Big Data and Innovation
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Key note at Big Data Insight Forum - using Big Data to drive innovation across the enterprise. A different look at big data and how your organisation can drive real value now.
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Big Data and Innovation
- 1. Applying Insight. Big Data as part of the innovation & product development cycle across the enterprise.
- 2. Many businesses are ‘institutionally analogue’: stuck in structures and logistical straightjackets that had an obvious function and a rational purpose fifty, twenty, even fifteen years ago. Ajaz Ahmed, AKQA
- 3. What we shall cover: Some context of ‘big data’ and innovation The bad stuff if you don’t…. The old world and current barriers A solution – 4 key actions A key to unlocking value today Take away
- 4. Big Data – a recap:
- 5. Big Data – a recap:
- 6. Big Data – a recap:
- 7. Big Data; what will it do?
- 8. Big Data; what will it do?
- 9. Big Data; what will it do?
- 10. Where are we at?
- 11. Where are we at?
- 12. Where are we at? Maybe not in our businesses…. Change – lots of it! 10% inspiration, 90% perspiration
- 13. Big data under our nose?
- 14. Create probability of value first
- 15. Why? How? – create structure to fill
- 16. An enigma….. What to do?
- 17. Innovation. • For an improved customer experience • For product development • For new / better markets • For more operational efficiencies
- 18. Innovation is…. • The creation of ‘better’ or ‘more effective’ • A novel idea or method that is economically valuable • Doing something different Innovation is not…. • Invention • R&D
- 20. If we don’t innovate? • Our competitors will • Startups will disrupt • Someone will know your customer better than you • Customers will exercise their power
- 21. So how do you use data to innovate? Become cleverer… understand your markets & technologies better.
- 22. Barriers to overcome – the old world 1. Our view of the customer.
- 23. Barriers to overcome – the old world 2. Our organisation • Function and structure based on what we do: sales, marketing, logistics, finance • Efficiency focused within function • Decision making based on ‘gut’, ‘instinct’ and ‘experience’ • ‘Its not our process’ --- ‘It is our process!’ • Lack of awareness of customer experience
- 24. Barriers to overcome – the old world 3. Data availability • Based on functional systems and ‘data architecture’ • Bottom up, based on infrastructure & systems • Slow, lacking in actionable insight, data availability, quality, timeliness, governance
- 25. Barriers to overcome – the old world 4. A linear view of innovation RESEARCH – DEVELOPMENT – ENGINEERING – MANUFACTURING – MARKETING – DISTRIBUTION • No feedback • No data • Divorced from customer
- 26. The opportunity. Realise ‘Relationship Value’
- 27. A solution to driving enterprise-wide innovation across the enterprise Customer Architecture
- 28. 1. Understand & identify your customer journeys and experience Innovation can only be driven by customer insight.
- 29. 1. Understand & identify your customer journeys and experience The customer experiences their own journey of personalised touch points – learn them.
- 30. 2. Change your organisational model. People, process, and technology centred around the customer. Customer Journey Business Processes Fulfillment Renew / up- Advertising & campaigns Sales Risk management sell Competition analysis Order to Cash CRM Operations Marketing Sales Operations Customer Service Finance Systems Marketing Sales Operations CRM Finance INSIGHT
- 31. 3. Data driven innovation. Collect. Synthesise. Analyse. Integrate. Challenge known assumptions. Uncover ‘unknown’ unknowns. Learn – be open – be data driven. • Uncover facts • Understand desired outcome • Understand constraints • Scenarios – what if? • Understand your window – time & relevance • Utilise your historical information • Apply brain power
- 32. 3. Data driven innovation. Collect. Synthesise. Analyse. Integrate.
- 33. 4. Make a strategic decision for responsibility CEO Sales CMO CFO COO CIO Director
- 34. 4. Make a strategic decision for responsibility CEO Chief Customer Officer Champion of customer experience Chief People Officer Champion of innovation & agility Chief Process Officer Aligns data, business process, operations and systems to create insight
- 35. The key to unlocking insight. Take action.
- 36. The API • Create core data capabilities easily shared • Beyond systems & IT – create an ecosystem • Customer engagement is larger, across channels & platforms • 10x the innovation, 1/10th the cost, 100x the power
- 38. Be the curator – not the warehouse foreman.
- 39. Summary • Big Data does not need to be mystical • Customer Insight should drive all types of innovation • Create a Big Data strategy centred on your Customer Journey • Restructure your Organisational Model to create the data points and insight you need • Be Innovative: Agility. Iterative. Challenging. • Find responsibility! • Use API’s for a real, pragmatic, cost effective big data strategy • Plan: why? how? who? what?
Editor's Notes
- Velocity of data
- Volume of data
- Variety of data
- Allow us to compete
- Improve customer experience
- Save the world
- Vendors – everywhere. Telling us we are struggling under a volume of data – are we?
- Lots of talk.Lots of definitions.And some early adopting innovators.
- Lots of change taking place, perhaps not in our business.Waiting for inspiration?But we need to work at this.
- Finding a needle in a haystack?Not much fun.
- Would rather decide what questions I wanted to answer to gain value and how this insight might help me.
- And then create the environment to gain value.
- The benefits of innovation we keep hearing about.
- But lets be clear about what it is, we can’t use big data to innovate – unless we know the ingredients.
- It requires the knowledge economy – plus insight.
- Much of this is happening today. ShoppingNewsPayments – credit cards.InvoiceASAP.Tradeshift
- Traditional Consumer Decision model. Nice and linear.
- Most of our data is transactional. Limited in knowledge, quality, join, and access.
- This is latent in the experience of the customer, it is not CRM, it is the frictionless, relevant, and pervasive experience that is the result of insight driven innovation. Products, services, experience, markets.
- Not information architecture, not business architecture. Architecture to understand, learn, and communicate with the customer.
- The Associate of Product Management and Product Marketing says that more than 50% of new technology products that enter the market fail and roughly 75% of consumer packaged goods & retail products fail to earn even $7.5 million during 1st year.
- With a connected and multi-networked world- this is vital market research that informs innovation.
- Understand & select the most appropriate data to paint a full picture of what the customer wants and needs.Without a platform to manage and nurture every interaction with the consumer, a company has no core.The customer touches our processes – not our operations or systems. Insight only comes from a view of the whole picture. Vodafone.Panasonic camera sold, found later on John Lewis cheaper. Contacted Panasonic, said it was customer responsibility to shop around.
- Why does a product or service we create will make people’s lives easier, better, or more fun – rather than starting with how it might just contribute to the bottom lines. We would see more successful business innovation.Insurance App – internal data being used to increase relationship and value.Video self help – creating value, insight, and more analyisisNHS – creating transparency of services and information. Costs vsservcie in the community.Stonegate pubs. Customer insight – feedback, servcice.
- Chain-linked model by Kline & Rosenberg.Constant data driven feedback.Agility – Iteration - Velocity
- A customer focused approach to insight and innovation will not work without the correct enterprise wide view.How can functional specialists take ownership?
- A customer focused approach to insight and innovation will not work without the correct enterprise wide view.How can functional specialists take ownership?Bentley.Warning – Walmart, pregnancy kit, social media.
- In order to do everything we have discussed – and create the insight. You need the data. Big data is about having the right data, and the ability to make it available.
- Go back to your business, create ‘big data’ – but do it efficiently and cheaply.3 way collaboration – customer, business, employee.324 social APIs in 2012.350 mobile API’s.139 APIsOver 1000 corporate API’s – credit card companies.SOAP api’s – REST API’s – Web API’s (mashups)Yammer.Amazon.
- Become the Borg – value is speed & agility.
- Become the curator in your business – create a narrative of data, handpicked for users, innovation and decision making.
- Go back to your business, create ‘big data’ – but do it efficiently and cheaply