Latest Big Data Opinions
We live in a data-saturated world. But data only matters if you can turn information into action. To get from one to the other, you need to tell a story about your data that any person at your company can understand.
Why? Because numbers and charts don’t motivate people to seek better outcomes. Stories do.
So how do you tell these stories?
Here are ten mistakes to avoid in order to tell a good story (about your data) that will drive strategic business.
According to the 2019 Gartner fourth annual Chief Data Officer (CDO) Survey, the implementation of a data and analytics strategy was ranked the third most-critical success factor when it comes to a CDO’s organisation.
When it comes to data, we’re all aware of the four ‘Vs’ – variety, velocity, veracity and volume – yet for many organisations, their data warehousing infrastructure is no longer equipped to handle them. Additionally, value, the fifth ‘V’, is even more elusive. So, taking into account the scale of data that many modern companies have means that meeting these challenges requires a new approach – with automation being the foundation.
When did Weather Source first hear about Snowflake Data Exchange and decide to get involved?
Snowflake first popped into our mind when we read an article following the massive amount of funding it had secured. And after looking a little deeper, we found that Snowflake’s solution was ideal for our data requirements. In late 2018, our VP of business development contacted Snowflake to discover Snowflake’s proposition of an innovative data marketplace where data providers such as ourselves could showcase our data offerings.
The timing was perfect as Snowflake hired a new Director of Data Sharing, Bryan Naden, who explained the ambition of the Snowflake Data Exchange (SDE) and it instantly struck a chord with us. It was his priority to onboard data providers in advance of the SDE rollout, so we were at the very forefront of this exciting new data initiative.
The future of business and organisations is ecosystems of partners and even rivals coming together and sharing data and systems in a responsible, secure way.
Despite a significant amount of investment into analytics programs, many of which are enjoying decent returns, older companies burdened by legacy processes are failing to unlock the true power of analytics.
The holy grail — applying analytics to create harmonious and continuous improvement in operational efficiency across all business functions — is frustratingly out of reach.
In an interview with Techerati, Jens Winterberg, Global Analytics & Innovation Manager at Nestlé, put forward his two cents about why older companies struggle to capitalise on data’s possibilities.
The market has long demanded quicker and more convenient payment methods, and the industry is now answering with ubiquitous payments. Yet at what cost? PSD2 and open banking are now established in the legislative framework, and many third-party providers are springing up with new offerings that democratise access to payments and offer complementary value-added services.
Banks and other financial organisations are already seeing a surge in the volume and value of electronic transactions through digitalisation. And new channels, like PSD2, are set to exacerbate the pressure on existing fraud defences. Faster payments, through SWIFT gpi and other means, virtually eliminate the window of investigation. And, therefore, necessitate automated real-time detection.
While machine learning has transformed many industries over the past decade, one area that is still playing catch-up is insurance. It’s a sector used to finding itself trailing behind other industries’ tech adoption, where high running costs of legacy systems squeeze budgets to such an extent that it’s hard for firms to stump up the cash necessary for driving innovation. While online comparison services have proliferated in recent years, signing up to and managing the policy invariably involves the pens, paper, and printers that other digitally-transformed industries have long since left behind.
The popularity of IoT will only see increased data volumes, requiring businesses to invest the time to accurately monitor and analyse trends to get the most out of their IoT infrastructure. Failure to do so will leave organisations with a large vacuum of untapped data and a blind view of IoT operations.
To transform Bacardi into something sellable in upmarket Cuban taverns, founder Facundo Bacardí Masso had to “tame” the sugary spirit by filtering it through charcoal and ageing it in white oaked barrels. Fast forward to the age of data, and Bacardi has returned to its origins, taming and refining its data supplies to enable better decision making across the company.
Today, consumers expect more from the brands they choose to follow and engage with and are demanding smarter and savvier experiences. Big businesses are using customer insight in elevating the customer experience but, marketing technology (MarTech) presents a unique challenge. How can companies create personal, one-on-one long-lasting relationships with customers while deploying digital, automated technology that all but eliminates the human factor?
Internet-enabled devices have led to an explosion in the growth of data. On its own, this data has some value, however, the only way to unlock its full potential is by combining it with other data that businesses already hold.
Together, pre-existing data and newly-minted IoT data can provide a full picture of specific insights around a single consumer.