Big data was a big topic of conversation at Digital BrainFest 2015, with a particular focus on acting upon data insights.
We all know that data – especially customer data – is a critical marketing tool. Companies work hard to collect data, but as explained in one session, having data doesn’t get you anything. It’s all about finding ways to generate actionable insights from that data.
One repeated theme to come out of both the Customer Data: Currency of the Future… But Is It Currently Failing Marketers? and the Setting the Cornerstone: Why Big Data Is the Foundation for Digital Transformation panels: there’s a difference between “big data” and “big insights.”
#BrainFest15 Takeaways on Having Data Versus Generating Insights
In today’s marketplace there is an emerging convergence between data visualization and predictive analytics. It’s like data visualization and predictive analytics went on a date, had a couple bottles of wine and nine months later you have visual analytics!
Grover followed up to add:
Marketers are becoming more data-driven as a result of the lack of qualified individuals who can serve in the role of the mythical unicorn known as the data scientist. Although some of these unicorns do really exist, progressive marketers are more commonly taking on the responsibility of asking AND answering more sophisticated questions through analytic technology that is adapting to their needs.
We are living through a time period where technology is having to change faster than ever before to live up to the potential of proliferating streams of big and diverse forms of data.
As many panelists concurred, it isn’t really about how much data you have, but more about how much value you can drive from your customer data.
Here are some more key ideas from the two sessions:
- Driving value from customer data is about understanding your customer’s behaviors, who they are and what they are all about to deliver a flawless customer experience – so yes, data DOES matter to marketers.
- The imperative for marketers going forward is the collaboration between the analytical talent, technology providers and business owners with an appreciation and understanding of each team to generate meaningful actionable insights.
- Companies need smart people who have the ability to dig in and understand the data, to ask good questions and to action upon it. The challenge is aligning the right people with the right data.
- Create connections with the technology: map out how to get to data efficiently and make it more easily accessible.
Check the Digital BrainFest Highlights page for additional recaps, videos and takeaways from this year’s event.