I am happy to announce the development we did over the last month within Teradata. We developed a light-weight process model for Big Data Analytic projects, which is called “RACE”. The model is agile and resembles the know-how of more than 25 consultants that worked in over 50 Big Data Analytic projects in the recent month. Teradata also developed CRISP-DM, the industry leading process for data mining. Now we invented a new process for agile projects that addresses the new challenges of Big Data Analytics.
Where does the ROI comes from?
This was one of the key questions we addressed when developing RACE. The economics of Big Data Discovery Analytics are different to traditional Integrated Data Warehousing economics. ROI comes from discovering insights in highly iterative projects run over very short time periods (4 to 8 weeks usually) Each meaningful insight or successful use case that can be actioned generates ROI. The total ROI is a sum of all the successful use cases. Competitive Advantage is therefore driven by the capability to produce both a high volume of insights as well as creative insights that generate a high ROI.
What is the purpose of RACE?
RACE is built to deliver a high volume of use cases, focusing on speed and efficiency of production. It fuses data science, business knowledge & creativity to produce high ROI insights
How does the process look like?
The process itself is divided into several short phases:
- Roadmap.That’s an optional first step (but heavily recommended) to built a roadmap on where the customer wants to go in terms of Big Data.
- Align. Use-cases are detailed and data is confirmed.
- Create. Data is loaded, prepared and analyzed. Models are developed
- Evaluate. Recommendations for the business are given
In the next couple of weeks we will publish much more on RACE, so stay tuned!