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Big Data Analytics – 5 ideas to consider

As someone who drives complex ideas through and around dozens of roadblocks, I am often reminded that one of the best ways to help people is simply to highlight the right resources that will eventually transform into knowledge and wisdom.

In one of the most complex areas of my endeavors is the current ‘seizure’ mentality that is stopping the right technology and trends at the appropriate levels. This is especially true of the Big Data conversation that is challenging all levels of business.

Ironically the small and mid-sized business teams are having an easy time gaining traction in understanding the issues that affect their business. The small and medium businesses bring another problem: not having enough Big Data to play with and the budget to bring the expertise to make the initial change.

So the key to think about:

Enterprise Player = focus on tactical and economy of scale.

Small and Mid-sized Business = focus on wisdom of larger data providers.

If you are in an organization that is currently considering a Big Data initiative, please  take a moment to reach this article by John Weathington over at TechRepublic = To get Big Data buy-in, IT should let go of proof of concept …

Once you have had a chance to read it, come back and explore some of these other Big Data articles with the mindset of initiating the process with the right team and executive support in place. The simple reality is that Big Data isn’t an IT issue; it is a game changing opportunity for executive leadership and owners who choose to be nimble.

— ADDITIONAL READING —

Dynamic data analysis the future of big data: Brainmates – ZDNet

Big data isn’t all about beefing up marketing strategies for organisations, according to founder of the product management …

“As a predictive tool, big data can deliver better products, but to effectively achieve this, product managers should use big data to test the questions that have previously been impossible to answer until after the product has gone to market,” he said. “Too often, we are led by what we think we can do and are trapped on those rails, whereas if we imagined the impossible, pretty soon we will find it has already been done elsewhere.”

Can Big Data make government cheaper? – ZDNet (blog)

The movie “Moneyball” celebrated a “Big Data” approach to maximizing returns from investments. Can Big Data do the same for government?…

“Today’s young people – hammered by the Great Recession, the loss of middle class jobs and gridlock in Washington – may take a more pragmatic approach. Stress – like the Great Depression and WWII – seems to focus Americans on solutions rather than ideology.”

Putting a Dollar Value on Big Data Insights – Wired

The Big Data phenomenon produces some mind-boggling statistics, such as the fact that the volume of global data produced doubles every two years. At the University of California at Berkeley, researchers …

” To cite just one example, retail giant Walmart was able to use Big Data analysis to drive a 10%-15% increase in completed online sales for $1 billion in incremental revenue, which is a well-planned ROI using data.”

5 Big Data Projects That Could Impact Your Life – Mashable

GCN argues that the first “big data” software was IBM’s DB2, a database management system it released back in 1983. What’s new is the ability to compile and process everything at such large scale …

“It’s a swanky term for a not-so-sexy concept: the idea that mass amounts of information can be analyzed to find hidden patterns, buried beneath terabytes of numbers, in Facebook posts,Google searches and Amazon purchases. These patterns can predict social trends and, in some cases, reengineer the way we live.”

 

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Social Media Infographic – Social Business Breakdown

While I appreciate the metrics being detailed in this social media infographic about social business, I am still troubled by the fact that marketing and public relations teams are claiming ownership of social business elements due to the  cross-over of social media and communication campaigns.

I’d like this chart a lot more if there was one basic change to this phrase:

In a fully collaborative social organization, there is a Social Media Center of Excellence (COE) that reports into corporate marketing.

I believe it should say:

In a fully collaborative social organization, there is a Digital Innovation Center of Excellence (COE) that reports into executive leadership.

The reality is that social media is not social business. Social media is included in a number of business areas within a social business model, but the ring leader of 15+ departments has never been marketing (or IT, Legal, HR, etc) and the process points of social business should be addressed at the top most level of the organization.

One of the largest shifts to ‘social media’ over the next few years will be the adoption and integration of social trends and technologies across the entire business structure. We will see more and more elements of mobile, cloud, human resources, talent acquisition, and knowledge transfer take a ‘fair share’ of the social buzz away from marketing.

To give any one sub-group control of the social business strategy is a sure fire way to eliminate ROI and business benefits in other operational silos.

 

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Graphic created by onlinemba.com

Click here to see more social media infographics.

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Competitive Intelligence with Social Media Monitoring

How do you turn social media data into a business tool?
Listen to the data with focused and tactical opportunity on your mind.

The reality of the social media adoption trend is that relationship information has shifted; the past few decades had given us the  luxury of forming relationships on a personally managed level.

That isn’t a 100% true anymore.

Ten years ago it was pretty difficult for an outsider to know who was in a circle of friends. A private investigator could have researched where I was and who I met on a daily basis, but the act of knowing who was in my social circle took a tremendous amount of effort to discover, track, and visualize.

Skip ahead to today’s current social experiment and a majority of us  have ‘opted in’ to sharing our social connections. In many cases the act of using tools like Google and Facebook have opened up a Pandora’s box of social data that very few of us understand.

Data researchers like myself can sit down at a keyboard with some advanced computer scripts and draw a picture of an individual, community, or marketplace in a fraction of the time it would have taken ten years ago.

 

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