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Big Data and The Future of Insight - Future Foundation

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As Big Data sweeps through consumer-facing businesses, we ask:

- If Big Data is truly a revolution, then what (and whom) will it eliminate or elevate?
- What value will still be derived from conventional market research and brand-building techniques?
- If every brand is backed by Big Data, can every brand prosper?

For more information please contact info@futurefoundation.net or visit www.futurefoundation.net

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Big Data and The Future of Insight - Future Foundation

  1. INSERT IMAGEBig Data and The Future of Insight Summary slides
  2. INSERT IMAGE PETABYTES FOR ALL: THE BIG DATA BACK-STORY Georgina Sapsted, Leader of Quantitative Analysis
  3. 3Source: Google Trends (www.google.com/trends)/nVision | Base: UK (English speakers), March 2014 Data Analysis: long-lived 0 20 40 60 80 100 2004 100 = Peak searches Searches for "data mining" Searches for "big data" B I G D A T A A N A L Y S I S
  4. 4 VARIETY VELOCITY VOLUME VALUE The 3 V’s What makes BIG Data different?
  5. 5 80% of big data is raw and unstructured DATAFICATION
  6. 6 Predictive power As long as some of tomorrow is contained in a measured part of today we can make predictions.
  7. INSERT IMAGE THE BIG DATA EFFECT ON PREVAILING SOCIO- ECONOMIC TRENDS Dom Harrison, Director, Global Trends
  8. 8 Retail Reloaded1
  9. 9Image: Shoppertrak datafied storesThe promise of
  10. 10Source: Apotek responsive spacesThe promise of 10
  11. 1111 super serviceThe promise of Photo © Virgin Atlantic
  12. 12Image: Advanced Institute of Industrial Technology in Tokyo After mobile: New means of identification
  13. 13 Retail Reloaded: the Big Data impact Retail space, messaging, service: all substantially impacted Connected devices: personal data passports and unique identifiers Info security, limits to personalised messaging, service etiquette: barriers
  14. 14 Society of Sobriety2
  15. 15 Favouring restraint, celebrating control Source: nVision Research, 2014 US “I have consciously made an effort to reduce the amount of alcohol I drink” each week” 51% of US 21-24 year olds agree
  16. 16 1 in 6 GB respondents born after 1981 use personal health tracking apps Source: nVision Research, 2014 GB Photo © Future Foundation 16
  17. 17 Society of Sobriety: the Big Data impact Datafication of the entire human experience Targeted messaging, incentives and rewards Intensifying pressure on categories with an indulgence component
  18. 18 Murdered by Modernity3
  19. 19 Memory Skill accumulation (language, directions) Free choice Adventure and discovery Privacy “Ignorance is bliss” The presumption of innocence The old-school football manager Big Data: accelerating the end of…?
  20. 20Source: Google Trends (www.google.com/trends)/nVision | Base: Worldwide (English speakers), 2014 The nascent response: Searching for the deep web B I G D A T A A N A L Y S I S 0 10 20 30 40 50 60 70 80 90 100 2008 Searches for "Tor browser" (100 = peak searches) Trendline
  21. 21 Murdered by Modernity: Big Data impact Wholesale rejection of precision marketing? A growing need for Big Data CSR Can Big Data re-create old-fashioned service?
  22. INSERT IMAGE THE BIG DATA BIOPSY James Murphy, Editorial Director
  23. 23 Does the regulator pack any punch at all? “We are undergoing a revolution... The immense volume, diversity and potential value of data... The working group will consider all these issues...” John Podesta, White House Big Data Review Leader Jan 2014
  24. 24 Big Data: business partner of insight? “Overwhelmingly, resp ondents are positive about the need to travel for business. Over half (55%) find business trips interesting, 36% find them enjoyable and 17% say business travel is motivating.” Amadeus Business Travel Survey 2014 Sample size: 411 Regular Business Travellers in the UK and Ireland
  25. INSERT IMAGE 25 In a short while from now… 25 In our jobs, we will all be using Big Data apps in the way we all use Excel today. Marketing will work in real- time just as in-store sales and inventory management have always done. Data Science guzzles the budgets and pressures conventional techniques to justify themselves. We see: The rise of the Soft Woo + Anticipatory Service Propositions Insight will re-skill itself and de-IT Big Data. Big Data will amplify the claim that it can reduce headcount in every sector.
  26. 26 1 | In our Big Data future, the marketing and insight community can – without loss – pay much less attention to consumer motive. Research budgets can be shrunk accordingly. 2 | Mass marketing is progressively replaced by commercial messages which are unique, focused, personal. 3 | Big Data will stimulate ever more consumerist agitation to the point of legitimising/accelerating legal restraints on practitioners. 4 | Big Data will perfect new product development and minimise R&D losses. Big Data: the Big Four Claims
  27. 27 1 | Big Data is a genuine revolution. But even as its efficiencies universalise so brands have to find new creativities in order to compete. Therefore insight redux! 2 | Personalised marketing has its limits, its costs. The customer may revolt against intrusiveness. But, more worryingly, she simply may not respond to precision- bombing, however sophisticated. Something extra required. 3 | Neither political regulation nor populist agitation can suppress Big Data or its commercial applications. 4 | Big Data cannot guarantee success for creative ideas – but can guide insight to maximised tactical advantage. Big Four Claims: our summary view
  28. INSERT IMAGEWant more? info@futurefoundation.net +44 (0) 203 008 4889 London | New York | Stockholm

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