Here are my top takeaways that are important in using Big Data:
1. Find the right people: If there is anything that is the most basic in the Big Data realm, it is the need to find the right people. These people are the ones who not only understand the technology, the models and the analytics, but are also business savvy and know how these data and insights will be put in the business environment.
2. Investing in technology is critical: There is a reason why the data is called “Big Data.” It is big. More often than not, clients do not understand the importance of investing in the technology and making a database server to house it. “A healthy database is critical for success,” said Nicholas Panayi of CSC. “We can‘t have big insights if we can’t store the data.”
3. Organize the data: It is important to not just store the data, but also to organize it as well. Carol Davidsen of cir.cl, who worked on the Obama 2012 campaign, said that there is Obama support, but there is no organized way to find the support. It is critical that not only we store the data, but that we organize it in a way that makes analytics and insights possible.
4. Use the data you have: There is a need to always find structure, but unstructured data can sometimes give you a lot more depth than structured data. Do not pre-cleanse your data. Understand it. See what it is saying to you, whatever be its form. Then merge this unstructured information with the structured data to build something of greater value.
5. Real-time decisions are important: Once we have the right technology and infrastructure in place, it is important to use it for decisions on the go. Amy Jain and Daniella Yacobovsky of Baublebar use Big Data in their factories. This is to keep streamlining their products and improving them while they are being produced, not while they are already made, sold, returned and then reviewed. Timing is everything.
6. The clients want to drive: Rod Smith of IBM showed that very clearly. It is great to have Big Data and to have the technology in place, but it’s important for the client to be able to use it and make decisions on a day-to-day basis. You need to not just give clients Big Data insights, but also make them the drivers of their tools.
7. Know your customers: Nicholas Panayi of CSC said to ask every department on your client side, “What is a lead?” and each unit would give you a different answer. More often than not, most companies do not really know who their consumer is and what is it they are really looking for. Someone who has bought a North Face® jacket may not necessarily be looking for another jacket, but maybe running shoes. Ian Dewar of The North Face put it very clearly. “Your most valuable customers are not the ones who buy, but the ones who do the most actions [with your products].” Invest the time in knowing your base and what their needs are, and then serve them accordingly.
8. Ask for Social Data: Most of us would say, “Great, I want to know my customers, but how?” The answer is: social media. As odd as it may seem, most marketers do not ask for Facebook or Twitter data. Yes, it’s true. Facebook has over 2.7 billion Likes per day — that is 2.7 billion events of people liking something daily. That is saying something.
9. Customers are willing to share their birth date: Whenever we think of social media, the first thing that comes to our mind is PII (Personally Identifiable Information). How do we get around that? Davidsen said that people are willing to share their data if they know what it is being used for. During the Obama campaign, people gave as much info as sharing their date of birth since they knew the data was being used to gather data on Obama supporters. They believed in the campaign and didn’t mind giving away the information. It is when they do not know what it is going to be used for that they become skeptical.
10. Trust your intuition: While all this data is coming from everywhere, it is still important that we use our intuition and gut to tell us something even when there is little (or no) data telling us anything. When BMW wanted to launch an electric vehicle, they had no idea who to talk to. Who are these people I want to sell to? But, BMW’s intuition was right. They have consumers who care about the environment enough to invest in an electric vehicle. And they did find them through creative ways. In this case, creativity became the data.