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Big data in analytics is the process of examining large amounts data of a variety types to uncover hidden patterns, unknown correlations and other useful information to facilitate applications in the areas of health care, customer analytics, banking, retail etc. Successful organizations are focused on using Big data techniques that drive the greatest business value. Big data refers to the ever increasing volume, velocity, variety, variability and complexity in the collected data. Central theme to this entire new era is statistics and prediction. Is the existing tool enough or we need more ? What are the challenges?
In this talk, I will discuss in detail, analytics, bigdata and its relation to business and consumer and how statistics helps in correlating them all to answer hard questions. Particular emphasis will be on the use of Bayesian Statistics, its advantages in todays analytics and challenges that need further research |