Big Data Panel
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The document discusses the significance and challenges of big data for businesses, emphasizing its potential for better decision-making and innovation through analytics. It outlines the characteristics of big data, including its volume and variety, and provides insights on how businesses can leverage it for marketing and operational efficiency. Additionally, it suggests best practices for starting with big data, common pitfalls to avoid, and lists resources and tools available for organizations.
Big Data Panel
- 1. Making Sense of Big Data For Companies of Any Size AMA Iowa Experience Event February 5, 2016
- 2. Moderator Tamara Kenworthy On Point Strategies PANELISTS Kristi Gale NCMIC Adam Soyer Doextra Antonio Lora Meredith
- 4. What is Big Data? Massive amounts of structured and unstructured data collected over time that are difficult to analyze and handle using common database management tools – yet has the potential to be mined for information. Big Data analytics breaks down the data sets into smaller chunks for efficient processing and employs parallel computing to derive intelligence for effective decision-making.
- 5. Business Transactions Email Activity Logs Research Surveillance Videos Blogs Social Media Machine- generated data Sensors And More Structured & Unstructured Data
- 6. Big Data Characteristics Volume Variety Velocity Variability Veracity
- 7. Why it Matters? To take action with the data Leading to better decisions and strategic business moves And doing so quickly
- 11. Leverage Big Data • Creating transparency • Enabling experimentation • Segmenting population to customize actions • Replacing/supporting human decision making with automated algorithms • Innovating new business models, products and services • Organizations can analyze far more data
- 12. Benefits of Big Data ~ Marketing Related ~ • Target Marketing • Cross-Selling • Sales Analysis and Forecasting • Market Basket Analysis • Promotion Analysis • Customer Retention and Churn • Profitability Analysis • Customer Value Measurement • Product Bundle
- 14. How to start? • Find a good partner • Select the right business problem • Make sure data is available • Understand (be part of) the process • Test it ! • Institutionalize the process
- 15. Things to Avoid • Working with the wrong SME • Spending too much time on research • Using Capex vs. Opex • Not failing fast enough • Not partnering with IT • Not supporting real decisions • Lack of internal PR
- 16. Resources • B2E Direct Marketing • Doextra CRM Solutions • InfoGroup • Zirous, Inc. Tools • Alteryx – analytics platform, data blending • Microsoft Power BI – data visualization • Qlik – data visualization • Tableau – data visualization We are not endorsing specific resources or tools. We are sharing a list of resources that you may wish to explore. New organization in Iowa: Analytics Leadership Council Contact: Bill Adamowski, Director of Innovation and Entrepreneurship, Iowa State University
- 17. Q&A