Here at Opera Solutions, we often refer to data equity, which we define as not just the amount of data you have, but also the ability to derive value from it. And to get value from your data, you need to ensure it is high quality. But how? Knowing the answer could make the difference between data equity and data bust.
Shopping around for a Big Data analytics solution is a daunting task for anyone. But for those who are somewhat familiar with data science, a common area of misunderstanding — and underestimating — is clustering techniques. Whether the assumption is that all clustering techniques are created equal or that a company needs only one or two clustering techniques, business buyers are often left scratching their heads. The fact is several types of clustering techniques exist — each with its own strengths and weaknesses — and companies need access to a variety of techniques to accomplish optimal results.
Opera Solutions is pleased to announce its new podcast series, the Data-Driven CMO. With an increasing focus on technology and Big Data, the marketing profession must rapidly learn how to use such technologies as predictive analytics, machine learning, and artificial intelligence.
At Opera Solutions, we have helped several global companies transform their marketing using our predictive analytics software. However, technology and products are only part of the story, and we wanted to bring the organizational and human perspective on this transformative shift to light. Our new podcast series opens the discourse through direct conversations with some of the most technically adept marketing leaders.
As the amount of data accumulated by businesses continues to grow, one of the often confounding questions asked is “How do we turn it into insights and then profits?” Sooner or later, most businesses find themselves confronted with analysis paralysis and become unable to extract meaningful insights or monetary value from the data that should be fueling their growth.
A guide from the head of HR at a leading analytics company
Data scientists are in higher demand than ever before. According to the latest CrowdFlower survey, 79% of respondents reported a data scientist shortage in 2015. In 2016, that number grew to 83%. The race is on to find skilled people who can organize, structure, and make business sense out of Big Data sets. People with heavy STEM, analytics, and conceptual skills, and the attendant work-friendly personality traits (insatiable curiosity, ability to prioritize, and a healthy dose of skepticism, to name a few), can virtually write their own tickets.
Everyone wants to belong. But how can that basic human need coexist with the commercial needs of a business so that both the customer and the business find the relationship beneficial? Big Data analytics makes it possible while also opening new possibilities.
History is replete with examples of human beings finding ways to connect with one another. We form tribes, congregations, clubs, and entire societies. We develop communications channels and pass specialized content through those channels. Even efforts to divide these groups and disrupt these channels simply engender new ones and actually help strengthen our identity as individuals. This pattern has continued to evolve with the advent of the digital age and extends to peoples’ relationships with products and services. Are you loyal to Mac or PC? Do you use Facebook or Instagram? Are you enrolled in Amazon Prime? Are you a Netflix subscriber? This need to identify one’s self with a larger group is a primal human instinct no matter how contemporary the group.
Calculating customer lifetime value has been a critical part of the marketing process for years, but new technologies are changing consumer behavior, and marketing professionals need to catch up.
Ever have a weekend where you just can’t stop spending money? Maybe you’re using some free time to stock up, or you’re decorating a room or planning a party. Or maybe you’re not spending more but just consuming more — a good television or movie series or, for example, plowing through a good book on your Kindle. This kind of behavior is called “clumpiness.” And while it’s not necessarily new, new technologies — particularly in the world of digital content — have shed light on this type of behavior for all industries. The problem is that it hasn’t been included in the formula marketers have been using for decades.
Everybody seems to be talking about machine learning these days, and a quick check of Google returns 21.2 million search results for the term. Clearly, this is a popular topic. Yet the term “machine learning” can have many different meanings, depending on the context in which it is being discussed. It is also associated with an equally lengthy list of data science techniques and technologies. Business leaders often feel overwhelmed by this rather bewildering array of terms, analytical approaches, and technology solutions. There are hundreds of algorithms, with new variants seemingly appearing every day. Researching them online does not seem to clarify the choices or point to an obviously superior decision, as most articles target deep experts and revolve around nuances of a particular model or open source package. As a result, business leaders can be reluctant to adopt something they don’t fully understand, resulting in missed opportunities.
Part 2 of 4: Grow Revenue from Your Existing Customers: How Big Data Analytics Can Help
This post is the second in a four-part series. The first installment, “Go Beyond the Symptoms: How to Overcome Revenue Growth Challenges,” discussed the key signs of slowing growth and the first steps organizations can take to turn it around. Here, we’ll discuss three new ways in which companies can use Big Data analytics to improve a business’ ability to consistently improve revenue growth from their existing customers.
Big Data analytics in 2016 occupies roughly the same spot in the corporate consciousness as did the concept of cloud computing in 2008. By now, every world-class company that generates vast quantities of data has recognized that this data has exceptionally high value as an asset. These companies have made technology investments accordingly, procuring software solutions to organize, analyze, and manage the data, storage solutions (cloud or on-premise) to facilitate access to and distribution of the data, and often also professional services to enable and operate this infrastructure.
The struggle is real — and it’s becoming increasingly apparent to companies that have dipped their toes into popular data science tools. As enterprises test the limits of their new tools, old technology, and data scientists’ time, their infrastructure is starting to show its cracks. Read on to see how these issues are revealing themselves — and more importantly — gather some ideas on what to do about it.
Over the past year, I have been averaging 2–3 customer meetings per week, resulting in over 100 customer and partner conversations around Big Data, analytics, and data science for the enterprise. From these conversations, I have found one key recurring theme: scale. Large enterprises no longer want to build one model quickly or implement just one use case in production. They all struggle with a large backlog of ideas. They need a way to rapidly turn these many ideas into real use cases that deliver tangible business value.
However, many companies simply can’t find a pathway to make this happen. Across my numerous conversations, I noticed very similar patterns and identified 5 common obstacles that can prevent companies from achieving scale for data science.