Financial Applications of Big Data

Name: Financial Applications of Big Data
Author: Beth Baligrosky

Learn how to make sound decisions about your data collection

Preview the first lesson free — get full access to all 7 lessons.

Course: On-Demand

(upbeat instrumental music) Let's explore how big data affects decision-making, problem-solving and planning for businesses today. In these lessons, we'll discuss how customers interact with analytics and algorithmic trading, how to strategize and manage risk, and finally, how big data is governed. In the past, many decisions would be made using a manager's experience and intuition, especially when data was not readily available. With large amounts of data now accessible, experience and intuition, although important, are not as valuable as they once were. It doesn't make much sense to ignore data when making decisions, solving problems, and planning for the future. Otherwise, why collect the data at all? Big data includes information about people, places, and anything else that relates to operating a business. There are a variety of ways to collect activity data. Here are the top seven. Surveys, these are ways businesses can track answers to specific questions they have. Online tracking, when you click on, like or share a website, companies can and do track these clicks because it lets them know how much traffic they're getting. Transactional data tracking, keeping track of what items sell and when they sell. Online marketing, like online tracking, but online marketing entails placing specific marketing links for individuals to click. Social media monitoring. As most of us know, any social media site we use is going to track where you click, and what websites you visit. Subscription and registration data. Anytime you register for or subscribe to anything online, your data is being collected and used by companies. And in-store traffic monitoring. This is when an individual sits at an entrance to a store, and clicks every time someone enters, which allows the businesses to see exactly how much foot traffic they're getting in relation to sales. All these types of data collection are very useful tools, and many businesses use one or more to help in their decision-making processes. Some of the ways to use these collection methods are, understanding just who your customers are, and what they want or need. Using buying patterns to help predict future trends, or spikes in your business, based on the previous history. Identifying ways to improve your marketing by learning which messages are working and which ones are not. And formulating ways to expand or increase your customer base by focusing on specific markets. Businesses need to be cautious with using big data in their decision-making processes. Sometimes, too much data or the wrong type of data could lead to the wrong decisions. There is no right or wrong way for companies to make decisions. It's a perfect blending of data, experience, and intuition that leads to the best types of decisions.

Intermediate Provider : Beth Baligrosky 7 Lessons · 17m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

These lessons introduce various methods of applying big data and examine best practices for strategy implementation. They also cover risk management, privacy concerns, and data governance. Finally, they explore the use of computer-driven decision-making.

What You'll Learn

Make sound decisions about your data collection
Apply various methods for using big data and best practices for strategy implementation
Manage risk, privacy concerns, and data governance
Recognize the critical importance of customer feedback in your data
Examine the use of computer-driven decision-making and algorithmic trading

Key Takeaways

The lessons introduce various methods of applying big data and examine best practices for strategy implementation.
The course covers risk management, privacy concerns, and data governance.
It explores the use of computer-driven decision-making.
Customer feedback is critically important to your data.
Topics span business decision-making, problem-solving, planning, customer interactions and analytics, and algorithmic trading.

Frequently Asked Questions

What does this course cover?

It introduces various methods of applying big data and best practices for strategy implementation, and covers risk management, privacy concerns, data governance, and the use of computer-driven decision-making.

What skills will I gain from this course?

The course builds skills in data analysis and ethical theory.

What topics are included in the lessons?

Lessons cover business decision-making, problem-solving, and planning; customer interactions and analytics; strategy formation and implementation; risk management; data governance and privacy; and algorithmic trading, followed by a Test Your Knowledge section.

What will I be able to do after taking this course?

You will be able to make sound decisions about your data collection and understand the critical importance of customer feedback in your data.