Big Data is like the population in some emerging countries. There is a lot of it (volume). It’s incredibly diverse (variety). And it’s growing at an extremely rapid rate (velocity). This has created unprecedented economic opportunity for businesses. History has proven that businesses often don’t move at the speed recommended by pundits to take full advantage of these kinds of opportunities.
With Big Data-enabled improvements in analytics, organizations can realize the financial benefits and evolve along the Big Data journey. While the possibilities are enormous, we focus on increased usage of text mining and social network analysis in advanced predictive modeling. We’ll look at a recently completed project on combining Big Data with traditional data, and its usage in customer analytics for the pharmaceutical industry. Using network analysis and text mining, derived variables were created that could be used for predictive modeling. Preliminary results showed that these derived variables, when combined with traditional variables, improved the performance of the predictive models.