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Innovation through data capitalisation
 

Innovation through data capitalisation

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Presentation for the Creative Industries

Presentation for the Creative Industries

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    Innovation through data capitalisation Innovation through data capitalisation Presentation Transcript

    • Innovation through Data Capitalisation Joanne Jacobs Social Media Consultant Exploring Data Driven Innovation - Creative Consumer Workshop Wed 09 Mar 2011 Inspace - Edinburgh School of Informatics, Edinburgh Image source: http://www.flickr.com/photos/inl/5097547405/
    • Scope of the presentation
      • Primary argument
      • Value versus utility
      • The Value of Data
      • The Utility of Data
      • What data is collected?
      • What additional data can be collected?
      • How to capitalise on data
      • Disruptive versus continuous innovation
      • Innovation through data capitalisation
      • Case studies
      • Additional Resources
      • Questions
    • Primary argument
      • There is an opportunity cost of failing to make use of data.
      • Data should trigger action, not just be support material in reports
      Image sources: http://www.flickr.com/photos/alishav/4253056121/ http://commons.wikimedia.org/wiki/File:Fullquiverofarrows.jpg http://commons.wikimedia.org/wiki/File:Reloj_despertador.jpg http://commons.wikimedia.org/wiki/File:Mascherano_liverpool.JPG
    • Value versus utility
      • Value: Worth of a product/system in terms of use or in terms of market perception
      • Collectively determined
      • Utility: usefulness, capacity to generate positive outcomes and minimise negative outcomes
      • Individually determined
    • The maths in brief (Metcalfe’s law, etc)
      • Value of a network determined by number of possible connections:
      • n 2 (Metcalfe’s law)
      • Can only have connections with other users, thus better equation is:
      • n(n - 1)=2 (Reed’s Law)
      • Odlyzko says total connections doesn’t represent true value of network, nor do networks grow exponentially, thus best equation is:
      • n log(n) (Odlyzko & Tilly’s Law)
      Image source: http:// en.wikipedia.org/wiki/Metcalfe's_law
    • What does all this mean?
      • Value of networks not directly proportional to either number of people in a network, or the amount of data collected;
      • Value of data more directly associated with its usefulness and perceived benefits;
      • Value of data can be hidden as well as acknowledged.
    • The Value of Data
      • Total tangible and intangible acknowledged benefits derived from data
      • DOES NOT include data collected but not capitalized
      • DOES NOT include unacknowledged benefits, whether tangible or intangible.
      Image source: http://www.flickr.com/photos/thomasvdb/379546998/
    • The Utility of Data
      • Total possible interactions in a system
        • Supply chain databases (suppliers and customers)
          • Earnings per record
          • Risk/price of rebuilding
        • Customer interactions (online or in person)
          • Earnings per interaction
      • Total possible opportunities for collecting/recording data
      Image source: http://www.flickr.com/photos/vancouverfilmschool/5143625176/
    • What data is collected?
      • Customer databases
      • Supplier databases
      • Sales
      • Media profile
      • Website hits/interactions
      • Social media followers/likes/retweets
      • Sentiment/brand awareness
      • -> Predominantly tangible data
      Image source: http://www.flickr.com/photos/sixmilliondollardan/3852839454/
    • What additional data can be collected?
      • Tangible:
        • Content tags (for indexing content)
        • Resource cost per interaction (for staff costs)
        • Time per interaction (to understand speed of interactions)
        • Number of interactions (to understand increase/reduction in processing)
      • Intangible:
        • Employee happiness with/understanding of how to find information
        • Supply chain perceptions of efficiency
        • Network effects on productivity
      Image source: http://www.flickr.com/photos/swanksalot/2704017177/
    • How to capitalise on data
      • Map what data is collected with distinct actions
      • Present data in different contexts (geographical maps, timelines, heatmaps, other data visualisation techniques)
      • Consider what opportunities for data collection have been overlooked
      • Use data crunching resources for easy visualisation and insight generation.
      Image source: http://www.flickr.com/photos/quinnanya/5066259987/
    • Disruptive vs Continuous Innovation
      • Disruptive innovation: creates new markets that have never before existed
      • Continuous or transformational innovation: solve existing problems either in new or expected ways
      • Most innovation derived from data will be continuous/transformational
      Image source: http://www.flickr.com/photos/opensourceway/4371000486/
    • Innovation through Data Capitalisation
      • Most innovation driven by tinkerers, not by R&D , thus needs-driven, not research-driven
      • Greatest needs are based on scarcity of resources
      • New knowledge emerges when existing data ‘mashed together’ with other content (ie: crime maps)
      Image source: http://www.flickr.com/photos/aalhajji/2604740451/
    • Failing to use data
      • Much data collected never capitalized:
        • Insights from customer interactions in person and online
        • ‘ Uncleaned’ databases
        • Unindexed, non-contextualised content
      • All data collected, but not capitalized = COST
      • All data not collected where possible = COST
      Image source: http://www.flickr.com/photos/fireflythegreat/2845637227/
    • Reports are not enough
      • Many organisations feel that by reporting data, they are capitalizing; this is not necessarily true
      • Reports of interactions for Board or stakeholders which do not result in action = COST
      • Reports should be presented with insights as well as a variety of scenarios for organisational behaviour change.
      Image source: http://www.flickr.com/photos/gadl/320300354/
    • Case studies
      • Police crime maps
      • Wordle on website comments/mentions
      • Network switching for mobile phone suppliers
      • YouTube: Map my summer
      • Fortune’s Best Companies to Work For
      • CO2 creation
      Image source: http://www.flickr.com/photos/lamenta3/2603529812/
    • Police crime maps Insights: Relationships between crimes in various areas – data can be indexed by socio-economic factors, etc. From: Police.uk
    • Wordle for mentions Insights: Individuals, places, activities. From: Creative Industries Knowledge Transfer networks articles
    • Mobile network switching Insights: Not just numbers, but patterns of change. From: Ken’s Tech tips
    • Map my summer Insights: Awareness of the campaign, network spread. From: YouTube Map My Summer
    • Fortune’s Best Companies to Work For Insights: Values of employees. From: CNN Money site
    • CO2 Creation Insights: Comparison of activities or alternatives. From: General Electric data visualisation
    • Additional Resources
      • MIT’s Exhibit: http://simile- widgets.org /exhibit/
      • Open Heat Map: http:// www.openheatmap.com /
      • Google insights search: http:// www.google.com /insights/search/#
      • Forrester customer social technographics profiling: http:// www.forrester.com/empowered/tool_consumer.html
      • Wordle: http://www.wordle.net/
      • Visualizing http:// www.visualizing.org /
      • Spicy nodes: http:// www.spicynodes.org /
      • Slatebox mindmapping: http:// www.slatebox.com /Index
      • Bubbl.us brianstorming: https:// bubbl.us /
      Image source: http://www.flickr.com/photos/opensourceway/5161093829/
    • Social media monitoring
      • http://www.socialoomph.com/
      • http://blogpulse.com/
      • http://www.boardtracker.com/
      • http://www.tinker.com/
      • http://surchur.com/
      • http://www.socialmention.com/
      • http://www.icerocket.com/
      • http://www.keotag.com/
      • http://monitorthis.77elements.com/
      • http://addictomatic.com/
      • http://www.howsociable.com/
      • http://www.monitter.com/
      • http://www.postling.com/
      • http://topsy.com/
      • http://backtweets.com/
      • http://www.backtype.com/
      • http://www.twazzup.com/
      • http://www.threadsy.com/
      • https://www.myweboo.com/index.html?null
      • http://www.peerindex.net/
      • http://twitalyzer.com/
      • http://www.wikio.com/
      • http://research.ly/
      • http://www.kurrently.com/
      • http://www.sensidea.com/socialseek/index.html (client based)
      • https://www.tribemonitor.com/ (private beta)
      • https://twendzpro.waggeneredstrom.com/default.aspx (free trial)
      • http://socialcollider.net/
      Image source: http://commons.wikimedia.org/wiki/File:Fundraising_2010_social_media_monitors_logo.png
    • Questions?
      • Joanne Jacobs
      • Social Media Expert Consultant
      • Email: joanne@joannejacobs.net
      • Blog: http://joannejacobs.net/
      • Twitter: joannejacobs
      • Skype: bgsbjj
      • Skype-in: (+44) 0208 144 9348
      • Mob: (+44) 07948 318 298