Book release: Realtime analytics for a new class of big data
In the newly released book “Realtime Data Mining: Self-Learning Techniques for Recommendation Engines”, authors Michael Thess and Alexander Paprotny from realtime analytics pioneer prudsys AG describe how realtime analytics revolutionises big data
The methods and approaches, however, still often stem from conventional data mining: Data are saved in extremely large quantities and then analysed from time to time. However, databases are growing too quickly, their channels are too multifaceted and customer behaviour is changing too rapidly.
The solution is known as realtime analytics. Here, data are analysed in real time, whereupon actions are immediately derived. The clear advantages include: Learning takes place in stages, new data are only required once to update the analysis model, there is no need for data storage. The analysis models adapt immediately to changes in the environment and the continuous interplay of analysis and action results in a completely new standard of personalisation. Thus the transition from static analysis to realtime analytics represents a fundamental paradigm shift in the field of big data.
Realtime analytics, however, requires a new mathematical foundation. prudsys AG has been focussing on realtime analytics and personalisation for the past 10 years. In their new book entitled "Realtime Data Mining: Self-Learning Techniques for Recommendation Engines", Alexander Paprotny and Dr. Michael Thess describe the fundamental principles of realtime analytics based on the example of recommendation engines.
The book gives a comprehensive introduction to the topic of realtime analytics. In addition to a summary of previous approaches in the field of recommendation engines, the necessity of realtime analytics and reinforcement learning as the main control theoretical framework of realtime learning is explored more closely. The authors go into detail about new areas of modern approximation theory such as multilevel methods and tensor splitting and illustrate the topic using large volumes of synthetic and practical data. The authors also introduce the prudsys software library XELOPES which contains a comprehensive framework and state-of-the-art methods of realtime analytics. They describe other realtime analytics applications such as realtime scoring, realtime price analysis and realtime MRP and also offer a look at future research directions.
The book is aimed at specialists in the area of artificial intelligence on the one hand and on the other hand at those interested in mathematics who want to become familiar with the practical application of state-of-the-art mathematical disciplines such as dynamic programming, multilevel methods and tensor algebra in the field of data analytics.
Further information: http://www.springer.com/...
On a daily basis the prudsys Realtime Decisioning Engine offers customers a special shopping experience with around 670 million personalised recommendations in over 200 online shops in 34 countries. With a trade volume of over 8 billion USD from recommendations each year, the realtime analytics system is one of the world's most successful personalisation solutions.
prudsys AG is the holder of numerous patents and is considered the best-of-breed provider for realtime analytics. prudsys consolidates and developes it's leading position in this field through cooperation with leading universities and other scientific institutions. prudsys is a member of the DMG and OMG standards committees and thus actively participates in the development of standards in intelligent data analysis.
As the organizer of the globally established DATA MINING CUP, competition for intelligent data analysis and forecasting, prudsys has been encouraging students and universities to develop practical applications in this field every year since 2000.
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