 2010. The 120 zettabytes generated in 2023 are expected to increase by over 150% in 2025, hitting 181 zettabytes. 6  Data Creation Growth Statistics 7 Demand for Data Analysts Data Analyst's job is to analyse and help make sense of this sea of data. Data Analyst is one of the high-in-demand jobs around the world. 8  The Internet of Everything The IoE is transforming the physical world into an intelligent world. 9 What is Big Data? 10  Big Data vs Smart Data Big Data is not about the size of the data, it’s about the value of within the data. Big Data + Analytics = Smart Data Get BIG by starting small 11 What is Data Analytics? Data analytics is analysing data to draw out meaningful, actionable insights used to inform and drive business decisions. It is a process of finding (hidden) patterns, unknown correlations, market trends, customer preferences, and making estimations from data. A data analyst examines large datasets to identify trends and patterns and use visualisation tools to display their findings. Visualisations are then shared with key stakeholders to help make more informed, data-driven strategic decisions. 12  Data Visualisation Data visualisation is using visual elements such as charts, graphs, maps, dashboards, and other visualisations to analyse data, find patterns in data, and report insights gleaned from data. “Use a picture. It’s worth a thousand words” Using visualisations makes it - Tess Flanders, 1911 easier to find and show “90% of the information transmitted to the brain is visual” patterns, trends, and – MIT News, January 16, 2014 “The human brain processes images 60,000x faster than text” correlations in the data. – Persuasion & the Role of Visual Presentation Support: The UM/3M Study, 1986 13 The Role of the Data Analyst 14  Types of Data 15 Types of Data 16  Types of Data 17 Types of Data 18  Data Analytics – The Process 19 Data Analytics – The Tools https://medium.com/@haseebshah904/top-10-data-analytics-tools-you-need-to-know-in-2024-a93da205956b 20  The Big Data Landscape Evolution 2012 21 The Big Data Landscape Evolution 2023 22  Analytics for Business – 3 Examples 23 Analytics for Business - MBA 24  Analytics for Business - MBA 25 Analytics for Business - CA 26  Analytics for Business - CA 27 Analytics for Business - DTA 28  Analytics for Business - DTA 29 Benefits of Big Data Analytics 30  Big Data Case Studies 31 Big Data Case Studies https://www.youtube.com/watch?v=CStXwaFNoXM 32  Big Data Case Studies Spotify uses machine learning to create personalised playlists. Spotify aims to continuously advance their proprietary system that recommends the right music to each user, based on their unique listening history and preferences. Spotify’s goal is to keep users engaged and subscribed to their platform by delivering an exceptional user experience. (Big) Data is gathered from user interactions to better their algorithms, improve user experiences, target potential audiences through adverts, and improve their business approaches and decisions. 33 Big Data Case Studies 34 35