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Moving from data to insights: How to effectively drive business decisions & gain competitive advantage

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Firms have become obsessed with data. But the key to competitive advantage is not just more or bigger data or big data technology, it is finding actionable insights from all the data as well as embedding insight in processes and applications. This requires a change in your approach - modernized architecture and embedding insights and data in you business decisions It also requires a change in how your people work systematically to find, test and implement insights. In this webinar, Forrester Vice President and Principal Analyst Brian Hopkins will present results from two years of research into these ideas and recommend to attendees how they can get the most out of their data and analytics to drive effective business decisions and gain competitive advantage.

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Moving from data to insights: How to effectively drive business decisions & gain competitive advantage

  1. 1. It’s Time To Rethink Big Data Brian Hopkins, Vice President, Principal Analyst June 2016 @practicingea #InsightsDriven, #SystemsOfInsight
  2. 2. © 2016 Forrester Research, Inc. Reproduction Prohibited 3 All possible data All possible actions Most firms don’t consistently turn data into action Source: Forrester’s Global Business Technographics® Data And Analytics Survey, 2015 73% 29% of firms aspire to be data-driven. of firms are good at turning data into action.
  3. 3. © 2016 Forrester Research, Inc. Reproduction Prohibited 4 All possible data All possible actions Most firms don’t consistently turn data into action Source: Forrester’s Global Business Technographics® Data And Analytics Survey, 2015
  4. 4. © 2016 Forrester Research, Inc. Reproduction Prohibited 5 You are used to “football”-style analytics Pregame strategy
  5. 5. © 2016 Forrester Research, Inc. Reproduction Prohibited 6 You are used to “football”-style analytics Pregame strategy Tactical execution Call play Execute Regroup Evaluate
  6. 6. © 2016 Forrester Research, Inc. Reproduction Prohibited 7 You need to rethink big data analytics.
  7. 7. 8© 2016 Forrester Research, Inc. Reproduction Prohibited An insights-driven business harnesses insights to consistently turn data into effective action.
  8. 8. 9© 2016 Forrester Research, Inc. Reproduction Prohibited What are insights-driven businesses doing that’s so unique?
  9. 9. © 2016 Forrester Research, Inc. Reproduction Prohibited 10 They are customer-obsessed Systems of engagement touch people Systems of automation and IoT connect the physical world Systems of record host processes Systems of insight power digital business Source: Digital Insights Are The New Currency Of Business Forrester report
  10. 10. © 2016 Forrester Research, Inc. Reproduction Prohibited 11 They are customer-obsessed Systems of engagement touch people Systems of automation and IoT connect the physical world Systems of record host processes Systems of insight power digital business Source: Digital Insights Are The New Currency Of Business Forrester report
  11. 11. © 2016 Forrester Research, Inc. Reproduction Prohibited 12 They instrument and measure everything Applications DecisionsProcesses
  12. 12. © 2016 Forrester Research, Inc. Reproduction Prohibited 13 They build systems of insight All data Possible actions Insights team Digital insights architecture Right data Effective actions Source: Digital Insights Are The New Currency Of Business Forrester report
  13. 13. © 2016 Forrester Research, Inc. Reproduction Prohibited 14 They build systems of insight All data Possible actions Insights team Digital insights architecture Right data Effective actions Source: Digital Insights Are The New Currency Of Business Forrester report
  14. 14. © 2016 Forrester Research, Inc. Reproduction Prohibited 15 They build systems of insight All data Possible actions Insights-to-execution process Insights team Digital insights architecture Right data Effective actions Source: Digital Insights Are The New Currency Of Business Forrester report
  15. 15. 16© 2016 Forrester Research, Inc. Reproduction Prohibited A system of insight is the business discipline and technology to harness insights and consistently turn data into action.
  16. 16. © 2015 Forrester Research, Inc. Reproduction Prohibited 17 Tesla’s driving experience is powered by insight Pipeline Insights services Engineers Firmware developers Data scientists Data engineers
  17. 17. © 2016 Forrester Research, Inc. Reproduction Prohibited 18 Source: Digital Insights Are The New Currency Of Business Forrester report You will have many systems of insight
  18. 18. © 2016 Forrester Research, Inc. Reproduction Prohibited 19 Business leader Manages the team to optimize a specific business outcome Technology leader Responsible for insights testing, implementation, and architecture Domain experts Recognize insights worth the investment Developers Test and implement insights in software and business rules Data scientists Build models and exercise them to reveal potential insights Data engineers Gather, assess, integrate, prepare, and manage data Insights teams are agile and collaborative Source: Digital Insights Are The New Currency Of Business Forrester report
  19. 19. 20© 2016 Forrester Research, Inc. Reproduction Prohibited
  20. 20. © 2016 Forrester Research, Inc. Reproduction Prohibited 21 Pattern: Use digital behavior to anticipate needs Problem • Processing a customer’s digital fingerprints is time- consuming. • Results in batch updates to predictive models. • Content is not customized in real time
  21. 21. © 2016 Forrester Research, Inc. Reproduction Prohibited 22 Building blocks • Mobile/web application • Algorithm engines • Insight execution code; APIs • Data science tools • Digital channel data pipeline Insights execution Experiences change based on real-time behavior. Problem Key people Developers and analysts • Processing a customer’s digital fingerprints is time- consuming. • Results in batch updates to predictive models. • Content is not customized in real time Pattern: Use digital behavior to anticipate needs
  22. 22. © 2016 Forrester Research, Inc. Reproduction Prohibited 23 Building blocks • Mobile/web application • Algorithm engines • Insight execution code; APIs • Data science tools • Digital channel data pipeline Insights execution Experiences change based on real-time behavior. Problem OutcomesKey people Developers and analysts • Processing a customer’s digital fingerprints is time- consuming. • Results in batch updates to predictive models. • Content is not customized in real time • Increase uptake of marketing offers • Increase cross-sell and upsell • Higher customer loyalty • Reduced channel friction Solutions • Personalized search recommendations • Guided navigation • UI personalization • Automated Q&A • Troubleshooting guides • Call center routing • Sales support Pattern: Use digital behavior to anticipate needs
  23. 23. © 2016 Forrester Research, Inc. Reproduction Prohibited 24 Building blocks • Hbase • Solr • Node.js • Lilly Indexer • Rabbit messaging Insights execution New web search terms queued and fed to a clustering algorithm. server. Problem Key people Data scientists developed an auto-clustering algorithm.Art.com was missing sales opportunities daily because it wasn’t connecting users with other related products when they searched the website. Outcomes Results include increased cross-sell, automatically creating new search clusters of related items, and lower drop- off points. Solutions A custom auto-clustering pipeline algorithmically creates new groups of related art as new search terms are seen. Example: Art.com implements semantic search
  24. 24. © 2016 Forrester Research, Inc. Reproduction Prohibited 25 Art.com’s system of insight › Notice the loop. › Knowledge built over time › Implementation took an insights team. › Real-time architecture New keyword? Text analytics Similarity algorithm Create art cluster Store for future
  25. 25. © 2016 Forrester Research, Inc. Reproduction Prohibited 26 Food for thought › It’s about customer engagement in real time. › It’s about optimizing experiences in closed loops (not big data). › It’s a team sport – data scientists, developers, business experts. › It takes a new architecture. › It takes learning (and that means training).
  26. 26. forrester.com Thank you Brian Hopkins Twitter: @practicingea Forrester reports: Digital Insights Are The New Currency of Business Transform Customer Experiences With Systems Of Insight Brief: Why Data Driven Aspirations Fail Upcoming: The Insights-Driven Business Upcoming: Insights Service Providers
  27. 27. 28© Cloudera, Inc. All rights reserved. Rahul Deshmukh | Director, Solutions & Industry Marketing Big Value with Big Data
  28. 28. 29© Cloudera, Inc. All rights reserved. Our relationship with data is changing
  29. 29. 30© Cloudera, Inc. All rights reserved. With this Data comes Opportunities and Risks
  30. 30. 31© Cloudera, Inc. All rights reserved. Data and Insights are Transforming Business DRIVE CUSTOMER INSIGHTS IMPROVE PRODUCT & SERVICES EFFICIENCY LOWER BUSINESS RISK MODERNIZE ARCHITECTURE
  31. 31. 32© Cloudera, Inc. All rights reserved. OPERATIONS DATA MANAGEMENT BATCH REAL-TIME PROCESS, ANALYZE, SERVE UNIFIED SERVICES RESOURCE MANAGEMENT SECURITY FILESYSTEM RELATIONAL NoSQL STORE INTEGRATE BATCH STREAM SQL SEARCH SDK Cloudera Enterprise Making Hadoop Fast, Easy, and Secure for the Modernized Architecture Hadoop is a new kind of data platform. • One place for unlimited data • Unified data access Cloudera makes it: • Fast for business • Easy to manage • Secure without compromise
  32. 32. 33© Cloudera, Inc. All rights reserved - Confidential • New insights into customer behavior, abandoned online shopping cart behavior with unified customer data • Marketing spend optimization through channel attribution analysis • Improve supply chain and reduce inventory costs • Improved ability to predict returns DRIVE CUSTOMER INSIGHTS
  33. 33. 34© Cloudera, Inc. All rights reserved. • End-to-end view of data is helping save lives by detecting sepsis early enough for successful treatment • Has saved 100s of lives already & reduced hospital readmissions • Centralized data from many systems available in a secure environment • 2PB+ in multi-tenant environment supporting 100s of clients IMPROVE PRODUCTS & SERVICES EFFICIENCY
  34. 34. 35© Cloudera, Inc. All rights reserved. • Deeper analytics from customer profile data • 50% increase in customer retention while 2x increase in policies issued • Ability to analyze 10s of millions of quotes in under a minute • $5 million claim cost reduction through fraud prevention DRIVE CUSTOMER INSIGHTS
  35. 35. 36© Cloudera, Inc. All rights reserved. • Comprehensive view of risk for 80 years of historical data across all 50 US states with EDH • Faster data preparation and ETL using Cloudera with Spark • Created highly refined pricing models • Reduced speed to create pricing models by 75x resulting in timely and customized offers to customers LOWER BUSINESS RISK
  36. 36. 37© Cloudera, Inc. All rights reserved. Getting Started is Easy ① ② Download or Deploy in the Cloud Signup for Training Contact us or a Partner to Start a POC ③
  37. 37. 38© Cloudera, Inc. All rights reserved. Thank you

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