Posts tagged ‘data’

Why I Think the DIKW Pyramid Should not Be a Pyramid

The world of big data is evolving rapidly and the general public is starting to adopt it as their own. The question that often arises is; we want to do ‘something’ with big data, but what? For large companies this question is easily solved by hiring data scientists. Sure, there are many useful tools out there that show graphics from which you can extract conclusions. However, small and medium-sized companies often don’t know where to start putting big data into practice. At Datatrics we believe in doing this a bit differently. We developed a platform for small and medium-sized marketing teams that turns big data into concrete actions, so they immediately know how to approach their audience.

Using Data To Establish Consumer Loyalty

Given that it is of course cheaper for an automotive brand to retain a customer rather than find a new one, the importance of up-to-date customer information is absolutely crucial. Although not an exception, the automotive industry relies heavily on accurate data when it comes to brands trying to secure repeat customers. While it is one thing actually promoting after sales to a customer, it is another to expect them to remember such detail in 12 months time. As soon as a manufacturer’s free warranty or service plan runs out, which in most cases is after the 36-month mark, the chances increase that a customer will shop elsewhere when they next need service or maintenance work carried out on their […] Continue Reading

Big Data: The Lifeblood Of Today’s Economy

In recent years, big data has become a key consideration across all major markets, impacting entire industries, reshaping business strategies and offering untold promise to those capable of harnessing its true power. The value of big data is continuing to grow exponentially and today it stands as the lifeblood for both organisations and even the wider economy at large. The numbers are astonishing.  According to The Economist, the quantity of global data is forecasted to hit 7,910 exabytes by 2015. No doubt that such a volume of information can sound overwhelming especially if it is unclear what to do with it. From a marketing perspective big data represents a great opportunity: it can provide a wealth of insight into what […] Continue Reading

The Challenge Of Online Data

Data generated by online retail is very different, and much more difficult because the ‘inputs’ of online retail are both more numerous and more changeable. Online there are fewer upfront constraints on scope or reach. Combine this with the almost limitless possibilities for adjusting the hundreds of day-to-day activities – keyword bids, navigation, delivery charges, sort orders, prices, marketing, promotions or customer emails.  The consequence is that the data is considerably more complex – there is more data, more often, from more interconnected sources. The ‘outputs’ – sales, conversion rate, average order value – are as a result unhelpful, as each can be affected by a wide variety of causes. The outputs online tell you what’s happened but give no […] Continue Reading

HR By Numbers: Did Marissa Miss An Opportunity To Do A Google On Yahoo?

People analytics isn’t just another catch phrase. It means using data and analytics to personalize and manage each employee in order to drive superior employee outcomes. Primarily that is done by using hiring, retention, diversity, and top performer identification algorithms. Further, individual abilities and tendencies towards job loyalty, leadership, collaboration, and innovation are identified as well as individual key motivators. In other words, people analytics transforms HR from a relationship and reputation model to a scientifically data-driven one. In short, it takes the subjective guess-work out of the most costly of all business investments – people. How do we know that people analytics can deliver on that big data promise? We need only look at Google’s success in using people […] Continue Reading

The Big Data Scientist Hunt

According to a survey of senior executives by Big Data consultancy NewVantage, Big Data is “top of mind for leading industry executives,” but these same executives struggle to find the right people to analyse their data. In fact, while 70% of those organisations surveyed plan to hire data scientists, 100 per cent of them said they find it at least “somewhat challenging” to hire competent data scientists (see image). Given the difficulty in finding qualified people to analyse data, it’s perhaps not surprising that only 0.5 per cent of enterprise data gets analysed, according to IDC. Ironically, more data might get analysed if enterprises would stop searching outside their organisations for talent. That’s right: most organisations already have people that […] Continue Reading

The ‘Un’-Hidden Persuaders: How Data Changed Advertising For The Better

The Mars Curiosity Rover, at times as far as 250 million miles away from NASA, needs to be able to stop itself from falling down crevices, bumping into rocks or, who knows, even running over Marvin the Martian. But with a twenty-minute communication lag between the red planet and Earth, the lonely Rover must rely on highly complex autonomous hazard avoidance software (artificial intelligence, or AI) to keep the $2.5bn piece of equipment out of harm’s way. Similar technology and data processing techniques have been quietly delivering groundbreaking advances in physics and biology for some time now, as well as in less apparent disciplines like gaming and advertising. In the same way that Curiosity can figure out how to navigate […] Continue Reading

Mind The [Analytical] Gap

It’s no secret that big data offers organisations a real opportunity to gain competitive advantage, open up new revenue streams and increase efficiency. Yet, while some are charging ahead, others are falling behind. The past two years have seen an 80 per cent jump in organisations believing analytics provides a competitive advantage, but only 11 per cent were classed as ‘analytical innovators’ by MIT in a recent piece of research. Of the 2,500 companies surveyed, 60 per cent are ‘analytics practitioners’ while 29 per cent are ‘analytically challenged’. The MIT research showed businesses in the UK are more ‘analytically challenged’ than those elsewhere: even worse, when it comes to using data to make key business decisions, many in the UK […] Continue Reading

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