An exciting new track at this year’s Digital BrainFest was Business Intelligence and Big Data.
Customer intelligence and cloud-based computing were the two primary “lenses” we used to look into these huge and ever-expanding realms. The presentations and interactive discussions raised many questions worth considering, like how social media and mobile devices are constantly changing the playing field.
The 33% – Useful Social Media Data:
So much has been written and discussed about measuring social media. Yet, we still have a hard time actually doing it effectively. Here are the top three questions to consider: Can we figure out what people are saying? Can we join the conversation? Can we translate it into something to be combined with other data sets?
Once these questions are answered, we need to take a look at all the social data. It’s estimated that about 1/3 of the data we can’t understand; 1/3 of the data is too dirty to read; 1/3 is useful. Here’s a good example: in sentiment analysis, “LOL” may be sincere or sarcastic. If we don’t know which it is, we’re left with many questions.
Big Brother and Big Data?
Undoubtedly, consumer usage of mobile devices – especially for shopping and purchasing – has created a new ecosystem of thin client applications that sit on the device and access a back-end server to pull data. In this recent post, we discussed how businesses are now able to “keep tabs” on customers through smartphones as these devices act like sensors in people’s pockets and share lots of information – and high-quality and very useful information at that.
These trends are causing a huge shift from traditional marketing campaign tactics to a more agile approach designed to catch mobile consumers instantly, record what they are doing and influence them in real-time. Communications need to be personal and that’s where big data comes in. The challenge is to leverage the consumer information in a safe and secure way while shaping a relevant experience for the consumer.
Living in the Cloud:
The decision to put data in the cloud comes down to three things: security, performance and cost. While some are reluctant to use the cloud, most security issues are surmountable and not that different than the challenges of putting data in a managed hosting center.
A key business advantage to hosting data in the cloud is the ability to more easily sell the data to third parties. For example, a leading weather service company sells its data to a car insurance business for predictive modeling. The insurance company, in turn, uses the weather service data to watch for hail storm warnings and sends alerts to customers to get their cars into garages.
What we see is a savings of millions of dollars in claims every year! These are smart companies using these data relationships to build Data Intensive Real Time (DIRT-y) apps. Pretty neat stuff, especially when it’s a win-win for businesses and consumers.