With all the articles on Big Data, especially this year, if you haven’t heard of the new expert, Data Scientist, you will. This article gives you some insight into what is a data scientist and why you will need them. Data mining, data management, information technology
Excerpt: There are some great articles about big data and analytics in the current issue of HBR, and I am happy to have co-authored one of them with DJ Patil, one of the world’s first practicing data scientists. In fact, data scientists are what our article is about. I would argue that they are the most important resource for capitalizing on big data. While there is a lot of Hadoopalooza in the technology press about the tools for managing big data, and they are wonderful, it’s also true that they are a) widely available, and b) mostly free. Neither can be said of data scientists. The other necessary resource, massive quantities of data, can also be found on every virtual corner these days. If your customers have internet access, for example, you’ve got big data.
Simply put, you can’t do much with big data without data scientists. They are the magicians who transform an inchoate mass of bits into a fit subject for analysis. God may have been the first to produce order out of chaos, but data scientists do it too, admittedly on a smaller scale. They can suck data out of a server log, a telecom billing file, or the alternator on a locomotive, and figure out what the heck is going on with it. They create new products and services for customers. They can also interface with carbon-based lifeforms — senior executives, product managers, CTOs, and CIOs. You need them.
Read full article via Can You Live Without a Data Scientist? – Tom Davenport – Harvard Business Review.
This is a great information takeaway on Big Data facing all businesses, even the small business. I was a bit curious at the use of “dictator” .. ? Good read though. Data mining and data management
Excerpt: Many companies are suddenly dealing with petabytes of information instead of terabytes. Keeping track of all that data and creating value from it, says Jeanne Ross, director of the MIT Sloan Center for Information Systems Research, may require more than technology — it may just require a data dictator.
Read full article via Do You Need a Data Dictator?. From MIT Sloan Management Review
Good read particularly for ecommerce and retailers. Its all about moving forward with the more sophisticated systems being developed today that are aimed at discerning your probable buy choice even before you know what that is. Information technology, data management and data mining.
Excerpt: Sophisticated new data-gathering systems are designed to both improve profitability and help the consumer save time and effort. But companies need to beware of making shoppers feel that they’ve entered an Orwellian world where Someone is Always Watching.
Read full article via Retailers Turn to “Soft Surveillance” to Fight Customer Anonymity – Robert Plant – Harvard Business Review.
Data mining is a beginning, a tool and/or a supplemen,t but in order to know the ‘what’ and ‘why’ takes more sourcing. If you have been to this site before, you know my opinion that all leadership and management needs to learn the “why we do what we do” and “why we are who we are”. 🙂 That intelligence of yourself and others will also aide you in tasks such as CRM.
Excerpt: Across industries, companies are using the vast amounts of user-generated data to guide innovation of new products and services. But data mining does not equate to developing “customer intelligence.” Human behavior is nuanced and complex, and no matter how robust it is, data can provide only part of the story. Desire and motivation are influenced by psychological, social, and cultural factors that require context and conversation in order to decode.
Data can reveal new patterns that point a firm in the right direction, but it can’t indicate what to do once there. It reveals what people do, but not why they do it. And understanding the why is critical to innovation.
Read full article via What Data Can’t Tell You About Customers – Lara Lee and Daniel Sobol – Harvard Business Review.
Data management and mining. Here is another virtually yet untapped source of data to incorporate into metrics, but with caution as the how-to and technology to do so is in its infancy and evolving.
Excerpt: The majority of a typicalbusiness’s stored information is in an unstructured, textual format. Most businesses do not leverage this information to improve their bottom line. Opportunities for capturing early signals of customer sentiment and financial outcomes can first emerge as textual data. Text analytics provides automated, repeatable solutions that identify useful information hidden in those unstructured documents.
The use of text analytics has great potential but requires moving carefully for there is not a one-size-fits-all solution to the business problems. It also requires that business needs should lead the initiative, instead of investing in the technology simply because it’s new.
Finally, the skills and technologies needed to succeed with text analytics are still evolving, so talent may have to be recruited or retrained. However, by starting with a well-defined problem and demonstrating its value and impact to the business, opportunities will emerge and can be leveraged. These new areas could include contract performance analysis, R&D support, workplace safety analytics and drug or medical care safety analysis. The potential is virtually endless.
Read full article via Going Beyond the Numbers: How to Incorporate Textual Data into the Analytics Program – InfoManagement Direct Article.
Here is food for thought — author opines we are headed for diseaster if our focus isn’t redirected. Reality check? What do you think? Data management and mining
Excerpt: Many businesses today find themselves locked in an arms race with competitors to see who can convert customer secrets into the most pennies. To try to win, they are building perfect digital dossiers, to use a phrase coined by Daniel Solove, massive data stores containing hundreds, if not thousands or tens of thousands, of facts about every member of our society. In my work, I’ve argued that these databases will grow to connect every individual to at least one closely guarded secret. This might be a secret about a medical condition, family history, or personal preference. It is a secret that, if revealed, would cause more than embarrassment or shame; it would lead to serious, concrete, devastating harm. And these companies are combining their data stores, which will give rise to a single, massive database. I call this the Database of Ruin. Once we have created this database, it is unlikely we will ever be able to tear it apart.
Read full article via Don’t Build a Database of Ruin – Paul Ohm – Harvard Business Review.
Interesting read — Big Data on trial. Points from experts on the role Big Data will play and how it will evolve into business useful. Information technology and data mining.
Excerpt: Demarest said it would be a disservice to call big data a “technological revolution.” The pattern will go on, he said, where franchise vendors will build or absorb succeeding generations of new technologies as they mature. “We will be doing new things … and initially we may be buying that technology from new companies but over time our supplier base will stabilize much as it has in the last five years.”
The revolution, he figures, is that we’ll return to business value by way of analytics, understanding how our infrastructure is wired and that will help “move to real time market signal based analysis that affects your company and what you need to do about it.”
Read full article via At TDWI San Diego, Big Data Point Counterpoint II – Information Management Blogs Article.
Here is good advice. The push to more and better measurements can sometimes backfire without better knowledge of just what we are seeing and what it means in the whole of the picture.
Excerpt: CFOs are keenly aware that while the popularity of the term “predictive analytics” is relatively new, the concept is really nothing revolutionary. Predictive analytics is often described as data mining or advanced analytics that, as a concept, has existed for a long time. The only difference now is the abundance of technologies, tools and applications in the marketplace to analyze the large amount of data available.
This proliferation has pushed some finance executives to immediately utilize the tools without first understanding their available data and devising a proper strategy that allows the organization to truly benefit from predictive analytics.
Read full article via Predictive Analytics: Look Before You Leap into an Implementation – Information Management Newsletters Article.
Good information, and I think helpful to the small business venturing into Big Data — sources and how to make use of data gathered. Not all available is useable for all companies. Information technology and data management. Good read
Excerpt: Most discussions on organizing Big Data center on repository frameworks – specifically Hadoop clusters and MapReduce frameworks. This technology-focused view often overlooks the most important question, “What are you planning to do with the data you’re collecting?”
Since every answer will be different, this means there’s no one-size-fits-all solution. Success lies in recognizing the different types of Big Data sources, using the proper mining technologies to find the treasure within each type, and then integrating and presenting those new insights appropriately according to your unique goals, to enable your organization to make more effective steering decisions.
Read full article via Top 10 categories for Big Data sources and mining technologies | ZDNet. via Jeff Morris
Over the past two years, we have read a lot about data mining and data management to include Big Data. For the small business, much of this is yet beyond their means (although there are now companies trying to make it small business do-able). The author here has good suggestions of an important aspect that I believe is do-able for the small business.
Excerpt: Over the last several years, interest in and excitement about analytics/big data/data mining has grown exponentially. Count me among its biggest enthusiasts, as I firmly believe the potential for the “this changes everything” discoveries are real!
I’m just as excited about “informationalization,” a concept that’s been around for a while but has been gaining speed in recent years. The basic idea is simple: Make existing products and services more valuable to your customers by building in more data and information.
Every company must have an informationalization strategy. In a relative sense, it is easier than big data, appears quite profitable, and may be a competitive necessity.
Virtually every product and service can be made more valuable through informationalization
Read full article via Integrate Data into Products, or Get Left Behind – Thomas C. Redman – Harvard Business Review.
Read an excerpt into our future……sounds good to me…….and a lot more focused on burden-of-need is not mostly manual. Information technology and data mining and management.
Excerpt……..PureDiscovery, a Dallas-based big data startup, thinks it has the has the answer to outdated enterprise search technology, and it’s called BrainSpace. The company claims BrainSpace can learn just about everything about how pieces of content are related to one another. That means users will become less dependent on searching for information because the platform will feed them what they want to know as they search.
Read full article…..via. http://gigaom.com/cloud/say-goodbye-to-search-and-hello-to-brainspace/ From GigaOM
Data mining and data management………Here is a help for the small business from Intuit……good idea…..kudos.
Excerpt……….Intuit–maker of QuickBooks, Quicken and TurboTax–is one such company. It provides business and financial management solutions to small and mid-sized businesses, financial institutions such as banks and credit unions, consumers and accounting professionals. And it has mountains of data available to it, provided by users that trust it and have opted-in to share that data. It has transactional data, behavioral data (drawn from products like TurboTax Online and Mint), user-generated data and even social data drawn from social networks and Twitter. And it wants to democratize that data through an initiative it calls “Big Data for the Little Guy,” through which individuals and businesses will be able to make their own queries on Intuit’s data.
Read full article……..via Intuit Brings Big Data to Small Businesses and Consumers CIO.com.
Small business is given a new research tool…..
Excerpt…….Information abounds on the Internet, but timely, accurate, extensive, and accessible databases are sometimes hard to find. With more than 30 years of experience mining federal data sources from the Census Bureau to the Federal Financial Institutions Examination Council, the Office of Advocacy today announced its newest research tool for small business researchers and policymakers, a hyperlinked listing of Small Business Data Resources……
The new tool lists online databases by government or private sector source, hyperlinks the listings to their websites, and keys them to the small-business-related topics on which they provide information
Read full article and access link here…..via Advocacy Announces Small Business Data Resources Tool – MarketWatch.