Big Data Technology, Semantics and Analytics
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Big Data Technology, Semantics and Analytics
Trends, success and applications for big data including the use of semantic technology
Curated by Tony Agresta
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The Age of Big Data - Predicting Crime After Shocks



Tony Agresta's insight:

The BBC documentary follows people who mine Big Data, including the Los Angeles Police Department (LAPD) who uses data to predict crime.  It's proven that historical patterns can be used to predict future behavior.  With a database of over 13 million crimes spanning 80 years and real time continuous updates, the LAPD has applied mathematical algorithms and pattern recognition to identify crime hotspots.   Targeted police work has resulted in a 26% decrease in burglaries and a 12% decrease in property crimes. 

 

How does this work?  In the same way that earthquake aftershocks can be predicted, data miners analyzed historical crime statistics including location and timing.  They found patterns in the big data crime landscape.  By tracking the history, timing and location of crimes, they revealed that the probability another crime would occur in certain locales was higher.  They discovered patterns in the data.  In this case, the rate of crime and geospatial distribution of events were excellent predictors of future behavior including pinpointing small geograpic areas which they used to direct police resources. 

 

Today, these predictive aftershocks are becoming more accurate through the use of real time data feeds, alerts, geospatial analysis and temporal analysis.  Over 150 cities in the US are starting to apply these techniques allowing police officers to anticipate, focus, apprehend and therefore lower risk.   


Thanks to KD Nuggets for providing the link to the BBC video which is very well done.

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Big Data, Analytics And The Future Of Marketing And Sales

Big Data, Analytics And The Future Of Marketing And Sales | Big Data Technology, Semantics and Analytics | Scoop.it
By Jonathan Gordon (@JW_Gordon), Jesko Perrey, and Dennis Spillecke (@dspillecke) Big Data is the biggest game-changing opportunity for marketing and sales since the Internet went mainstream almost 20 years ago.
Tony Agresta's insight:

Digital data can translate into higher sales with the right automation and analysis in place.   Thirty five percent of pre purchase decisions in the B to B space are made through online research.   Those interactions can be used as leading indicators and potentially trigger points to engage with personalized messaging.   In the B to C world, predictive algorithms have been used for years.  For example, Banks can determine the next most likely next product purchased and retailers can prevent defection with special discounts offered in real-time.  

 

When applying these types of solutions, the dimension of time can be critical. Are transactions slowing down for a specific customer?  Is website access accelerating?   Are downloads of valuable content happening more rapidly?  Are your customers starting to visit competitive sites more frequently? 

 

There's no shortage of data available to answer these questions.  But the variety of techniques (and the complexity of some) to address these issues can be daunting at times.   Analyzing trends over time to isolate important milestones in the customer lifecycle is one way to begin.   Organizing your customers into small sets of homogenous segments is one way to begin.  Are there segments that buy from multiple product categories frequently?  Are there other segments showing a decline in transactions?   Once these segments are identified, isolating patterns of behavior within the segments could lead to a set of rules and event triggers used to personalize messages, improve customer service, introduce new products and offer discounts.  

 

Big Data platforms that allow you to ingest massive amounts of data, classify the data in real time and take action right away can be applied in game changing ways.   Sales and Marketing professionals should focus their attention on customer behavior leading to retention, upsell and improved customer service in a world where competitive pressures are not going away anytime soon.

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