"In interrogating the data for an answer to their questions about products, marketing and even strategy, chief executives may favour the search for short-term, numbers-driven answers over the messier quest for better, longer-term solutions."
Like you, I attend a lot of big data conferences. Some I find useful; some not so much. I found the 2013 Big Data Summit, organized by CDM Media, held in Scottsdale, Arizona this week to be one of the useful sort so I'll share my take on the event with you.
If you are running a small or mid-sized business, or consulting for one, you'll find this particularly useful.
Oh yes, we all should worry, lest our efforts with big data meet an untimely end before they barely breathe life. But also because each of us is caught in that big data net and all of us have been flayed and stripped of privacy.
While there is no doubt that predictive analytics will outperform a crystal ball at every rub, one has to wonder about where chaos theory and the butterfly effect fit into Shazam's equation, if at all, and whether such unpredictable events will, at least on occasion, blow predictive analytics results to smithereens.
Much is said about how big data can transform businesses and fuel innovation in products and services. Indeed it can--and does. But most of those discussions overlook or vaguely generalize how this massive market morphing will affect our daily, individual lives. It's time to take a harder look at that.
While I use a considerable number of pixels detailing what marketers get and do wrong in their big data use, I do like to also acknowledge efforts to do right in marketing.
Chief among big data's disadvantages are the missing links of immeasurable information such as trust, respect and the nuances of human relationships. Much of these hard-to-detect and impossible-to-measure details are precisely the information we need to put conversations and human actions in context.
Part of the personalized ad craze is the notion of personalized videos wherein the target's name and other personal info is incorporated into a video message. One example of its current use here in the U.S. is OfficeMax's cute Christmas personalized video called Elf Yourself wherein the user supplies photos of friends and family to be pasted onto dancing elves. Beyond U.S. examples, it's interesting to look now at how the tactic is faring abroa2d.
A survey of attendees at the Talend Connect London 2013 event finds that 34 percent think a finely honed competitive edge is big data's biggest benefit while 29 percent think it's driving revenue growth. In comparison, only a handful think product and service development is the primary benefit.