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Finding Value from Data : Write 700- 1000 words covering points below. Imagine you have the following data from which you which to extract value
Finding Value from Data :
Write 700- 1000 words covering points below.
Imagine you have the following data from which you which to extract value:
- Customer to Customer (this is possibly 1 to 1 but could also be 1-many or 1-all chat, assume this is encrypted but not end to end so you can see the content. Stored in a key-value database like Redis.
- Customer records of purchases, returns, account changes, other relevant customer data. This may span several generations of past services. Stored in a document-database such as MongoDb.
- Referral and partner/advertisers, and engagement with customers. Stored in a column Database such as Cassandra or BigTable.
- Data on associations and relations between products, e.g., similarities of type, frequently bought together, possibly other relevant clustering, stored in a graph database.
- A web server with pages customers view for information with logs etc. in SQL
Describe a strategy to exploit this data to extract value. Value can mean many different things, but for example it could be (not all of these necessarily need data from all 5 sources):
- Discovering why internal processes are inefficient or failing
- Identifying products that could be targeted at customers
- Identify customers who may be likely to reduce engagement or purchasing in future
- Differentiate future products to better target groups of customers
- Efficiently manage inventory or asset acquisition/creation to produce mostly profitable products
- Automate solutions
- Develop new products that may attract new customers or cause former ones to return
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