SlideShare a Scribd company logo
1 of 2
Download to read offline
Look before you leap into big data analytics - Business News | The Star Online Page 1 of 2

Look before you leap into big data analytics
by barry ooi

ONE of the most widely discussed topics in the marketing fraternity today is big data. Everybody
recognises that there’s a lot more information today than ever before.
The amount of data available is no longer in gigabytes but terabytes and zettabytes. How big is a
terabyte? It is equivalent to 333,333 songs, if your average MP3 is three megabytes. A study by IDC
predicts that overall data will grow by 50 times by 2020 and it’s commonly acknowledged that the rise of
social media, the Internet and multimedia is fuelling this exponential growth.
Organisations may not necessarily have that much of data but it will have truckloads of information to
deal with! All companies have information of its customers such as name, address, telephone number,
email, date of purchase, types of purchase, how and where the purchase took place, and first-time
customer or repeat.
In addition, it will also have industry information, eg. industry growth and trend on where the industry is
heading.
Another common piece of data in a company’s arsenal of information is sales. Typically, the details are
sales by product type, by salesman, by customer segment, by region or area and by channel. There’s
also data on media spend, distribution, promotion. I could go on to add on the list but I believe you get
the picture.
Everybody understands that data on its own is ineffectual. The value lies in turning these huge junks of
information into insights.
Big data analytics is about examining large amounts of data of a variety of types to uncover hidden
patterns, unknown correlations that will enable the organisation to have a deeper understanding of its
customers or consumers’ purchase behaviours. The primary goal of big data analytics is to help
companies make better business decisions and at a faster pace. Such information can provide
competitive advantages and more effective marketing and increased revenue and market share.
Most companies today do not have the right tools and platforms to put big data into practice. The most
common practice is: an executive is assigned to compile the disparate data files or sources into a
common application, usually an Excel spreadsheet. The tabulations will then be exported into
Powerpoint for management attention. This process could take a week to several weeks, depending on
the number of data sources and complexity of the output required. This routine is too long in today’s
intense competition and the organisation would have missed out on some tangible opportunities.
Before you embark on big data initiative, consider the following points:
1. It’s not an IT Solution: Big data is complex and tricky. Yes, you do need great software but this is
just an enabler. You need to involve people who are familiar in working with large data sets ie Data
Experts, as well as consumer behaviour professionals.
2. It’s not about data but insights: The potential of big data is in its ability to generate new insights and
provide new opportunities from existing data. So to get the most from your big data, focus on the
questions you need to answer. This mindset is important as it will alter your perspective; changing big
data from a technological problem to a business solution.

http://www.thestar.com.my/Business/Business-News/2013/11/23/Look-befor...

25/11/2013
Look before you leap into big data analytics - Business News | The Star Online Page 2 of 2

3. Proven applications: There are quite a number of tools and software that are designed to handle big
data analysis. Select the application that meets the following:
·Already a working platform and system with solid credentials
·Ability to integrate and harmonise multiple data sources
·Has data visualisation capabilities in order to deliver results in a visually engaging manner
·Has statistical functions which will allow for sophisticated statistical analysis
4. Take a journey approach: Big data is new territory. Build your platform over time instead of all at one
go. This will help to mitigate the risk in investment costs and avoid major disappointments in big data
implementation. Begin by defining the types of decisions that are critical to your business, eg. Are our
investments in customer service paying off? Why are our customers defecting? What is the best channel
to communicate to our customers?
5. Deliver business value: In order to justify the expense and further investment into big data, you need
to deliver its value very early on.
The goal is to show how big data can deliver tangible results to business objectives. Use the findings
from big data analytics, implement a project and measure its results. Communicate the results to not
only the senior-level managers but those all who are involved in its success.
Adopting big data must go beyond data warehousing and information security. The value is in the
analytics and it’s about generating business trends and insights from the reams of data created.
BARRY OOI is Marketing Research Society of Malaysia president and Potentiate Malaysia MD.

http://www.thestar.com.my/Business/Business-News/2013/11/23/Look-befor...

25/11/2013

More Related Content

What's hot

Big Data: The Force That’s Good for Consumers and Society
Big Data: The Force That’s Good for Consumers and SocietyBig Data: The Force That’s Good for Consumers and Society
Big Data: The Force That’s Good for Consumers and SocietyExperian_US
 
2015 BigInsights Big Data Study
2015 BigInsights Big Data Study   2015 BigInsights Big Data Study
2015 BigInsights Big Data Study BigInsights
 
INFOGRAPHIC: Making #BigData Work
INFOGRAPHIC: Making #BigData WorkINFOGRAPHIC: Making #BigData Work
INFOGRAPHIC: Making #BigData WorkCapgemini
 
5 Hot Trends for Data and Analytics in 2017
5 Hot Trends for Data and Analytics in 20175 Hot Trends for Data and Analytics in 2017
5 Hot Trends for Data and Analytics in 2017ibi
 
BigInsights BigData Study 2013 - Exec Summary
BigInsights BigData Study 2013  - Exec SummaryBigInsights BigData Study 2013  - Exec Summary
BigInsights BigData Study 2013 - Exec SummaryBigInsights
 
Dmc white paper data economics
Dmc white paper data economicsDmc white paper data economics
Dmc white paper data economicsmvsavage
 
Unlocking the Value of Big Data (Innovation Summit 2014)
Unlocking the Value of Big Data (Innovation Summit 2014)Unlocking the Value of Big Data (Innovation Summit 2014)
Unlocking the Value of Big Data (Innovation Summit 2014)Dun & Bradstreet
 
From data quality to Big Data & AI (BDAI) marketing quality
From data quality to Big Data & AI (BDAI) marketing qualityFrom data quality to Big Data & AI (BDAI) marketing quality
From data quality to Big Data & AI (BDAI) marketing qualitymandelli
 
Big Data PRSA International Presentation
Big Data PRSA International PresentationBig Data PRSA International Presentation
Big Data PRSA International PresentationStephen Loudermilk
 
How to get started in extracting business value from big data 1 of 2 oct 2013
How to get started in extracting business value from big data 1 of 2 oct 2013How to get started in extracting business value from big data 1 of 2 oct 2013
How to get started in extracting business value from big data 1 of 2 oct 2013Jaime Nistal
 
Data Strategy - Executive MBA Class, IE Business School
Data Strategy - Executive MBA Class, IE Business SchoolData Strategy - Executive MBA Class, IE Business School
Data Strategy - Executive MBA Class, IE Business SchoolGam Dias
 
How to Use Data for Good
How to Use Data for Good How to Use Data for Good
How to Use Data for Good Experian_US
 
Data strategy - How & When to Invest (SXSW V2V Core Conversation)
Data strategy - How & When to Invest (SXSW V2V Core Conversation)Data strategy - How & When to Invest (SXSW V2V Core Conversation)
Data strategy - How & When to Invest (SXSW V2V Core Conversation)Courtney Hemphill
 
Maggie Jan Keynote
Maggie Jan KeynoteMaggie Jan Keynote
Maggie Jan KeynoteData Con LA
 
Highlights of IBM Analytics Research Report
Highlights of IBM Analytics Research ReportHighlights of IBM Analytics Research Report
Highlights of IBM Analytics Research ReportPaul Gillin
 
Optimus Model
Optimus ModelOptimus Model
Optimus ModelAnand Deb
 
Poster presetation for "Using Big Data for Marketing Analytics"
Poster presetation for "Using Big Data for Marketing Analytics"Poster presetation for "Using Big Data for Marketing Analytics"
Poster presetation for "Using Big Data for Marketing Analytics"Touseef Ahmed
 

What's hot (20)

Big Data: The Force That’s Good for Consumers and Society
Big Data: The Force That’s Good for Consumers and SocietyBig Data: The Force That’s Good for Consumers and Society
Big Data: The Force That’s Good for Consumers and Society
 
Big Data Strategies
Big Data StrategiesBig Data Strategies
Big Data Strategies
 
2015 BigInsights Big Data Study
2015 BigInsights Big Data Study   2015 BigInsights Big Data Study
2015 BigInsights Big Data Study
 
INFOGRAPHIC: Making #BigData Work
INFOGRAPHIC: Making #BigData WorkINFOGRAPHIC: Making #BigData Work
INFOGRAPHIC: Making #BigData Work
 
5 Hot Trends for Data and Analytics in 2017
5 Hot Trends for Data and Analytics in 20175 Hot Trends for Data and Analytics in 2017
5 Hot Trends for Data and Analytics in 2017
 
BigInsights BigData Study 2013 - Exec Summary
BigInsights BigData Study 2013  - Exec SummaryBigInsights BigData Study 2013  - Exec Summary
BigInsights BigData Study 2013 - Exec Summary
 
Dmc white paper data economics
Dmc white paper data economicsDmc white paper data economics
Dmc white paper data economics
 
Unlocking the Value of Big Data (Innovation Summit 2014)
Unlocking the Value of Big Data (Innovation Summit 2014)Unlocking the Value of Big Data (Innovation Summit 2014)
Unlocking the Value of Big Data (Innovation Summit 2014)
 
From data quality to Big Data & AI (BDAI) marketing quality
From data quality to Big Data & AI (BDAI) marketing qualityFrom data quality to Big Data & AI (BDAI) marketing quality
From data quality to Big Data & AI (BDAI) marketing quality
 
Bidata
BidataBidata
Bidata
 
Big Data PRSA International Presentation
Big Data PRSA International PresentationBig Data PRSA International Presentation
Big Data PRSA International Presentation
 
How to get started in extracting business value from big data 1 of 2 oct 2013
How to get started in extracting business value from big data 1 of 2 oct 2013How to get started in extracting business value from big data 1 of 2 oct 2013
How to get started in extracting business value from big data 1 of 2 oct 2013
 
Data Strategy - Executive MBA Class, IE Business School
Data Strategy - Executive MBA Class, IE Business SchoolData Strategy - Executive MBA Class, IE Business School
Data Strategy - Executive MBA Class, IE Business School
 
How to Use Data for Good
How to Use Data for Good How to Use Data for Good
How to Use Data for Good
 
Data strategy - How & When to Invest (SXSW V2V Core Conversation)
Data strategy - How & When to Invest (SXSW V2V Core Conversation)Data strategy - How & When to Invest (SXSW V2V Core Conversation)
Data strategy - How & When to Invest (SXSW V2V Core Conversation)
 
Maggie Jan Keynote
Maggie Jan KeynoteMaggie Jan Keynote
Maggie Jan Keynote
 
Highlights of IBM Analytics Research Report
Highlights of IBM Analytics Research ReportHighlights of IBM Analytics Research Report
Highlights of IBM Analytics Research Report
 
Optimus Model
Optimus ModelOptimus Model
Optimus Model
 
Poster presetation for "Using Big Data for Marketing Analytics"
Poster presetation for "Using Big Data for Marketing Analytics"Poster presetation for "Using Big Data for Marketing Analytics"
Poster presetation for "Using Big Data for Marketing Analytics"
 
CSR Big data
CSR Big dataCSR Big data
CSR Big data
 

Similar to Barry Ooi; Big Data lookb4YouLeap

Capitalize On Social Media With Big Data Analytics
Capitalize On Social Media With Big Data AnalyticsCapitalize On Social Media With Big Data Analytics
Capitalize On Social Media With Big Data AnalyticsHassan Keshavarz
 
Analytics Isn’t Enough To Create A Data–Driven Culture
Analytics Isn’t Enough To Create A Data–Driven CultureAnalytics Isn’t Enough To Create A Data–Driven Culture
Analytics Isn’t Enough To Create A Data–Driven CultureaNumak & Company
 
Big Data - Everything you need to know
Big Data - Everything you need to knowBig Data - Everything you need to know
Big Data - Everything you need to knowV2Soft
 
From Big Data to Business Value
From Big Data to Business ValueFrom Big Data to Business Value
From Big Data to Business ValueGib Bassett
 
Accenture big-data
Accenture big-dataAccenture big-data
Accenture big-dataPlanimedia
 
Rising Significance of Big Data Analytics for Exponential Growth.docx
Rising Significance of Big Data Analytics for Exponential Growth.docxRising Significance of Big Data Analytics for Exponential Growth.docx
Rising Significance of Big Data Analytics for Exponential Growth.docxSG Analytics
 
Information Management Strategy to power Big Data
Information Management Strategy to power Big DataInformation Management Strategy to power Big Data
Information Management Strategy to power Big DataLeo Barella
 
Data set Improve your business with your own business data
Data set   Improve your business with your own business dataData set   Improve your business with your own business data
Data set Improve your business with your own business dataData-Set
 
Big Data - Bridging Technology and Humans
Big Data - Bridging Technology and HumansBig Data - Bridging Technology and Humans
Big Data - Bridging Technology and HumansMark Laurance
 
Magenta advisory: Data Driven Decision Making –Is Your Organization Ready Fo...
Magenta advisory: Data Driven Decision Making  –Is Your Organization Ready Fo...Magenta advisory: Data Driven Decision Making  –Is Your Organization Ready Fo...
Magenta advisory: Data Driven Decision Making –Is Your Organization Ready Fo...BearingPoint Finland
 
Module 4 - Data as a Business Model - Online
Module 4 - Data as a Business Model - OnlineModule 4 - Data as a Business Model - Online
Module 4 - Data as a Business Model - Onlinecaniceconsulting
 
Bardess Moderated - Analytics and Business Intelligence - Society of Informat...
Bardess Moderated - Analytics and Business Intelligence - Society of Informat...Bardess Moderated - Analytics and Business Intelligence - Society of Informat...
Bardess Moderated - Analytics and Business Intelligence - Society of Informat...bardessweb
 
Marketing & SalesBig Data, Analytics, and the Future of .docx
Marketing & SalesBig Data, Analytics, and the Future of .docxMarketing & SalesBig Data, Analytics, and the Future of .docx
Marketing & SalesBig Data, Analytics, and the Future of .docxalfredacavx97
 
Big agendas for big data analytics projects
Big agendas for big data analytics projectsBig agendas for big data analytics projects
Big agendas for big data analytics projectsThe Marketing Distillery
 

Similar to Barry Ooi; Big Data lookb4YouLeap (20)

Capitalize On Social Media With Big Data Analytics
Capitalize On Social Media With Big Data AnalyticsCapitalize On Social Media With Big Data Analytics
Capitalize On Social Media With Big Data Analytics
 
Analytics Isn’t Enough To Create A Data–Driven Culture
Analytics Isn’t Enough To Create A Data–Driven CultureAnalytics Isn’t Enough To Create A Data–Driven Culture
Analytics Isn’t Enough To Create A Data–Driven Culture
 
Big Data - Everything you need to know
Big Data - Everything you need to knowBig Data - Everything you need to know
Big Data - Everything you need to know
 
From Big Data to Business Value
From Big Data to Business ValueFrom Big Data to Business Value
From Big Data to Business Value
 
How to Analyze Big Data for Your Media Social Optimization
How to Analyze Big Data for Your Media Social Optimization How to Analyze Big Data for Your Media Social Optimization
How to Analyze Big Data for Your Media Social Optimization
 
Accenture big-data
Accenture big-dataAccenture big-data
Accenture big-data
 
Big Data
Big DataBig Data
Big Data
 
Big data is a popular term used to describe the exponential growth and availa...
Big data is a popular term used to describe the exponential growth and availa...Big data is a popular term used to describe the exponential growth and availa...
Big data is a popular term used to describe the exponential growth and availa...
 
Rising Significance of Big Data Analytics for Exponential Growth.docx
Rising Significance of Big Data Analytics for Exponential Growth.docxRising Significance of Big Data Analytics for Exponential Growth.docx
Rising Significance of Big Data Analytics for Exponential Growth.docx
 
Big Data strategy components
Big Data strategy componentsBig Data strategy components
Big Data strategy components
 
Information Management Strategy to power Big Data
Information Management Strategy to power Big DataInformation Management Strategy to power Big Data
Information Management Strategy to power Big Data
 
Data set Improve your business with your own business data
Data set   Improve your business with your own business dataData set   Improve your business with your own business data
Data set Improve your business with your own business data
 
Big Data - Bridging Technology and Humans
Big Data - Bridging Technology and HumansBig Data - Bridging Technology and Humans
Big Data - Bridging Technology and Humans
 
Magenta advisory: Data Driven Decision Making –Is Your Organization Ready Fo...
Magenta advisory: Data Driven Decision Making  –Is Your Organization Ready Fo...Magenta advisory: Data Driven Decision Making  –Is Your Organization Ready Fo...
Magenta advisory: Data Driven Decision Making –Is Your Organization Ready Fo...
 
Module 4 - Data as a Business Model - Online
Module 4 - Data as a Business Model - OnlineModule 4 - Data as a Business Model - Online
Module 4 - Data as a Business Model - Online
 
Bardess Moderated - Analytics and Business Intelligence - Society of Informat...
Bardess Moderated - Analytics and Business Intelligence - Society of Informat...Bardess Moderated - Analytics and Business Intelligence - Society of Informat...
Bardess Moderated - Analytics and Business Intelligence - Society of Informat...
 
MTBiz February 2014
MTBiz February 2014MTBiz February 2014
MTBiz February 2014
 
Marketing & SalesBig Data, Analytics, and the Future of .docx
Marketing & SalesBig Data, Analytics, and the Future of .docxMarketing & SalesBig Data, Analytics, and the Future of .docx
Marketing & SalesBig Data, Analytics, and the Future of .docx
 
Big agendas for big data analytics projects
Big agendas for big data analytics projectsBig agendas for big data analytics projects
Big agendas for big data analytics projects
 
Unlocking big data
Unlocking big dataUnlocking big data
Unlocking big data
 

Barry Ooi; Big Data lookb4YouLeap

  • 1. Look before you leap into big data analytics - Business News | The Star Online Page 1 of 2 Look before you leap into big data analytics by barry ooi ONE of the most widely discussed topics in the marketing fraternity today is big data. Everybody recognises that there’s a lot more information today than ever before. The amount of data available is no longer in gigabytes but terabytes and zettabytes. How big is a terabyte? It is equivalent to 333,333 songs, if your average MP3 is three megabytes. A study by IDC predicts that overall data will grow by 50 times by 2020 and it’s commonly acknowledged that the rise of social media, the Internet and multimedia is fuelling this exponential growth. Organisations may not necessarily have that much of data but it will have truckloads of information to deal with! All companies have information of its customers such as name, address, telephone number, email, date of purchase, types of purchase, how and where the purchase took place, and first-time customer or repeat. In addition, it will also have industry information, eg. industry growth and trend on where the industry is heading. Another common piece of data in a company’s arsenal of information is sales. Typically, the details are sales by product type, by salesman, by customer segment, by region or area and by channel. There’s also data on media spend, distribution, promotion. I could go on to add on the list but I believe you get the picture. Everybody understands that data on its own is ineffectual. The value lies in turning these huge junks of information into insights. Big data analytics is about examining large amounts of data of a variety of types to uncover hidden patterns, unknown correlations that will enable the organisation to have a deeper understanding of its customers or consumers’ purchase behaviours. The primary goal of big data analytics is to help companies make better business decisions and at a faster pace. Such information can provide competitive advantages and more effective marketing and increased revenue and market share. Most companies today do not have the right tools and platforms to put big data into practice. The most common practice is: an executive is assigned to compile the disparate data files or sources into a common application, usually an Excel spreadsheet. The tabulations will then be exported into Powerpoint for management attention. This process could take a week to several weeks, depending on the number of data sources and complexity of the output required. This routine is too long in today’s intense competition and the organisation would have missed out on some tangible opportunities. Before you embark on big data initiative, consider the following points: 1. It’s not an IT Solution: Big data is complex and tricky. Yes, you do need great software but this is just an enabler. You need to involve people who are familiar in working with large data sets ie Data Experts, as well as consumer behaviour professionals. 2. It’s not about data but insights: The potential of big data is in its ability to generate new insights and provide new opportunities from existing data. So to get the most from your big data, focus on the questions you need to answer. This mindset is important as it will alter your perspective; changing big data from a technological problem to a business solution. http://www.thestar.com.my/Business/Business-News/2013/11/23/Look-befor... 25/11/2013
  • 2. Look before you leap into big data analytics - Business News | The Star Online Page 2 of 2 3. Proven applications: There are quite a number of tools and software that are designed to handle big data analysis. Select the application that meets the following: ·Already a working platform and system with solid credentials ·Ability to integrate and harmonise multiple data sources ·Has data visualisation capabilities in order to deliver results in a visually engaging manner ·Has statistical functions which will allow for sophisticated statistical analysis 4. Take a journey approach: Big data is new territory. Build your platform over time instead of all at one go. This will help to mitigate the risk in investment costs and avoid major disappointments in big data implementation. Begin by defining the types of decisions that are critical to your business, eg. Are our investments in customer service paying off? Why are our customers defecting? What is the best channel to communicate to our customers? 5. Deliver business value: In order to justify the expense and further investment into big data, you need to deliver its value very early on. The goal is to show how big data can deliver tangible results to business objectives. Use the findings from big data analytics, implement a project and measure its results. Communicate the results to not only the senior-level managers but those all who are involved in its success. Adopting big data must go beyond data warehousing and information security. The value is in the analytics and it’s about generating business trends and insights from the reams of data created. BARRY OOI is Marketing Research Society of Malaysia president and Potentiate Malaysia MD. http://www.thestar.com.my/Business/Business-News/2013/11/23/Look-befor... 25/11/2013