Taming The Big Data Tidal Wave: Finding Opportunities in Huge Data Streams with Advanced Analytics

Praise for Taming the Big Data Tidal Wave: Finding Opportunities in Huge Data Streams with Advanced Analytics "This book . . . puts the focus squarely where it belongs . . . It′s primarily about the effective analysis of big data, rather than the big data management (BDM) topic per se. It starts with data and goes all the way into such topics as how to frame decisions, how to build an analytics center of excellence, and how to build an analytical culture. You will find some mentions of BDM topics, as you should. But the bulk of the content here is about how to create, organize, staff, and execute on analytical initiatives that make use of data as the input." —From the Foreword by Thomas H. Davenport, President′s Distinguished Professor of IT and Management, Babson College, cofounder and Research Director, International Institute for Analytics "This is a one–stop handbook for anyone who wants to understand what big data is and how to leverage it through advanced analytic processes and methods. Bill Franks intimately understands and describes how to create an entire analytics ecosystem intended to deliver competitive advantage." —Stuart Aitken, CEO, dunnhumby USA "In Taming the Big Data Tidal Wave, Bill Franks does a great job introducing both big data and the kind of analytics that will generate value from the waves of new data that are washing over companies. Easy to read and with helpful wrap–up sections in each chapter, the book avoids technical jargon without being lightweight. In this great introductory book, Bill makes a powerful case for analytic innovation and for getting started now." —James Taylor, CEO, Decision Management Solutions and author of Decision Management Systems: A Practical Guide to Using Business Rules and Predictive Analytics "In case you ever wondered why big data is providing business value in many industries, this book gives you perspectives and answers from many angles—from the tech side, to data science, to business users and processes. In my entire career of researching and lecturing on analytics, I have never encountered a book that combines the knowledge of both information technology and business managers in such a succinct way. I would recommend it to anyone whose career intersects with big data." —Diego Klabjan, Professor at Northwestern University; Director, Master of Science in Analytics "Bill Franks provides an entertaining and consumable take on a complex and intricate topic. The mix of insights applicable to practitioners and novices alike make this a critical read for someone new to the analytics space or to anyone in the space wanting to ensure they can learn from an accomplished leader. Franks′ view across multiple industries and uses of big data have positioned him well to deliver this entry into the emergence of the space." —Richard Maltsbarger, Senior Vice President of Strategy, Lowe′s Companies, Inc.

Foreword xiii Preface xvii Acknowledgments xxv PART ONE THE RISE OF BIG DATA 1 Chapter 1 What Is Big Data and Why Does It Matter?  3 What Is Big Data? 4 Is the “Big” Part or the “Data” Part More Important? 5 How Is Big Data Different? 7 How Is Big Data More of the Same? 9 Risks of Big Data 10 Why You Need to Tame Big Data 12 The Structure of Big Data 14 Exploring Big Data 16 Most Big Data Doesn’t Matter 17 Filtering Big Data Effectively 20 Mixing Big Data with Traditional Data 21 The Need for Standards 22 Today’s Big Data Is Not Tomorrow’s Big Data 24 Wrap–Up 26 Notes 27 Chapter 2 Web Data: The Original Big Data  29 Web Data Overview 30 What Web Data Reveals 36 Web Data in Action 42 Wrap–Up 50 Note 51 Chapter 3 A Cross–Section of Big Data Sources and the Value They Hold  53 Auto Insurance: The Value of Telematics Data 54 Multiple Industries: The Value of Text Data 57 Multiple Industries: The Value of Time and Location Data 60 Retail and Manufacturing: The Value of Radio Frequency Identification Data 64 Utilities: The Value of Smart–Grid Data 68 Gaming: The Value of Casino Chip Tracking Data 71 Industrial Engines and Equipment: The Value of Sensor Data 73 Video Games: The Value of Telemetry Data 76 Telecommunications and Other Industries: The Value of Social Network Data 78 Wrap–Up 82 PART TWO TAMING BIG DATA: THE TECHNOLOGIES, PROCESSES, AND METHODS  85 Chapter 4 The Evolution of Analytic Scalability  87 A History of Scalability 88 The Convergence of the Analytic and Data Environments 90 Massively Parallel Processing Systems 93 Cloud Computing 102 Grid Computing 109 MapReduce 110 It Isn’t an Either/Or Choice! 117 Wrap–Up 118 Notes 119 Chapter 5 The Evolution of Analytic Processes  121 The Analytic Sandbox 122 What Is an Analytic Data Set? 133 Enterprise Analytic Data Sets 137 Embedded Scoring 145 Wrap–Up 151 Chapter 6 The Evolution of Analytic Tools and Methods 153 The Evolution of Analytic Methods 154 The Evolution of Analytic Tools 163 Wrap–Up 175 Notes 176 PART THREE TAMING BIG DATA: THE PEOPLE AND APPROACHES  177 Chapter 7 What Makes a Great Analysis?  179 Analysis versus Reporting 179 Analysis: Make It G.R.E.A.T.! 184 Core Analytics versus Advanced Analytics 186 Listen to Your Analysis 188 Framing the Problem Correctly 189 Statistical Signifi cance versus Business Importance 191 Samples versus Populations 195 Making Inferences versus Computing Statistics 198 Wrap–Up 200 Chapter 8 What Makes a Great Analytic Professional?  201 Who Is the Analytic Professional? 202 The Common Misconceptions about Analytic Professionals 203 Every Great Analytic Professional Is an Exception 204 The Often Underrated Traits of a Great Analytic Professional 208 Is Analytics Certifi cation Needed, or Is It Noise? 222 Wrap–Up 224 Chapter 9 What Makes a Great Analytics Team?  227 All Industries Are Not Created Equal 228 Just Get Started! 230 There’s a Talent Crunch out There 231 Team Structures 232 Keeping a Great Team’s Skills Up 237 Who Should Be Doing Advanced Analytics? 241 Why Can’t IT and Analytic Professionals Get Along? 245 Wrap–Up 247 Notes 248 PART FOUR BRINGING IT TOGETHER: THE ANALYTICS CULTURE  249 Chapter 10 Enabling Analytic Innovation  251 Businesses Need More Innovation 252 Traditional Approaches Hamper Innovation 253 Defi ning Analytic Innovation 255 Iterative Approaches to Analytic Innovation 256 Consider a Change in Perspective 257 Are You Ready for an Analytic Innovation Center? 259 Wrap–Up 269 Note 270 Chapter 11 Creating a Culture of Innovation and Discovery 271 Setting the Stage 272 Overview of the Key Principles 274 Wrap–Up 290 Notes 291 Conclusion: Think Bigger! 293 About the Author 295 Index 297

Bill Franks is the Chief Analytics Officer for Teradata, where he provides insight on trends in the analytics and big data space and helps organizations implement their analytics effectively. In addition, Bill is a faculty member of the International Institute for Analytics and is an active speaker and blogger.  His consulting work has spanned many industries for companies ranging from Fortune 100 companies to small non–profits.