Tag Archives: big data

Connected Vehicles Generate BIG Data

14 Feb

This post is a follow-up to yesterday’s.

___________________________________________________________

As we know, the auto industry is in the midst of a major technological revolution. Although self-driving vehicles have garnered a huge amount of attention, “connected” vehicles will also have an enormous impact on marketing. Why? From the consumer’s point of view, connectivity means better Bluetooth interactivity, GPS systems, entertainment systems, roadside assistance, diagnostics, and more. From the seller’s point of view, connectivity means access to lots of big data.

Consider these observations from Felix Richter, writing for Statista:

“Modern cars are equipped with more than 100 sensors that create a constant stream of data. Measuring things like location, performance, physical parameters, and driving behavior, often several times per second, the amount of data generated by these sensors is immense. According to a McKinsey estimate, connected cars create up to 25 gigabytes of data per hour. That’s the equivalent of nearly 30 hours of HD video playback and more than a month’s worth of 24-hour music streaming.”

“According to the analysts in charge of our Digital Market Outlook, the data created by connected cars have a lot of potential in terms of monetization. Think insurance companies for example, who would likely be willing to pay good money to find out more about our driving habits. For more information about this exciting new market, please download our free market report Connected Car: Vehicle Services.”

 
Take a look at this chart to see how big the data collected from connected vehicles really are.


 

The State of Big Data in 2017

13 Feb

As we have noted several times over the years (see for example: 1, 2, 3), big data are an important element of the marketer’s toolbox. So, what is the state of big data in 2017?

Recently, eMarketer published its Big Data Roundup for 2017:

“Most key objectives of marketers are rooted in big data, from targeting and customer relationship management to attribution — and even artificial intelligence. eMarketer has curated this Roundup of articles, insights, and interviews to help you understand why and how advertisers and marketers are putting these large, complex data sets to work.”

 

“Big data are gradually becoming a part of U.S. business, and companies that are able to take advantage of their scope and complexity appear to be seeing benefits. In January 2017, research from NewVantage Partners  revealed that at least half of organizations are incorporating some type of big data initiative. Not all areas businesspeople were polled on got high marks. Of the big data initiatives executives were asked about, establishing a data-driven culture and making over their business for the future had the lowest success rates, both at 27.9%.”

 

Click the image to view the Roundup report.

 

When Are Small Data Best Used?

29 Jun

Over the past few years, many companies and analytics experts have become greatly enamored with “big data,” now that such data are  easier to collect and analyze. [For example, see 1.]

Nonetheless, there still remain many instances when “small data” can be quite useful.

Consider these observations from Jessica Stillman, writing for Inc.:

“Ask Google how many people are searching for the term ‘big data’ and you’ll get a graph that resembles a steep mountainside. The concept has become incredibly hot over the last few years and it shows no signs of cooling anytime soon. And why not? Every day, our devices spew out an incredible amount of data on our behavior, preferences, and relationships. What could be wrong with our newfound obsession with combing through numbers for profit-boosting insights and previously unnoticed correlations?”

“The trouble according to Martin Lindstrom, author of Small Data: The Tiny Clues That Uncover Huge Trends, is when we overuse data to the point that we forget to actually talk to people. In an interview with Knowledge@Wharton, Lindstrom argues that what he terms ‘small data,’ i.e. face-to-face conversations with actual, real-life customers often in their own homes, is a more reliable source of great business ideas than massive databases and sophisticated number crunching. ‘I think it’s fair to say if you take the top 100 biggest innovations of our time, perhaps around 60 percent to 65 percent are really based on Small Data,’ Lindstrom claims, citing breakthroughs ranging from the idea for Snapchat to the resurgence of Lego as examples of the fruits of small data.”

 
Click the clever image to read more from Stillman.

CREDIT: Getty Images

 

Tech Skills for Today’s Job Marketplace

29 Apr
Interested in a job in big data analysis or in other aspects of information technology? If yes, check to be sure you have the proper skill set.

As Sharon Florentine writes for CIO:

“Technology is constantly evolving, and IT pros need to keep up with changing skills demands to remain relevant. A recent report from Dice.com tracked a year’s worth of job postings on the site, from April 1, 2015 to April 1, 2016, to determine growth in demand for certain skills year-over-year. Skills must appear in at least 1,000 job postings in order to be considered statistically relevant.”

“Based on that data, here are the top 10 fastest-growing technology skills IT pros should consider adding to their repertoire, and examples of the types of roles available for professionals with those skills.”

 

Click on the image to access a slideshow on these 10 skills.

Image courtesy Thinkstock

 

GE Goes Bigger with Big Data. Including Videos!

29 Feb

MIT Sloan Management Review recently featured an article on “GE’s Big Bet on Data and Analytics,” written by Laura Winig. [Please note, access to this article may require a free login.]:

“GE has bet big on the Industrial Internet — the convergence of industrial machines, data, and the Internet. The company is putting sensors on gas turbines, jet engines, and other machines; connecting them to the cloud; and analyzing the resulting flow of data. The goal: identify ways to improve machine productivity and reliability. This MIT Sloan Management Review case study looks at how this traditional manufacturer is remaking itself into a modern digital business.”

Here are a few YouTube videos from GE on big data and analytics.
 
 

 

 

 

 

Proving Marketing ROI Is Difficult

18 Aug

As we’ve posted before (see, for example, 1, 2), measuring marketing’s return on investment is both important and difficult.

Now, according to B2B Marketing, the situation is changing:

“The old perception of marketing as an immeasurable dark art whose benefits could not be quantified by mere numbers seems to be over. In its place, the new imperative is ‘marketing as science’, where any marketer worth their salt will be able quote brilliant ROI figures for past and future campaigns.”

“While it’s understandable that there should be a desire among marketers to show that investment in their department is having a positive effect on the bottom line, it’s also undoubtedly true that lots of practitioners are still struggling to do this. What’s the problem? Are marketers’ ROI formulas outdated? Are situational differences disrupting the playing field? Are businesses measuring marketing contributions in the right way?”

Click the image below for some solutions related to better measuring marketing ROI.

 

 

Why Is the Management of Big Data So Difficult?

13 Jul

As we have posted several times before, big data analytics are here to stay and growing in importance. [See, for example, 1, 2, 3, 4.] Nonetheless, big data analytics are not simple.

According to eMarketer:

“Companies’ increased customer focus, demand for business growth and expansion, and the need to keep up with competitors are all fueling big data adoption, according to industry sources. In a February 2015 study conducted by Vanson Bourne for CA Technologies, improving the customer experience (60%) and the need to get new customers (54%) were the leading factors driving the need for big data projects, according to IT managers worldwide. Increasing top-line revenue growth (46%), entering new markets (42%), keeping up with the competition (41%) and outpacing competitors (34%) followed. May 2015 polling by 2nd Watch found similar results. Here, U.S. IT and business execs cited identifying new areas for business growth or product strategy (33%) as well as areas for operational efficiency and cost savings (28%) as the top drivers for big data plans, followed by better understanding customers and improving the customer experience (25%).”

 

“However, challenges related to skill sets and poor technology arise when it comes to actually implementing big data. Among 2nd Watch respondents, data quality issues, outdated infrastructure, and a lack of internal expertise were the biggest hurdles to execution.”

 
 
 Click the chart to read more.
 

%d bloggers like this: