Cost vs Return
With the constant access to social networks, and the fast development of analytical tools, it is increasingly possible to take advantage of the huge amount of information proliferating on the Web. Companies are increasingly adapting to the trend and taking more and more advantage of Big Data to support the search for business opportunities and consumer behaviors.
In recent years, the analysis and data integration tools available on the market have experienced a fast evolution, and the offer is immense! The vast majority of this type of tools, despite fairly complete, also have a high associated cost. How can companies take advantage of information whilst escaping the elevated costs?
In 2004, the University of Constance in Germany developed an Open Source tool — KNIME — with the main objective of integrating data from various sources, transforming and subsequently analyzing it. This tool not only allows on-the-fly analysis; it has the potential to perform predictive analysis models, trends and analysis related to Social Media, such as sentimental analysis, network mining, content tagging, etc.
KNIME users may also develop new additional features, in what is called "community work". In classical Open Source fashion, everyone wins.
Having the data in a structured and consolidated way, we move on to another concern: how we can show the information so that it is better understood, which possibilities we have to represent the information and what comes of it?
Because their value is so obvious, it’s difficult to get affordable reporting tools.
However, within the wide range of options that the market offers, there are solutions that make up for the cost because of the vast advantages they offer. Case in point: Spotfire, from TIBCO.
In addition to the low cost associated with the installation of this solution, the various graphical components that it offers coupled with its user friendliness and quick learning curve makes it a winner! And of course, its integration possibility with an Open Source data analysis tool like Knime, makes it unbeatable.
By installing a Spotfire plugin on KNIME, it’s possible to produce an analysis in a graphical tool that, among other features, includes information highlight, crossing data with other sources, Web graphics availability and drilling down into graphics, among others.
Together we’ve got a killer duo.