Innovation through data capitalisation
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The document discusses how organizations can capitalize on data through innovation. It argues that while much data is collected, opportunities are often missed to leverage that data to generate value and utility. The presentation covers different types of data that can be collected, ways to analyze and visualize data to generate insights, and examples of how specific organizations have successfully innovated by capitalizing on their data through continuous improvement rather than disruptive changes.
Innovation through data capitalisation
- 1. Innovation through Data Capitalisation Joanne Jacobs Social Media Consultant Exploring Data Driven Innovation - Creative Consumer Workshop Wed 09 Mar 2011 Inspace - Edinburgh School of Informatics, Edinburgh Image source: http://www.flickr.com/photos/inl/5097547405/
- 2. Scope of the presentation Primary argument Value versus utility The Value of Data The Utility of Data What data is collected? What additional data can be collected? How to capitalise on data Disruptive versus continuous innovation Innovation through data capitalisation Case studies Additional Resources Questions
- 3. Primary argument There is an opportunity cost of failing to make use of data. Data should trigger action, not just be support material in reports Image sources: http://www.flickr.com/photos/alishav/4253056121/ http://commons.wikimedia.org/wiki/File:Fullquiverofarrows.jpg http://commons.wikimedia.org/wiki/File:Reloj_despertador.jpg http://commons.wikimedia.org/wiki/File:Mascherano_liverpool.JPG
- 4. Value versus utility Value: Worth of a product/system in terms of use or in terms of market perception Collectively determined Utility: usefulness, capacity to generate positive outcomes and minimise negative outcomes Individually determined
- 5. The maths in brief (Metcalfe’s law, etc) Value of a network determined by number of possible connections: n 2 (Metcalfe’s law) Can only have connections with other users, thus better equation is: n(n - 1)=2 (Reed’s Law) Odlyzko says total connections doesn’t represent true value of network, nor do networks grow exponentially, thus best equation is: n log(n) (Odlyzko & Tilly’s Law) Image source: http:// en.wikipedia.org/wiki/Metcalfe's_law
- 6. What does all this mean? Value of networks not directly proportional to either number of people in a network, or the amount of data collected; Value of data more directly associated with its usefulness and perceived benefits; Value of data can be hidden as well as acknowledged.
- 7. The Value of Data Total tangible and intangible acknowledged benefits derived from data DOES NOT include data collected but not capitalized DOES NOT include unacknowledged benefits, whether tangible or intangible. Image source: http://www.flickr.com/photos/thomasvdb/379546998/
- 8. The Utility of Data Total possible interactions in a system Supply chain databases (suppliers and customers) Earnings per record Risk/price of rebuilding Customer interactions (online or in person) Earnings per interaction Total possible opportunities for collecting/recording data Image source: http://www.flickr.com/photos/vancouverfilmschool/5143625176/
- 9. What data is collected? Customer databases Supplier databases Sales Media profile Website hits/interactions Social media followers/likes/retweets Sentiment/brand awareness -> Predominantly tangible data Image source: http://www.flickr.com/photos/sixmilliondollardan/3852839454/
- 10. What additional data can be collected? Tangible: Content tags (for indexing content) Resource cost per interaction (for staff costs) Time per interaction (to understand speed of interactions) Number of interactions (to understand increase/reduction in processing) Intangible: Employee happiness with/understanding of how to find information Supply chain perceptions of efficiency Network effects on productivity Image source: http://www.flickr.com/photos/swanksalot/2704017177/
- 11. How to capitalise on data Map what data is collected with distinct actions Present data in different contexts (geographical maps, timelines, heatmaps, other data visualisation techniques) Consider what opportunities for data collection have been overlooked Use data crunching resources for easy visualisation and insight generation. Image source: http://www.flickr.com/photos/quinnanya/5066259987/
- 12. Disruptive vs Continuous Innovation Disruptive innovation: creates new markets that have never before existed Continuous or transformational innovation: solve existing problems either in new or expected ways Most innovation derived from data will be continuous/transformational Image source: http://www.flickr.com/photos/opensourceway/4371000486/
- 13. Innovation through Data Capitalisation Most innovation driven by tinkerers, not by R&D , thus needs-driven, not research-driven Greatest needs are based on scarcity of resources New knowledge emerges when existing data ‘mashed together’ with other content (ie: crime maps) Image source: http://www.flickr.com/photos/aalhajji/2604740451/
- 14. Failing to use data Much data collected never capitalized: Insights from customer interactions in person and online ‘ Uncleaned’ databases Unindexed, non-contextualised content All data collected, but not capitalized = COST All data not collected where possible = COST Image source: http://www.flickr.com/photos/fireflythegreat/2845637227/
- 15. Reports are not enough Many organisations feel that by reporting data, they are capitalizing; this is not necessarily true Reports of interactions for Board or stakeholders which do not result in action = COST Reports should be presented with insights as well as a variety of scenarios for organisational behaviour change. Image source: http://www.flickr.com/photos/gadl/320300354/
- 16. Case studies Police crime maps Wordle on website comments/mentions Network switching for mobile phone suppliers YouTube: Map my summer Fortune’s Best Companies to Work For CO2 creation Image source: http://www.flickr.com/photos/lamenta3/2603529812/
- 17. Police crime maps Insights: Relationships between crimes in various areas – data can be indexed by socio-economic factors, etc. From: Police.uk
- 18. Wordle for mentions Insights: Individuals, places, activities. From: Creative Industries Knowledge Transfer networks articles
- 19. Mobile network switching Insights: Not just numbers, but patterns of change. From: Ken’s Tech tips
- 20. Map my summer Insights: Awareness of the campaign, network spread. From: YouTube Map My Summer
- 21. Fortune’s Best Companies to Work For Insights: Values of employees. From: CNN Money site
- 22. CO2 Creation Insights: Comparison of activities or alternatives. From: General Electric data visualisation
- 23. Additional Resources MIT’s Exhibit: http://simile- widgets.org /exhibit/ Open Heat Map: http:// www.openheatmap.com / Google insights search: http:// www.google.com /insights/search/# Forrester customer social technographics profiling: http:// www.forrester.com/empowered/tool_consumer.html Wordle: http://www.wordle.net/ Visualizing http:// www.visualizing.org / Spicy nodes: http:// www.spicynodes.org / Slatebox mindmapping: http:// www.slatebox.com /Index Bubbl.us brianstorming: https:// bubbl.us / Image source: http://www.flickr.com/photos/opensourceway/5161093829/
- 24. Social media monitoring http://www.socialoomph.com/ http://blogpulse.com/ http://www.boardtracker.com/ http://www.tinker.com/ http://surchur.com/ http://www.socialmention.com/ http://www.icerocket.com/ http://www.keotag.com/ http://monitorthis.77elements.com/ http://addictomatic.com/ http://www.howsociable.com/ http://www.monitter.com/ http://www.postling.com/ http://topsy.com/ http://backtweets.com/ http://www.backtype.com/ http://www.twazzup.com/ http://www.threadsy.com/ https://www.myweboo.com/index.html?null http://www.peerindex.net/ http://twitalyzer.com/ http://www.wikio.com/ http://research.ly/ http://www.kurrently.com/ http://www.sensidea.com/socialseek/index.html (client based) https://www.tribemonitor.com/ (private beta) https://twendzpro.waggeneredstrom.com/default.aspx (free trial) http://socialcollider.net/ Image source: http://commons.wikimedia.org/wiki/File:Fundraising_2010_social_media_monitors_logo.png
- 25. Questions? Joanne Jacobs Social Media Expert Consultant Email: joanne@joannejacobs.net Blog: http://joannejacobs.net/ Twitter: joannejacobs Skype: bgsbjj Skype-in: (+44) 0208 144 9348 Mob: (+44) 07948 318 298