Re: [MTC Global] EUPHORIA ABOUT BIG DATA

Small data or big data   represents a subset of the universal set that falls within the scope of data mining. As gold is derived through extraction- a science of mining- one gram of gold extracted from tons of material, so in a business, decisions are extracted through existing big data. Digitization and New Technology allow collection of big data relevant to several interdependent and interconnected-known or unknown- factors that normally could not be taken care of otherwise in the absence of New Technology. Analysis of such a big data is hopefully expected to work out a solution nearer to the true mean-value of population.

We need to note that in manufacturing each operation on a product  adds value to the product, i.e., addition of an operation adds value. However, this is not the case of IT. Subtraction adds value to IT. More you subtract, more value you add. Subtraction finally leads to generation of small but vital data.

Moreover, Pareto analysis or 10/90 rules are equally applicable to the data world. This leads to arriving at small data from a big data. Converging to a small data from the population is the heart of the matter, the worthy task, the key.

Regards,

Dr. P H Waghodekar, PhD (Egg), IIT,KGP, IE&M, 1985,
Advisor (HR), IBS & PME (PG)
Marathwada Institute of Technology,
NH 211, Beed by pass road,
Aurangabad: 431010 (Maharashtra) INDIA.
(O) 02402375113 (M) 7276661925
E-Mail: waghodekar@rediffmail.com
Website: www.mit.asia
and
Chairman, Advisory Board, MTC Global, Bangalore.


Engineering & Management Education: An Engine of Prosperity.
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From: Ramesh Vemuganti <vemugantiramesh@gmail.com>
Sent: Tue, 09 May 2017 11:12:25
To: join_mtc@googlegroups.com
Subject: Re: [MTC Global] EUPHORIA ABOUT BIG DATA

Superb mail on small data, Dr Surender Reddy. No one talks about them or makes a note in any organisation.

But they are so critical for the growth of an organisation. 

Many companies have neglected check bouncing, stockout, customer complaints & negative media releases & lost out - either they went into red or closed down.

Positive small data is awesome.  They will increase the profits, if practiced diligently.

Can these be applied to a MBA/ PGDM/ PG courses and Management institutions ? We can have a debate .

The takeaways by esteemed MTC luminaries will make them effective & enable the institutions & universities do well, henceforth. 

regards

Prof Vemuganti Ramesh.

On 09-May-2017, at 4:25 AM, Surender Reddy Geedipalli <gsr123@gmail.com> wrote:

Dear Friends & Fellow MTCians, 

In the context of ongoing euphoria about the big data, one should not underestimate the importance of small data.

Given below are Illustrations of typical small data:

Negative Small Data

(i) the instances of check bouncing, (ii) the instances of stockout situations, (iii) the employee absenteeism/attrition, (iv) the compliance failures, (v) consumer complaints and product returns, (vi) the non-moving stock, (vii) investors' grievances/complaints, and (viii) negative media reports

Positive Small Data

(i) cost reductions, (ii) repeat orders, (iii) new IPRs, (iv) employees' suggestions, (v) income from non-core business, 

(vi) the performance of the company's stock in capital market(s), (vii) product improvements, and (viii) positive feedback from stakeholders and new endorsements

Kindly offer your comments and insights. 

Regards & cheers,

Prof. G. Surender Reddy

Dean, SNIST, Hyderabad

www.sreenidhi.edu.in

M: 996 347 1515

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