Disruptive Innovation: a New Era of Crowdsourced Data Analytics!

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  • Topic: Management consulting, Business intelligence, Data
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  • Published : January 13, 2012
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Abstract: The existing business paradigm of data analytics is set for a transformation. Today, companies are experimenting to replicate the “Outsourced data analytics” model to “Crowdsourced data analytics”. Companies like Kaggle, Crowdanalytix and others are hitting the headlines of top analytics blogs across the globe. The reason is that the new business model promises a drastic decrease in the cost of analytics for companies long with the flexibility to get the problem solved anytime with much less effort. In short, it’s not just crowdsourcing that is the novelty of the concept, but the manner in which it is put to use that steals the show. Abstract: The existing business paradigm of data analytics is set for a transformation. Today, companies are experimenting to replicate the “Outsourced data analytics” model to “Crowdsourced data analytics”. Companies like Kaggle, Crowdanalytix and others are hitting the headlines of top analytics blogs across the globe. The reason is that the new business model promises a drastic decrease in the cost of analytics for companies long with the flexibility to get the problem solved anytime with much less effort. In short, it’s not just crowdsourcing that is the novelty of the concept, but the manner in which it is put to use that steals the show. General Management

General Management
MBA Core, 2nd Year
MBA Core, 2nd Year
Ayush Malhotra
NMIMS,Mumbai

Ayush Malhotra
NMIMS,Mumbai

Strategy Article On:
Strategy Article On:

Disruptive Innovation: A new era of Crowdsourced Data Analytics! On Thursday, November 3,2011 news came out that Kaggle has bagged $11 million through VC funding. The money came from Silicon valley VCs Khosla Ventures, Index Ventures,SV ventures and others including Paypal. Kaggle entered the business of solving complex data analytics problems through contests in April, 2010. Since then it has successfully hosted umpteen contests and boasts of having almost 17000 data scientists across the globe. The point that stands out here is that there is a real substance in crowdsourced data analytics model. More so, when companies are grappling to manage “Big Data” which has exponentially increased in last five years; Kaggle’s success in garnering coveted VC funding is a testimony to this judgement. Let’s analyse the aforementioned model and its impact on the market. A brief overview of the model

The below business model explained subsequently is that used by crowdANALYTIX which is yet another revolutionary product in the crowdsourced data analytics space. Source: www.crowdanalytix.com

Source: www.crowdanalytix.com

The CA model (read crowdANALYTIX) encompasses two key aspects: data management and data analytics. CA model talks about helping clients to make protect their Big Data repository by porting it to more trusted integration platforms like Hadoop and Mahout. Post data integration, data analytics will be done on a Revolution Analytics platform, which has strategic partnership with crowdANALYTIX. The data analytics process is seamlessly structured in the following manner: A client details out their requirements to CA to begin with. CA has partnerships with lead analysts, 90% of whom have advanced degrees in statistics. These lead analysts break the problem into subparts and each subpart will inturn be a contest on CA platform. Crowd will solve the problems and submit solutions. The whole process will be administered by lead analysts. When solutions of all the subpart problems are obtained, lead analyst will aggregate the solution in a meaningful manner and submit it to the client. The process adds a significant value over existing process of data analytics through consulting enterprises in: * 20-30% cheaper than existing alternatives

* Access to large base of global professionals and talents * Quicker delivery of solutions
Impact Assessment
The business model has immense capability to bring about a paradigm shift in the way data is managed,...
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