Big Data 21st century
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Big Data 21st century
How to gain competitive advantage with Big Data
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The Future Of Marketing Combines Big Data With Human Intuition

The Future Of Marketing Combines Big Data With Human Intuition | Big Data 21st century | Scoop.it
Marketing technology does not mitigate the need for marketing guts, but it can help us tell the difference between an inspired idea and a bad lunch.
denbro's insight:

"Big data makes it cheaper and easier to test concepts, but marketing is still about coming up with the big idea.  Algorithms are great at optimization, but terrible at imagination.” -  Scott Brinker, CTO, Ion Interactive.

  
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Big data's biggest impact is not on Silicon Valley

Big data's biggest impact is not on Silicon Valley | Big Data 21st century | Scoop.it
As interesting as big data can be within Silicon Valley's elite companies, it's having a bigger impact on Middle America.
denbro's insight:

In 2012, Gartner found that 58% of organizations had purchased or were planning to invest in big data systems, a number that had jumped to 64% by 2013. While Hadoop jobs revolve around Silicon Valley, Hadoop innovation -- and big data innovation, generally -- is anything but a Silicon Valley phenomenon. In fact, if you want to see entire industries changed through data, look to Middle America. The older the industry, the more profound a change big data can make.

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Forget 'Things' - It's The Internet Of Business Models - InformationWeek

Forget 'Things' - It's The Internet Of Business Models - InformationWeek | Big Data 21st century | Scoop.it
With the Internet of Things, sensors and telematics don't mean much if they're not helping you disrupt traditional business models.
denbro's insight:

Successful companies will be those that exploit the Internet of Things to innovate where it really counts -- with software services, apps and APIs that bring it all together. Some of these will be hybrids of existing subscription models, like perhaps offering "sensor-as-a-service" and analytics services, or even delivering freemium services through integrated apps.

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Big Data Assessment – Key Business Drivers, Expected Benefits and Common Challenges

Big Data Assessment – Key Business Drivers, Expected Benefits and Common Challenges | Big Data 21st century | Scoop.it
denbro's insight:

QuinStreet Enterprise conducted a survey of 540 decision-makers involved in Big Data purchases. 

Key highlights of Big Data assessment:

77 percent of respondents consider Big Data analytics a priority72 percent cite enhancing the speed and accuracy of business decisions as a top benefit of Big Data analytics71 percent of mid-sized and large companies have plans for, or are currently involved with, Big Data initiatives


  
Though Big Data offers great opportunities, there are several challenges that need to be overcome first:

Big Data project and management costsHow to scale infrastructures to accommodate the large volumes of data to be analyzedOvercoming data silos and application integration


  
The market has clearly evolved from the state of figuring out what to do with Big Data to considering it a top priority. 

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Big Data meets big-time basketball

Big Data meets big-time basketball | Big Data 21st century | Scoop.it
Not long ago, if the Los Angeles Clippers had wanted to figure out how to best defend Golden State Warriors star guard Steph Curry, they might have sent a scout to a game or watched video clips. For their recent first-round playoff matchup, they had another way.
denbro's insight:

The NBA's new camera system is only the latest example of the power and pervasiveness of big data - the collection of large sets of small tidbits of information to explore everything from the farthest stars to individual consumer desires.

 

"All sports are at that point where, like in a lot of businesses, they're using a lot of (data) to make better decisions," said Brian Kopp, senior vice president for sports solutions at Stats, a Chicago-based sports data company. "Basketball is pushing the front edge of that conversation."



Read more at: http://phys.org/news/2014-05-big-big-time-basketball.html#jCp

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What big data can’t do - and how to fix it

What big data can’t do - and how to fix it | Big Data 21st century | Scoop.it
While big data is the next move for the industry, here are its limitations. Here's how to deal with it.
denbro's insight:

The article has a good balance of what big data does well and where it can give misleading signals. Nassim Taleb, the author of Antifragile, said it well,“as we acquire more data, we have the ability to find many, many more statistically significant correlations. Most of these correlations are spurious and deceive us when we’re trying to understand a situation. Falsity grows exponentially the more data we collect. The haystack gets bigger, but the needle we are looking for is still buried deep inside.”

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Big Data: Understanding Customer Centricity - Datamation

Big Data: Understanding Customer Centricity - Datamation | Big Data 21st century | Scoop.it
Combining data from ERP, CRM and other systems in real time is the next challenge and opportunity for IT.
denbro's insight:

To deliver a great customer experience, bankers and other business-to-consumer companies are looking at their operations from the point of view of the customer. Customer centricity means an in-depth knowledge of the customer and the relationship – not just knowing what customers have bought in the past, but what they probably need in the future. A great example cited in the article is the Staples customer centricity playbook: if you bought an ink jet printer a week ago, you probably need more cartridges.


Since banking is historically among the most technologically invested industries, it is was surprising to read that a recent survey found that a third to a half don't have their own transactions accessible and analyzed to identify ways to provide a better customer experience.  service at the right price would seem to be a reasonable trade-off.  

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IBM Smarter PlanetVoice: Three Ways To Get A Big Bang Out Of Big Data

IBM Smarter PlanetVoice: Three Ways To Get A Big Bang Out Of Big Data | Big Data 21st century | Scoop.it
The reality is that while we hear a lot of talk about companies using data, a whopping 90 percent of business decisions will be based on a fraction of the available relevant data through 2016, predicts researcher Gartner Inc.
denbro's insight:

The reality is that while we hear a lot of talk about companies using data, a whopping 90 percent of business decisions will be based on a fraction of the available relevant data through 2016, predicts researcher Gartner Inc.

 

Big Data is not just about technology, but is also about the people acting and interacting with the data and how a business uses that data to transform itself. If business units don’t trust each other, whether to share information or rely on each other’s insights, it’s hard to get much out of Big Data. Studies have shown that when there’s a lack of trust among individuals, there’s a lack of trust in data.

  
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Big Data’s big potential threatened by weak governance

Big Data’s big potential threatened by weak governance | Big Data 21st century | Scoop.it
denbro's insight:

86% of the finance professionals surveyed in a recent CGMA report said their businesses are struggling to get valuable information from the data. Hurdles to maximizing Big Data’s value include organizational data silos, challenges related to data quality, and lack of ability to work with unfamiliar, non-financial data.

 

More than half (54%) of those surveyed strongly agree that organizations that do not harness the power of Big Data or advanced data analytics will be at a competitive disadvantage over the next ten years. But 48% of CGMA respondents said concerns regarding security, privacy and data protection cause at least slight reluctance in their organizations to use new technologies such as cloud computing and advanced analytics to gain insights from data.

 

Enterprises need to establish and communicate policies around the use of data. They also need to govern initiatives on an ongoing basis to ensure that data remains secure and risks are appropriately managed.

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IT Briefcase Big Data Interview with Informatica | IT Briefcase

IT Briefcase Big Data Interview with Informatica | IT Briefcase | Big Data 21st century | Scoop.it
Todd Goldman from Informatica offers expert advice for organizations looking to effectively prepare for the integrated information age.
denbro's insight:

Interesting interview with Todd Goldman, Informatica, who offers advice on how organizations can prepare for the integrated information age and offers advice on ways to prepare for the big data revolution.

 

Most useful take-away: We see two major opportunities emerging:

 * The ability for business users to better self-serve, in their business analytics and decision making, without requiring as much help from IT professionals.

* The use of data, not just as an asset, but as a strategic competitive advantage, in creating new products and services.

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Journey to SQL Authority with Pinal Dave

Journey to SQL Authority with Pinal Dave | Big Data 21st century | Scoop.it
SQL, SQL Server, MySQL, Big Data and NoSQL
denbro's insight:

If you are like me, a marketing person who is very interested in understanding all the big data buzz words, then this article is a must read. It's part of a series written to help those of us who are not data scientists be able to interpret the latest technologies.

 

In Day 7 of the Series of 21 we learn about MapReduce, one of the four most important big data buzzwords. It was designed by Google as a programming model for processing large data sets with a parallel, distributed algorithm on a cluster. Though, MapReduce was originally Google proprietary technology, it has become a generalized term in the recent time.

 

MapReduce comprises a Map() and Reduce() procedures. Procedure Map() performance filtering and sorting operation on data where as procedure Reduce() performs a summary operation of the data. The benefits? - it provides scalability and fault tolerance. A typical implementation of the MapReduce Framework processes many petabytes of data and thousands of the processing machines. 

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Social Media Marketing: How Big Data is Changing Everything

Social Media Marketing: How Big Data is Changing Everything | Big Data 21st century | Scoop.it
Every second of every day, Big Data gets bigger. Social media alone generates endless streams of data, flowing in from Facebook, Twitter, Pinterest and other social sites like never before..
denbro's insight:

Big Data will never take the place of human creativity in marketing campaigns which is a good thing for us marketers. But what big data can do is provide a unique opportunity for marketers to test their ideas through simulated campaigns in a virtual marketplace. Using real-world data analyzed in real-time, virtual campaigns offer huge benefits. They can be tested, refined and re-tested without any of the risks or costs associated with actual in-market testing. Once a campaign is actually launched, marketing analytics can be utilized to measure the campaign’s overall success.

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Big Data is Only Part of the CMO’s New Armory - Business 2 Community

Big Data is Only Part of the CMO’s New Armory - Business 2 Community | Big Data 21st century | Scoop.it
denbro's insight:

Data in itself is meaningless, but pair the data with the right analysis tools and the customer experience can be enhanced in ways never thought possible. Speed is not the key factor, creating consumer relevance is.


And the interplay between Big Data and analytics continues into other areas like fraud detection for example. If you design a marketing campaign that involves a high level of retail transactions from the consumer base you can also tie these into more adaptive fraud strategies that will take these new patterns into account. Hundreds of potential frauds can be captured, correlated and investigated per day against the context they were made in. 

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What’s The Big Deal About ‘Small Data’?

What’s The Big Deal About ‘Small Data’? | Big Data 21st century | Scoop.it
denbro's insight:

The big data movement should be about two things: cutting down the noise and making data smaller so that it is a digestible, small piece of information that can be used. It's the small windows into the big data pile that give timely, relevant information marketers and sales can act on for very specific areas of the business.

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Big Data From Both Sides: CMOs, CIOs Speak Out

Big Data From Both Sides: CMOs, CIOs Speak Out | Big Data 21st century | Scoop.it
denbro's insight:

The CIO brings the expertise in determining the quality of the data, as well as the process of acquiring and analyzing it; the CMO brings the expertise of how the data can be utilized to drive business decisions. The CIO brings the knowledge of what’s possible—or could soon be possible—through technology, while the CMO pushes IT further by asking the right questions, giving them the right ideas, and pushing them to find a way. The responsibility to leverage data to drive the business strategy and business decisions is shared.

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Using big data to make better pricing decisions | McKinsey & Company

Using big data to make better pricing decisions | McKinsey & Company | Big Data 21st century | Scoop.it
Harnessing the flood of data available from customer interactions allows companies to price appropriately—and reap the rewards. A McKinsey & Company article.
denbro's insight:

Setting the best prices is not a data challenge (companies generally already sit on a treasure trove of data); it’s an analysis challenge. The best B2C companies know how to interpret and act on the wealth of data they have, but B2B companies tend to manage data rather than use it to drive decisions. Good analytics can help companies identify how factors that are often overlooked—such as the broader economic situation, product preferences, and sales-representative negotiations—reveal what drives prices for each customer segment and product. 

 

Patterns in price analysis graph in the article highlight opportunities for differentiated pricing. The key to better pricing is understanding fully the data now at companies' disposal. 

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Big data creates storage security headaches for CISOs | ZDNet

Big data creates storage security headaches for CISOs | ZDNet | Big Data 21st century | Scoop.it
According to the analysts 80 percent of companies underestimate the importance of security to big data.
denbro's insight:

According to the analysts at Gartner, by 2016 more than 80 percent of organisations will fail to develop a consolidated data security policy across all their data silos.

 

It's not difficult to see how Gartner's analysts could come up with this worrying scenario. Among all the many strategies it is dealing with there are two particularly absorbing ones — big data and and the cloud and the diversification of assets that is inherent to the cloud.

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Diving into Big Data : Data lakes vs. data streams | SiliconANGLE

Diving into Big Data : Data lakes vs. data streams | SiliconANGLE | Big Data 21st century | Scoop.it
denbro's insight:

Data lakes and data streams are both very valid approaches to managing information analysis in an enterprise. They are each, however, targeted at very different types of analysis and thus must be implemented appropriately in order to get the most value.


Data lakes are best used to fish for broad historical perspectives and trends. Data stream analysis is most effective for extracting real time nuggets of gold to understand the current environment and react quickly and efficiently, thereby maximizing value and improving operations and overall customer experience. With this difference in mind, enterprises can appropriately devise their big data strategies based on their immediate and long-term business needs.

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Why Big Data In The Enterprise Is Mostly Lip Service - InformationWeek

Why Big Data In The Enterprise Is Mostly Lip Service - InformationWeek | Big Data 21st century | Scoop.it
Here are six reasons organizations are taking the wrong approach to big data or not utilizing it at all.
denbro's insight:
According to a recent Gartner report, 64% of enterprises surveyed indicate they are deploying or planning big data projects. Yet, even more acknowledge that they still don't know what to do with big data.
There is no doubt that a lot has been written and talked about in relation to Big Data that does not reflect the reality in many organizations. The article talks about the six mistakes organizations make around big data, most notably not being able to embrace the uncertainty of what they may mind.
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3 Ways Companies Can Better Use Big Data in 2014

3 Ways Companies Can Better Use Big Data in 2014 | Big Data 21st century | Scoop.it
We'll soon be entering the big data era.

Last year, big data 'crossed the chasm' and entered the marketing mainstream, with 32 percent of companies reporting investment in big dat
denbro's insight:

Collecting data from customers has value only if it trabslates to improved business results. Information gathering that only adds cost or increases friction is counterproductive. In the coming year, high-performing businesses need to refine their data management systems to better serve their marketing teams. It is crucial to give these teams information with which they can work to develop strategies that target key audiences and thus move the needle on ROI.

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Web Ink Now: Big data. Rich data.

Web Ink Now: Big data. Rich data. | Big Data 21st century | Scoop.it
The term big data has gotten a lot of press. My sense from speaking with people is big data is a buzz phrase that most marketing and sales people vaguely know a little about but most don’t really understand the...
denbro's insight:

 David Meerman Scott states his preference for “rich data” over big data. Rich data as a description is advocated by Nate Silver, a statistician and writer who analyzes in-game baseball activity and elections. Silver became well known for having successfully predicted the outcome of 49 out of 50 states in the 2008 U.S. Presidential election. 

 

No matter if you call it rich data or big data the concept involves using very large data sets and powerful analytics to generate real-time information that is valuable for making decisions. Companies are using rich data to generate revenue, either by being more efficient at what they already do or by implementing new sales and marketing strategies that would have been otherwise impossible without the opportunity for analysis of massive amounts of data in real-time. I agree that the future ofreal-time marketing is happening today in some forward thinking companies. Is yours one of them? 

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Big Data Festival

Big Data Festival | Big Data 21st century | Scoop.it
Big Data Fesival - A festival of crowd-sourced events for the data community celebrating the impact & application of data in business & society.
denbro's insight:

A recent Gartner survey revealed that the majority of companies currently looking at implementing Big Data initiatives are doing so to improve their customer experience. 65% of those asked claimed that they were either currently implementing Big Data initiatives and were planning on doing so within the near future.

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Business Justification for Big Data | Vesselhead

Business Justification for Big Data | Vesselhead | Big Data 21st century | Scoop.it
When talking with customers and doing market research on Big Data, I see some common trends.  Every company in the Fortune 2000 I have spoken to knows that Big Data is hot and they need it, but not everyone can ...
denbro's insight:

If you are looking to get funding to capitalize on Big Data projects, like any major project, there needs to be a business plan with measurable return on investment.  Start by asking, what Big Data challenges would you like to solve? What questions do you need to ask of your data?  What trends would you like to find within it?  The answer to this question drives your objectives.

 

Objectives fall into two categories, those that impact the top line of your business and make IT strategic to the business stakeholders.  The second helps empower IT reduce costs while improving services levels. This article offers some good ideas for questions to ask and goal areas to focus on.

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Big Data Success: 3 Companies Share Secrets

Big Data Success: 3 Companies Share Secrets | Big Data 21st century | Scoop.it
Three C-level execs say start with a clear business goal, consider the data and finish with human-understandable analytics.
denbro's insight:

Excellent advice for anyone, IT or bussiness side, considering a big data project. "Lots of companies are saying 'let's invest in big data,' but we started with the question, 'what's the use case?'," said Gary Hoberman, global business CIO at MetLife. "Big data happened to be the answer to solve the problem of knowing customers better." It should also be the starting point for any new project.

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Surveys Find Rising Adoption Of Big Data

Surveys Find Rising Adoption Of Big Data | Big Data 21st century | Scoop.it
(Photo credit: planeta) What big data backlash?
denbro's insight:

Interesting results from NewVantage Partners survey of Fortune-1000 C-Suite execs and execs responsible for big data. This is the second year in a row NewVantage conducted the survey, asking the same questions and methodology in both.

 

Last year, just over one third of respondents reported big data investments of $1 million or more. This year, that proportion grew to 68% with 88% reporting that their organization plans to spend greater than $1 million on big data initiatives by 2016. Of organizations investing in big data, 19% of respondents report that investments in big data will exceed $10 million in 2013, rising to 50% by 2016. 


Overall, it looks like more and more organizations are investing in better understanding and utilization of data. The NY Times headline "Is Big Data an Economic Big Dud?" appears to have overstated the big data backlash echoed by a chours of doubters in the general media.

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