dataeconomy

The Economics of Data
Influencer conversations Data Economics: Driving application and business value to your bottom line
   6 years ago
#dataeconomyThe Economics of DataInfluencer conversations on data economics impact on business.
Dave Vellante
Everyone’s talking how data is the new source of value…What does the data economy mean to you?
Pete Johnson
I see it evolving to a marketplace where anyone can query data sets to accomplish a task. Think about the data trapped inside Target, for example, and all the retail behavior nuggets in there. Monetize that, lots of interested parties
johnlmyers44
#dataEconomy means leveraging information on behaviors to tightly "target" pricing, offerings, operations
Dave Vellante @nerdguru so it starts with data as the raw material so to speak?
John Furrier
To me it's about defining the narrative around the business of using data as a competitive advantage. C-level execs are transforming their business with data driven process/application/infrastructure re-engineering
Pete Johnson #dataeconomy Not just competitive advantage, but as a revenue stream. Lots of interesting data is trapped inside IT departments that can be cleansed for external use
IBM Storage
trying to help clients control data growth while controlling costs.
Dave Vellante So in a way I think the conversation is shifting from data as a cost to data as value - that to me is what the data economy is all about
Jeff Kelly
the Data Economy is the emerging economy in which organizations succeed or fail based in large part on their ability to leverage data and analytics to improve business outcomes http://wikibon.org/wiki/v/The_Data_Economy_Manifesto
Crowd Captain
at #df13 the notion of technology is driving changes on how companies market to customer with technology as the enable..same at #IBMIOD for #socialbusiness #innovation
Timothy Fives
its transformative from cutting internal cost and driving efficiencies, to leveraging it to drive top line revenue, and generating new revenue opportunities .
David Vaughn
Data is an asset that has monetary value to organizations. Not leveraging data is the same thing as throwing away money.
johnlmyers44 more like locking $$ in a box and not using it...
johnlmyers44 however, if data has a half life, then yes not using data is throwing it away... passively
Tony Pearson
Data economy means using data to think better, react faster, provide better products and services to clients
Timothy Fives i think it also helps anticipate the needs of clients vs. faster reactions.
Jeff Kelly
its about using data to improve efficiencies, create new ways of doing business and becoming more customer-centric
johnlmyers44 it is not just B2C. B2B models for operations and rev gen will benefit.
Marisol
data is a source of value if customers have the tools to get the right insights from that data. Data economy means to get data insights in an efficient, cost effective way
Karla Magana Renoud
it opens the door to all you can do with the data that will maximize the value of that data for your company. You can gain competitive advantage, understand your customers better, proactively resolve an issue, etc. The sky is the limit!
John Furrier
at #df13 Salesforce introduces Internet of Consumers vs Internet of Things.. Moving to what we coined as the Crowd Consumer how do business build a data strategy from ground up? #cloud #mobile #social infrastructure
Dave Vellante
Start with the data I would say...what are the data sources? What's your data architecture? Who is in charge of data strategy? etc.
Chris Saul You make a good point. Internet of consumers or things does depend very much on what are the key data sources to YOUR business. So start with that thought
Jeff Frick
Hasn't the lead always been the Internet of Consumers? (at least after the visualization of the browser experience)
Chris Saul It HAS been but that was before interconnected things, which change the dynamic a lot.
Jeff Frick That, and I think the change to interconnected API based apps, instead of closed apps, use the same things/data in new innovative combinations to solve different questions, create and deliver new value - #Innovation
John Furrier I agree with Chris Saul but not interaction data and machine data brings new level of instrumentation and notification #InternetOfNotifications cc #df13
Tony Pearson
Are you asking how to deploy greenfield when the rest are trying to shoe-horn this into their existing IT infrastructures?
John Furrier lots of hype at events like #df13 so CIOs have to build it with legacy in mind..so legacy is the #1 question we get
Tony Pearson
TheTipping Point by Malcolm Gladwell ow.ly/r17P5 explains that the focus should be on key influencers that are socially connected
Tony Pearson
What was the Internet before it was the "Internet of Consumers"?
John Furrier Internet of PCs and terminals
teddickinson
Need to understand who your customers are, what value will they get out of the data you can provide, before you define the strategy
Crowd Captain
many smart folks in the crowd say that we need to understand the different "properties of data" .. @furrier quoted the term years ago "data chemistry"
John Furrier at #df13 i used the term data chemistry to talk about the role data has an the many properties it has in context to apps and other machine learning - multidimensional puzzle pieces cc @jeffjonas
Dave Vellante
So are organizations really changing to become "data-driven" or is this a bunch of lip service? What's the customer angle?
Jeff Kelly
some are and some aren't. there will be winners and losers in the data economy.
Dave Vellante what are the characteristics of the winners?
Jeff Kelly first an foremost winners recognize that they need to adapt and change the way they make decisions - nothing is sacred.
Chris Saul As often, the winners are those who can move more quickly
Jeff Kelly they also are willing to fail - Big Data and analytics are iterative processes ... you rarely get the best answer from the first questions asked of your data.
Tony Pearson
Decision Support Systems have been around for decades but limited in access to a few analysts and C-level executives. Now it has broader reach
Jeff Kelly still a long way to go to truly democratize data analytics.
Pete Johnson #dataeconomy Agree and think it needs to get broader still. As if good ideas only come from a few analysts and C-level execs 8)
Chris Saul
Like many changes in IT, I think it is taking longer than people at first expected. So some of the talk is ahead of the reality but people are moving that way since the potential value is compelling
Dave Vellante do you think the data trend is different than other hyped up trends or is it just another tech cycle in your view?
Chris Saul Funny you should ask that because I was going to respond to your first question about the definition of "data economy" to ask whether it is real thing or just marketing.
Chris Saul My view is that it is evolutionary development of earlier trends (see Tony Pearson's post) brought about by cheaper storage and processing cycles, and FAR more sources of data from the interwebs
David Vaughn
If i know what I want at an electronics store, I don't go to the store until I check online if it's in stock. If a company doesn't give me that data, I go somewhere else.
teddickinson
It depends, largely on how core data is to the business they are, or they business they want to be
Pete Johnson
#dataeconomy Depends on the IT department. Old school ones focused on cost cutting vs cutting edge ones that redefine themselves as enablers for LOB. Customer angle for the latter is rapid rate of change based on what data tells you.
Jeff Frick Saw @davecapp - Gartner present on Data Center innovation, where you accomplish the cost cutting by using innovative investment (spend) on cutting edge. Counter Intuitive.
David Vaughn
Amazon sent me an email about a new product coming out based on my past purchases. I plan to buy it and wouldn't have known about it otherwise.
ankit jain
#cloud-computing companies do monitor their hardware & s/w metrics closely, mine patterns out of them, find bottlenecks, fix them as performance goals, and save cost!
Dave Vellante
Are data scientists necessary to realize the data economy vision? Are they a gate? Can users become data savvy without needing a deep data science conduit
Tony Pearson
Someone has to know what to do with the results. If you had access to a personal home x-Ray machine, you would still need to be a radiologist to make sense of it.
Dan Hushon
I think that there are some basics associated with the definition of an economy/marketplace that are important... instruments, fluidity, exchange, and bookkeeper... critical imo we need the #NYSE for #dataeconomy to grow
Pete Johnson
#dataeconomy Data scientists are critical, but we can't train enough to keep up w demand. Tooling that brings some of #BigData analytics to the everyman is needed like spreadsheets did to # crunching that used to be reserved for accountants
Dave Vellante I'm reminded of the story of biz execs when cars came out - they were fearful there wouldn't be enough chauffeurs! #datascience
Jeff Kelly
potentially. as more analytics-infused applications, users' domain knowledge becomes more important than knowing how to write algorithms. for now, though, most enterprises need someone with data science skill
John Furrier
Data science is critical but more importantly to tell a clear story on the data you need knowledge workers to be the new data science users - democratization of data - oppty to make it easy is a companies oppty #bigdata
IBM Storage
IMO it's not just the scientists that will help. It's the workerbee users that will be vital to the success of how the data is leveraged into something valuable for their organization
Dan Hushon
but scientists are the traders of value in this economy.. but even science = hypothesis, methodology, test, conclusions, repeat... to do this,
Tim Crawford
DS are needed/ valuable until it becomes more commonplace throughout the org. Sign of maturity in data analytics.
Dan Hushon yep, but even when common people need to use scientific method. bad results may be more common than good ones and can you prove the difference?
Levi Norman
If you mean that in the same way that a good DBA is necessary to get the most out your DB's, then they are absolutely necessary. Users can become savvy as the tools to do so evolve, much like the ability to now create your own webpage.
teddickinson
Many will need to step up to help realize the data economy vision, but data scientists must be the thought leaders
Jeff Kelly
as my friend @ab_hi_ said on #theCUBE, you need combination of technical, data science and business domain expertise to truly leverage #BigData http://youtu.be/uIoqFD-jS9Y
Dave Vellante
I heard AMZN this week at #reinvent say "disk is becoming the new tape" - w/ all this focus on RT, where does flash fit in the data economy?
Jeff Kelly
flash already playing an important role in streaming real-time analytics - see ad tech biz
Dave Vellante Yes the idea of bringing analytics and transactional data together to impact buyer behavior
Dave Vellante will we go beyond clicking on ads?
Jeff Kelly definitely - think of the potential applications in healthcare or energy
Timothy Fives
is it flash or is it cloud?
Dave Vellante I think both flash and cloud are disruptive - I'm personally excited about new applications that aren't bound by spinning disk latencies
IBM Storage Do you mean #cloud as the platform and #flash as a performance enabler?
Timothy Fives more about cloud being an platform play. Thinking of sale force 1 as an example
Tony Pearson
Disk and Tape share a lot of technology, GMR heads, surface coatings, etc.
Chris Saul
That's the sort of thing you hear a lot. And it will be true. But not overnight. Not with the volumes of data many are speaking about. Hybrid solutions will be with us for a while
Tony Pearson
From a portability perspective, I see a lot of people treating external USB drives as if they were tape for their backup and archives
IBM Storage but portability becomes dangerous doesn't it?
David Vaughn
One of our FlashSystem clients can run simultaneous marketing campaigns when previously they could only run one at a time on disk.
Jeff Kelly
realizing the promise of #bigdata requires architecting systems that get the right data to the right analytic environments at the right time - requires hybrid storage approach
John Furrier
one thing that is converging big time is the application and data integration.. closing the loop in the infrastructure
Tony Pearson
With LTFS Enterrpise Edition - tape is the new disk!
Pete Johnson
#dataeconomy at #CloudExpo, @HGSTStorage had a really nice presentation on different storage types. Here's the money slide: twitpic.com/dlyviq
David Vaughn
Flash allows analytics to be done in real-time that couldn't be done before. Instant knowledge to provide better service on a customer support phone call for example.
Stuart Miniman
#AWS Facebook and many others are able to offer a ton of new services thanks to flash. Disk (like tape) becoming purely capacity play.
Dave Vellante @vStewed what's your take on the intersection of flash and the #dataeconomy cc: @stu
IBM Storage
Sprint certainly leveraged flash and made major improvements to client sat http://www.youtube.com/watch?v=gtj-3QSB1bI
Levi Norman
it fits at the top...today on bio tech nation I heard that there is 3ZB worth of data in existence today...flash is going to be instrumental in how you move, sort, and deal with that volume...
Marisol
#IBM offers #FlashSystem solutions (Storage + FlashSystem) for simpler, more powerful and cost efficient data management
Guillermina Sainz
Flash is definitely helping organizations to crunch more data without increasing time-to-insight like Coca Cola Bottling Co (video) http://bit.ly/Hs59eG