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Getting Closer to Customers Tops Big Data Agenda according to IBM and Oxford Survey:

Getting Closer to Customers Tops Big Data Agenda  according to IBM and Oxford Survey: | Business Intelligence | Scoop.it

ARMONK, N.Y. and OXFORD, England, Oct. 17, 2012 -- /PRNewswire/ -- A new global report released today by IBM (NYSE: IBM) and the Said Business School at the University of Oxford reveals that most Big Data initiatives currently being deployed by organizations are aimed at improving the customer experience. Yet, despite the strong focus on the customer, less than half of the organizations engaged in active Big Data initiatives are currently collecting and analyzing external sources of data, like social media.

(Photo: http://photos.prnewswire.com/prnh/20121017/NY94665-INFO) (Logo: http://photos.prnewswire.com/prnh/20090416/IBMLOGO)

One reason is that many organizations are struggling to address and manage the uncertainty inherent within certain types of data, such as the weather, the economy, or the sentiment and truthfulness of people expressed on social networks. In the survey, respondents questioned their ability to trust comments, reviews, tweets and other forms of freely offered opinions online. While uncertain, social media data still contains valuable information. Organizations need to embrace and manage data uncertainty and determine how to use it to their advantage.

Another reason that social media and other external data sources are being underutilized is due to the skills gap. Having the advanced capabilities required to analyze unstructured data – data that does not fit in traditional databases such as text, sensor data, geospatial data, audio, images and video – as well as streaming data remains a major challenge for most organizations. Only 25 percent of the survey respondents say they have the required capabilities to analyze highly unstructured data – a major inhibitor to getting the most value from Big Data.

The increasing business opportunities and benefits of Big Data are clear. Nearly two-thirds (63 percent) of the survey respondents report that using information, including Big Data, and analytics is creating a competitive advantage for their organizations. This is a 70 percent increase from the 37 percent who cited a competitive advantage in a 2010 IBM study.

"Most companies recognize the potential for Big Data to improve decision-making and business outcomes across the enterprise. What they struggle with, however, is how to get started on their Big Data journey," said Michael Schroeck, Global Information Management Leader, IBM Global Business Services. "Across industries and geographies, the survey found that organizations are taking a pragmatic approach to Big Data. While the majority of them are still in the early stages of adoption, leading organizations are beginning to derive significant value from their Big Data initiatives."

"The Said Business School is working with colleagues across the University of Oxford to develop and support courses and research programmes that will bring together world-class expertise on the analysis and application of Big Data," said Janet Smart, Fellow in Management, Said Business School.

The new report, entitled "Analytics: The real-world use of Big Data," is based on a global survey of 1,144 business and IT professionals from 95 countries and 26 industries. The report provides a global snapshot of how organizations today view Big Data, how they are building essential capabilities to tackle Big Data and to what extent they are currently engaged in using Big Data to benefit their business.

Big Data drivers and adoption In addition to customer-centric outcomes, which half (49 percent) of the respondents identified as a top priority, early applications of Big Data are addressing other functional objectives. Nearly one-fifth (18 percent) cited optimizing operations as a primary objective. Other Big Data applications are focused on risk and financial management (15 percent), enabling new business models (14 percent) and employee collaboration (4 percent).

Three-quarters (76 percent) of the respondents are currently engaged in Big Data development efforts, but the report confirms that the majority (47 percent) are still in the early planning stages. However, 28 percent are developing pilot projects or have already implemented two or more Big Data solutions at scale. Nearly one quarter (24 percent) of the respondents have not initiated Big Data activities, and are still studying how Big Data will benefit their organizations.

Big Data sources More than half of the survey respondents reported internal data as the primary source of Big Data within their organizations. This suggests that companies are taking a pragmatic approach to Big Data, and also that there is tremendous untapped value still locked away in these internal systems.

Internal data is the most mature, well-understood data available to organizations. The data has been collected, integrated, structured and standardized through years of enterprise resource planning, master data management, business intelligence and other related work. By applying analytics, internal data extracted from customer transactions, interactions, events and emails can provide valuable insights.

Big Data capabilities Today, the majority of organizations engaged in Big Data activities start with analyzing structured data using core analytics capabilities, such as query and reporting (91 percent) and data mining (77 percent). Two-thirds (67 percent) report using predictive modeling skills.

But Big Data also requires the capability to analyze semi-structured and unstructured data, including a variety of data types that may be entirely new for many organizations.

In more than half of the active Big Data efforts, respondents reported using advanced capabilities designed to analyze text in its natural state, such as the transcripts of call center conversations. These analytics include the ability to interpret and understand the nuances of language, such as sentiment, slang and intentions. Such data can help companies, like a bank or telco provider, understand the current mood of a customer and gain valuable insights that can be immediately used to drive customer management strategies.

To access the full report, visit: http://www.ibm.com/2012bigdatastudy

About Said Business School at the University of Oxford The Said Business School is one of the leading business schools in the UK. The School is establishing a new model for business education by being deeply embedded in the University of Oxford, a world-class university, and tackling some of the challenges the world is encountering. To contact the study authors or for more information, visit: www.sbs.ox.ac.uk

About IBM For more information about IBM, visit: www.ibm.com/gbs/bao and www.ibm.com/bigdata

Read more here: http://www.sacbee.com/2012/10/17/4918265/ibm-and-oxford-survey-getting.html#storylink=cpy


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14 Things You Need to Know About Data Storage Management

14 Things You Need to Know About Data Storage Management | Business Intelligence | Scoop.it
If you think backing up files and software to a storage device or to the cloud will automatically preserve and protect them (and your organization), think again.

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Big Data and Big Change Management: A Path Forward | MIT Sloan Management Review

Big Data and Big Change Management: A Path Forward | MIT Sloan Management Review | Business Intelligence | Scoop.it
Organizations that deal with big data analytics often grapple with change management.

 

Excerpt...

 

But in all the classroom discussions that surfaced around the big issues from big data — privacy, security, costs, infrastructure, data volume, data quality, and data governance — the reality that many organizations grapple with is change management: whether or not they can manage the human and process changes necessary to make the most of their analytics initiatives.

 

Bottom line: the real question is whether or not they can change the culture of their organization.

 

Consider the experience of one course participant, who talked about how her organization, a software company with 100 million customers, is struggling to implement a new analytics program that will enable both multi-channel customer communications and upselling. To achieve these goals, the company needs to change the way it handles sales data (replace batch processing of sales information with real time processing) and communicates with customers (replace blanket email communications with more personalized, one-on-one communications).

 

For this problem, the researchers offered two approaches: Pentland talked about how to get people to do what you want them to do, while Brynjolfsson provided a model to evaluate the process end of change management.

 

To get people to do what you want them to do — in essense, to get buy-in on analytics — Pentland talked about creating a model that combines the intuitive thinking employed by HiPPOs (highest-paid person’s opinions) with quantitative reasoning from “the quants.” Bringing the two together enables organizations to explore data, visualize relationships and understand in a human, intuitive way what data is telling them.


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marketingIO's curator insight, May 20, 2013 8:39 AM

Fascinating article, and revealing. We have always assumed that people would accept the increased benefits derived from an organization from Big Data: in retrospect, how naive. It's as if it needs to be mandated by senior management (not optional) so as to drive the initiative(s) through the organization.


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Richard Higgins's curator insight, July 14, 2013 10:45 AM

Improving operations through the use of performance indicators requires the buy in of the people clinging to the status quo.

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Big Data Lives or Dies Based on Customer Data Management Strategy

Big Data Lives or Dies Based on Customer Data Management Strategy | Business Intelligence | Scoop.it

Analysts: Adopting Big Data means looking at customers differently
SUMMARY: Most companies are slow to adopt Big Data because of the associated data-management issues, Noel Yuhanna and Mike Gualtieri write. "The key to success is implementing a multidimensional view that helps individualize and contextualize customer experiences, deliver new customer insights, and create new opportunities for businesses to deliver differentiated experiences," they write. However, that might necessitate "a new IT architecture" that supports faster insights, handles large amounts of data and enables predictive analytics.

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Five signs your startup is ready for an Enterprise Resource Planning ...

Five signs your startup is ready for an Enterprise Resource Planning ... | Business Intelligence | Scoop.it
Founders of rapidly growing startups often reach a point where the company consumes their every thought. Sleepless nights are spent fretting over growing complexities and the constant worry of things potentially forgotten ...
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ERP Systems Provide Visibility Into Food Safety - CIO

ERP Systems Provide Visibility Into Food Safety - CIO | Business Intelligence | Scoop.it
ERP Systems Provide Visibility Into Food Safety CIO As food production gets increasingly complicated, food manufacturers often struggle to track products from raw materials to packaged goods -- and, in the event of a recall, from packaged goods to...
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Tips for master data management best practice

Tips for master data management best practice | Business Intelligence | Scoop.it
Master data management (MDM) projects must be business-owned, joined up, and proven step-by-step (RT @Kalido: Article by The Information Difference CEO, Andy Hayler - "Tips for master data management best practice"
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Making Business Intelligence a Part of Your Organization

Making Business Intelligence a Part of Your Organization | Business Intelligence | Scoop.it

Business intelligence is a relatively new field of inquiry that is interested in how we gather, analyze, interpret, and share information in a business setting.  Even though all businesses are engaged in data collection, analysis, and sharing an applied study of how these processes take place is now possible as a result of cutting-edge computer technology.


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Bonnie Hohhof's curator insight, September 25, 2013 12:25 PM

yet another variation on defining business intelligence closer to CI

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The Enterprise Resource Planning Market

The Enterprise Resource Planning Market | Business Intelligence | Scoop.it
If you are not familiar with what is currently available within the Enterprise Resource Planning market you may be pleasantly surprised. There are two major players in the market, but a growing number of others are gaining a footing within the ...
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Business and the Shutdown: How Corporate America Will Be Hit

Business and the Shutdown: How Corporate America Will Be Hit | Business Intelligence | Scoop.it
How will a government shutdown be felt by American industry?
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Big Data Management, Usage Plans Often Need Assistance ...

Big Data Management, Usage Plans Often Need Assistance ... | Business Intelligence | Scoop.it
Now that organizations have the ability to collect information faster and more efficiently, executives are reconsidering the processes associated with maintaining those resources. Although the Big Data phenomenon offers ...
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Business intelligence tools: Learn from the big boys - Smart Company

Business intelligence tools: Learn from the big boys - Smart Company | Business Intelligence | Scoop.it
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This week I had the opportunity to look in on the big data team at ANZ. Wow, they are busy!
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Enterprise resource planning: the perfect business solution? | Technology News and Opinion - Dekstar Inc.

Enterprise resource planning: the perfect business solution? | Technology News and Opinion - Dekstar Inc. | Business Intelligence | Scoop.it
Enterprise resource planning: the perfect business solution? http://t.co/A76xnqs2gN #Other
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Ticking Time Clock-or bomb? - Health Data Management

Ticking Time Clock-or bomb? - Health Data Management | Business Intelligence | Scoop.it
Ticking Time Clock-or bomb? Health Data Management When it comes to ICD-10, Children's Hospital Colorado is about as well-positioned as any major health system can be in transitioning to the International Classification of Diseases and Related...
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