I am very much looking forward to the Teradata Summit Series in Sydney August 19 and Melbourne August 20. I’ll be speaking about big data and the impact it is having for organisations around the globe. In today’s world, it isn’t possible to be truly tuned into the needs of your customers without the analysis of big data. But how do you get started with big data and how do you use it to better tune into the needs of your customers?
There isn’t an easy answer to that question. Certainly, more information on customers should lead to better insights and a better understanding of each customer’s needs. However, effectively turning the raw information big data provides into useful insights is no easier than extracting insights from information has ever been. In fact, with many big data sources it is even more difficult than in the past. Why? Because we’re often dealing with new information that we don’t yet fully understand and that information is often in different formats that require new or modified analysis procedures. Success is totally achievable, but not without setting realistic expectations related to the effort required.
Many organisations have already been successful in proving the value of big data and the analysis of big data to understand and respond to customer needs is one of the common paths to success. If your organisation hasn’t yet started to incorporate big data into its analytics processes then it is missing an opportunity. Just ask yourself when the last time was that you saw additional relevant information lead to less precise insights and less accurate decisions. I’ll bet that the answer is “never”!
It’s really that simple. If you can’t come up with a reason that having additional customer information is anything but a good thing, then there is really no reason not to aggressively pursue new information. Of course, there are realities of budgets, skills, and corporate priorities to navigate. However, all of those are much easier to navigate when pursuing initiatives, such as analytics, that allow for precise measuring of the impacts.
“Once the value of an analysis is proven through a targeted discovery process, then support for the investment required to roll out that discovery will grow.”
During my talk, I’ll outline some common approaches that lead to success as well as some common pitfalls. Also speaking at the events will be other speakers who will provide their own insights into the challenges that face businesses today. If you’re able to attend, I’m confident that you’ll find it a morning well spent.
I also hope that attendees will take a moment to network with peers. It isn’t often that we can be in a room of people with interest in analytics and big data. Make some new connections and share notes about both the event and your plans to take action based upon what you’ve heard. See you at the Teradata Summit Series!
Bill Franks is the Chief Analytics Officer for Teradata, where he provides insight on trends in the analytics and big data space and helps clients understand how Teradata and its analytic partners can support their efforts. His focus is to translate complex analytics into terms that business users can understand and work with organisations to implement their analytics effectively. Follow Bill Franks on Twitter.