In this business growth show Gayle Sheppard of Saffron Technology discusses the continuing growth of data and how businesses can use it to their advantage.
Business growth show: Exploit the data
Well, data is extremely important to businesses today. If you think about the growth of data and what's happening to companies and the amount of data growing inside, as well outside, their businesses, it's important to them. It's also a big challenge to them. I recently read an IDC report. And the forecast that they made about the growth of date by the year 2020, data will grow 44 times over what it was in 2009. Now that's an enormous challenge, but also a terrific opportunity for companies to figure out how to exploit all the knowledge that's available to them both inside and outside their companies. One of our customers used to say, he or she who owns the data wins. Now they say, he or she who exploits the data wins. And I believe that's true. The ability to capture the experience that is inside data, the ability to take that experience and treat it as wisdom about how to respond as events occur around the world, and whether or not they will impact your business. It's becoming very critical to businesses around the world. So data is king.
Connected Economy TV will continue to follow the impact of data on business. Look out for more business growth shows.
Businesses have access to data from more and more individuals who are entering email addresses and phone numbers in to online forms. In this TV show Gerald Lawless explains why respecting individuals information is paramount.
Access to data in hospitality
In the hotel business we really have to understand our responsibility to our guests to maintain the confidentiality of that data. And this is something that is so abused around the world. I mean we all receive these silly phone calls and you wonder how people got your mobile number, apart from me putting it on my business card, which always doesn’t help. But it is important that we treat that with great respect, with great care. And yes, use it but use it in a way that doesn’t annoy the guest, and this is important. So we write and say, “Do you want to communicate with us?” If they don’t want to, well then that’s fine and we respect very much the confidentiality of the guest data that we hold.
Connected Economy TV will continue to follow discussions around access to data and data usage.
Data strategy is an increasingly hot discussion topic. In this TV show Keith Hodlt gives his view on the evolution of data.
Data strategy development
The data that’s out there is growing by the day and I think everybody’s very aware of that and accepts the fact that there is a data and there is an information explosion that’s happening. If you think now, I think what, in the future, the competitive business will be or businesses will be those that are able to exploit the data that’s available the best, not those that have the data.
Well in the past I think businesses and organisations looked largely internally at the data or at external structured data sources in terms of understanding how the markets were changing and what was going on and how they should evolve and adapt and so on, whereas now I think that 80% of data is outside the organisation. And it’s exactly in sources and pools like Twitter and Facebook and all of these unstructured areas that this is happening. And in Google’s book ‘Winning the Zero Moments of Truth’ they talk about the whole idea of people doing more and more research and looking more and more at what other people are saying about products and services before they buy them than ever before. And when I talk about organisations needing to use, external data, we’re needing to look beyond the box or beyond themselves to what’s out there and how best to use it. That’s the sort of thing I’m talking about. I’m talking about learning and adapting to how they can actually bring that to bear when they make their own corporate decisions, when they understand more about their customers, when they understand more about how they should be evolving to be able to deal with the market challenges and how the markets evolve and how they need to fit within that.
Connected Economy TV will continue to share insights and opinions on data strategy.
Data strategy is increasingly important for organising the vast amounts of data that companies have, as Gayle Sheppard explains in this TV show.
Data Strategy for decision making
Well, companies have a long way to go in capturing unstructured textual data. Companies have done a pretty good job of capturing structured, transactional data. Relational databases, data warehouses, have evolved to help them organize data so it can be analyzed in traditional ways. I think the big challenge for companies in the future is really -- maybe there are three elements to it, actually.
One is that there are so many mergers and acquisitions that have transpired across the Fortune or Global 1,000 that there are many databases or data warehouses that contain information. And they are treasure troves of information. But integrating them or bringing them together in any way that makes sense is very challenging for corporations. It's very expensive to do it. It takes a lot of time. And these databases are filled with disparate ways of describing things. So the challenge is quite great. How do we bring all of this data together?
So, that's the first challenge. The second challenge I see in corporate America is how do we take advantage of all the text that we have? Customers write us. They send us messages on the web. We capture notes about our customers, our partners, our suppliers, employees. We have emails rich with information coming in from outside as well as inside the company about what's happening, whether it's customer-related or employer-related.
And so how do you take all of that information and make it part of the knowledge base? Not just transactions. Who bought from us, who do we sell to. Who was the supplier that we used in this particular situation. But the comments that actually capture experiences that we're having in real time with our partners, suppliers, and customers is truly an important part of the knowledge of a corporation. And companies haven't figured out how to use that yet. That's one of the things that Saffron helps them with, but that's challenge number two. All that textual information inside our company.
And then challenge number three is, how do we then go out to the web, how do we go to the resources we have available to us, whether it's open source news or blogs or other social networks, and capture the essence of that experience into our corporate knowledge base, so we can also use that information as part of our decision making process.
Connected Economy TV is very interested in new data strategy for the digital world, explore our channel for more discussion.
Digital engagement analytics have been of growing interest to businesses as they want to know exactly what impact their social media marketing campaigns are having.
Digital engagement analytics in marketing
Over the last ten years, people have really taken a lot of looking at analytics for their website. People want to know how many page view you're getting, how many unique visitors, how many click-throughs did you get, what was the percentage click-through on a banner ad. Some of those elements we're finding are less useful than the end result about ROI. You know, what was the revenue that you generated from your website? What was that brand perception that was improved by seeing your content on another site through public relations or partners and customers talking about you?
The new elements in social media people are still coming to grasp in terms of what's a successful campaign. What is the good result? How many followers do I need to consider this a success? How many click-throughs do I need to have success? Those same analytics that you've been running on your website can be run on social media. I can know how many clicks every single Tweet received. I can know how many followers I received over a given time period. I can know how many re-Tweets or how many forwards that I received from a specific campaign. I can know how many new people commented and interacted with me on my Facebook fan page. So each of these elements are converging, so you can find out just how many people you directly influenced through a campaign, how much reach that received, and whether that was a good use of your money and your time.
In any corporation, a marketing team needs to prove that it has value. Every single campaign needs to show that it had success, or every single message needs to be continually tweaked to make sure it's hitting the right people at the right time and saying the right things. If you are measuring your success in social media, you can help validate the activity that you're doing. You can help show direct results in terms of engagement with people, in terms of creating new customers, and in terms of helping your brand, both in popularity and in relevance.
Connected Economy TV will continue to follow ideas around digital engagement and analytics.
Information management strategy needs to ensure that members of the company have access to the data that they need, whenever they need it. In this video Sara Daw discusses how real time intelligence helps FDs build business.
Information management strategy for accessible data
I think all businesses should have real time information and that is something that technology can bring and it really aids the whole business. The FDs right now are expected to have information at their fingertips and technology can deliver that if used in the right way
If you’ve got real time information it means that you don’t have to wait until the end of a cycle to collect all the information, look at it, analyse, interpret it, and then make the decision, which can take a good few weeks after a month end. So it means that you’ve always got the information to date. And if you’ve got specific KPIs in your business - Key Performance Indicators, what it means is that if you know what those are and you’ve got real time access to those, you know daily or by minute how your business is doing. And that really does aid decision-making and keeps up the pace of business. I think that’s the role that technology can play right now in really making a business engine efficient.
Connected Economy TV will continue to follow ideas around information management strategy. Look out for more TV shows from Sara Daw.
Innovative technology from Saffron Technology aims to make business intelligence more natural by capturing people, places and things in a memory base. Gayle Sheppard explains in this TV show.
Innovative technology for a knowledge base
Saffron was conceived with the idea of making business intelligence natural and providing natural intelligence for everyone. That's the core of our foundation. And we did that by creating a technology that is essentially biologically inspired. We capture memories of people, places, and things. And in those memories, we don't store data, we actually store the connections of other people, places, and things that are connected to you, or that event, or that company, or that thing.
And with that, we also count the frequency so we can understand the strength of those connections. What that does is provide us a fundamental base of knowledge that can be used in sense making, decision support, and anticipation or prediction. And with that, no rules, no models. It's one of the great things about natural intelligence. And we naturally can ask questions of our memory, just like we do as humans. We store information in our brains, we recall it automatically, and we apply reasoning methods to it. That's exactly what Saffron does.
What we do is, through having a memory base, which is a base of knowledge about all the people, places, and things in data, and all the connections they have with other people, places, and things, we can explore hunches very easily. So if I were asking the question, gee, I think I've seen this before. Where have we done this before? I could ask that question of Saffron's memory base, and it would provide back to me, in more specific context of the thing, the event, the situation I'm discussing, where we've actually done it before. What the outcomes were. Were we successful. Were we not successful. Who was involved. Where did we do it. How long did it take. So that's an experience-based reaction to a question. Based on knowledge, implicit knowledge and explicit knowledge that we have about people, places, and things in the data.
If you found Gayle Sheppard's explanation of this innovative technology interesting, then please browse more shows on Connected Economy TV.
The digital world and mobile technology means that information is more easily available. This has caused the pace of business to increase as Arthur de Haast explains in this TV show.
Digital world and data interpretation
The digital world just makes things move a lot more quickly, it gives people access to a lot more information. You know, we’ve just launched our own app so that people can, you know, click on that. They can tap on it rather, not click these days, tap on the screen. And it tells them, you know, what opportunities or what investment opportunities there are available in that locality, can direct them to it, can give them basic information and so on. So that makes the market move more quickly, it’s a lot more transparent and actually information in its own right is no longer valuable because everybody has information. What is now much more important and what we concentrate on is how do you then interpret that information and use it to give good advice to people who want to invest and so on. So it means that you’re having to think much harder about the value add and how you’re going to, so on the one hand it’s very positive and it creates, you know, speed to market and that sort of thing. But at the same time it means that we’ve got to think a lot harder about how we can add value and look after our clients, given that what’s happening in that space.
If you found this video interesting and want to hear more about the Digital world and data interpretation, please browse more videos on Connected Economy TV.
Information management strategy for business may now include getting outside help and training. in this TV show Ian Goldin discusses filtering through the data.
Information management strategy changes
I think the increase is so rapid that managements that have been in place for a while just aren't up to speed. And there will be entire industries helping business synthesize the data, presenting it to them in forms which are usable and that the value added.
There's a lot to be read in to it but this can be misread. One of the most dangerous things is trawling the internet because it is absolutely undiscerning between garbage and genius.
That's why proper education and training does really matter because that's the filter through which you pass all of this information.
Connected Economy TV will continue to follow ideas around information management strategy.
Information management strategy has been revolutionized by "Big Data". In this TV show Andrew Sangster discusses turning expensive data into clever data.
Information management strategy is expensive
The problem with data or to get technical its relational database, is that it is so very fixed rigid. You have lines, addresses and the purchases made.
So you will have a relational database for what the guest has done in terms of their booking.
You will have one in terms of what they have done when they have gone to a food & beverage outlet.
You might have another one in terms of how guests have browsed your website.
So it’s all stored in lot of different places, what guests have booked in terms of amenities and you know whether there’s a spa, and it’s all stored in different places and it just doesn’t talk to each other, it’s just sat there, sitting there in this database in a very expensive way actually.
These relational databases are very expensive to maintain, they require lot of hardware in terms of the data itself there, the inputting, setting them up and constructing them.
Well actually, if you can break them all free and actually get all of those databases talking to each other.
I think the evolution now, well revolution actually with big data coming along actually breaking those data bases apart, linking them all together ad actually doing it faster, cheaper on the fly.
So what would take days if you had the time and money to it, the getting the databases to talk to each other by traditional routes you can do instantly on the fly now.
It is possible to produce very compelling offers now for customers using this data.
Connected Economy TV will continue to bring you expert insight and opinion on information management strategy and the uses and challenges of Big Data.