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Innovation through Data Capitalisation Joanne Jacobs Social Media Consultant Exploring Data Driven Innovation - Creative C...
Scope of the presentation <ul><li>Primary argument </li></ul><ul><li>Value versus utility </li></ul><ul><li>The Value of D...
Primary argument <ul><li>There is an opportunity cost of failing to make use of data.  </li></ul><ul><li>Data should trigg...
Value versus utility <ul><li>Value: Worth of a product/system in terms of use or in terms of market perception  </li></ul>...
The maths in brief (Metcalfe’s law, etc) <ul><li>Value of a network determined by number of possible connections:  </li></...
What does all this mean? <ul><li>Value of networks not directly proportional to either number of people in a network, or t...
The Value of Data <ul><li>Total tangible and intangible  acknowledged  benefits derived from data </li></ul><ul><li>DOES N...
The Utility of Data <ul><li>Total possible interactions in a system </li></ul><ul><ul><li>Supply chain databases (supplier...
What data is collected? <ul><li>Customer databases </li></ul><ul><li>Supplier databases </li></ul><ul><li>Sales </li></ul>...
What additional data can be collected? <ul><li>Tangible: </li></ul><ul><ul><li>Content tags (for indexing content) </li></...
How to capitalise on data <ul><li>Map what data is collected with distinct actions </li></ul><ul><li>Present data in diffe...
Disruptive vs Continuous Innovation <ul><li>Disruptive innovation: creates new markets that have never before existed </li...
Innovation through Data Capitalisation <ul><li>Most innovation driven by  tinkerers, not by R&D , thus needs-driven, not r...
Failing to use data <ul><li>Much data collected never capitalized: </li></ul><ul><ul><li>Insights from customer interactio...
Reports are not enough <ul><li>Many organisations feel that by reporting data, they are capitalizing; this is not necessar...
Case studies <ul><li>Police crime maps </li></ul><ul><li>Wordle on website comments/mentions </li></ul><ul><li>Network swi...
Police crime maps Insights: Relationships between crimes in various areas – data can be indexed by socio-economic factors,...
Wordle for mentions Insights: Individuals, places, activities. From:  Creative Industries Knowledge Transfer networks arti...
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 <ul><li>MIT’s Exhibit:  http://simile- widgets.org /exhibit/   </li></ul><ul><li>Open Heat Map:  http...
Social media monitoring <ul><li>http://www.socialoomph.com/   </li></ul><ul><li>http://blogpulse.com/   </li></ul><ul><li>...
Questions? <ul><li>Joanne Jacobs </li></ul><ul><li>Social Media Expert Consultant </li></ul><ul><li>Email: joanne@joanneja...
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Innovation through data capitalisation

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