It’s day one at #adtechANZ and we’re listening to a keynote from Tim Trumper from Quantium, as he discusses the past, present and future of big data.
Knowledge is the process of piling up information. Wisdom comes from its simplification.
Data is a big deal. Here’s some quick stats:
- $1.2 trillion of latent value in USA*
- Expected recruitment impact – 190,000 People Gap in USA alone*
(*Source: McKinsey & Company Big Data report Nov 2011)
Existing ways of gathering market intelligence are frequently flawed. Data floating around major companies is not as robust as it could be. Predictions and expectations are based on limited data. e.g. customers who leave your business aren’t likely to let you know why they are leaving. How do you ensure you are tracking this?
Breakthroughs in innovation often rely on breakthroughs in measurement, think attribution. Measurement is a foundation for breakthrough, it will lead to far bigger things that are impossible to consider at that initial point.
Our ability to recall information is always filtered by what you’ve learned since. Just because I can vividly remember something doesn’t necessarily mean it’s true. If you accept this as broadly possible, it will make you question how we gather data.
Online and offline are coming together to allow us to know the real customer. Understanding this at scale is crucial. 93% of consumer spend still remains offline, but research is online.
Disruption from data is a billion dollar opportunity, consider being able to follow a person across the world understanding how that travel impacts their behaviour. It is however important to remember that not all data holds intention behaviour.
Data is a critical issue, for businesses and governments alike. We make critical, life-changing decisions based on assumptions that the data we are using is correct. This can have catastrophic consequences if that data is wrong. e.g. US bombing the Chinese Embassy as their co-ordinates were wrong.
Erosion of scale is another big theme. Being big is no longer the most important factor. Now the fast can eat the slow. Consider Netflix’s use of data. They created House of Cards and could base the complete format, audience acceptance and choice of actions based on clicks and data. They managed to remove the risk from the launch. Even the colour palette was chosen based on data from the graphics from their millions of viewers.
Dark data combined with machine learning can provide real insights. Think GPS, Web Servers, Messaging, Mobile, Storage, Clickstreams – all the way to the ultrasound scan of an embryo. Everything about everyone is a data source that can be used. Data is no longer an add-on, it is the product itself. Think about the rise of fitness bracelets suchas FitBits or Nike Bands.
Data is all about insights. It doesn’t matter how much data you have if you can’t quickly and simply understand it. You can summarise it as essentially needing to be able to provide in four main areas:
- How to grow each customer’s revenue
- How to find new customers
- How to enter new markets with the lowest risk and highest rewards
- How to create new products and services in sync with my customers
That’s it from my first Keynote of this year’s Ad:Tech ANZ, some interesting thoughts and examples from Tim on what data really means to businesses and individuals.