[NEW RESEARCH] The Data Driven Business: How Industry Leaders Use Data To Create Value
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This report lays out the key use cases for data-driven value creation, presents examples of organizations that are using data creatively and effectively, outlines the most pressing issues and opportunities, and presents best practices that show how data strategy can transform organizations.
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[NEW RESEARCH] The Data Driven Business: How Industry Leaders Use Data To Create Value
- 1. 1 Susan Etlinger Industry Analyst, Altimeter, a Prophet Company @setlinger
- 2. Lindsay Malone Digital Marketing Associate Prophet Webinar Agenda 1. Intro to Altimeter, a Prophet Company 2.Meet the Speaker 3.Presentation 4.Q & A
- 3. Altimeter, a Prophet Company A research-based strategy consulting firm which helps companies understand and take advantage of digital disruption. Strategy Consulting Education & Workshops Research- Based Advisory Charlene Li Principal Analyst Brian Solis Principal Analyst Susan Etlinger Industry Analyst Ed Terpening Industry Analyst Omar Akhtar Industry Analyst
- 4. At Prophet, we believe there is a better way to grow By fusing insight, strategy, creativity, and imagination, we help our clients grow better brands and businesses
- 5. Prophet Brand Relevance Study 2015 5Proprietary and confidential. Do not distribute. We are a mix of best-of-breed consultants, marketers, designers and innovators, who together see opportunities differently and deliver unique solutions
- 6. Prophet Brand Relevance Study 2015 6Proprietary and confidential. Do not distribute. Founded in 1992, our global presence allows us to bring together the right team to meet your challenge CHI HKBERZURRICATL LONNYCSF
- 7. Prophet Brand Relevance Study 2015 7Proprietary and confidential. Do not distribute. We’ve helped some of the world’s biggest brands…
- 8. Speaker Susan Etlinger Industry Analyst Altimeter, a Prophet Company @setlinger www.altimetergroup.com
- 9. Prophet Brand Relevance Study 2015 9Proprietary and confidential. Do not distribute. Susan Etlinger Industry Analyst, Altimeter, a Prophet Company @setlinger
- 10. 10 “Legislation can’t keep up with technology, which makes it a flawed vehicle to govern what happens in this space.” − Judy Selby, Partner, Information Governance BakerHostetler
- 11. 11 What happened to “big data”?
- 12. 12 “... big data has quickly moved over the Peak of Inflated Expectations ... and has become prevalent in our lives across many hype cycles. So big data has become a part of many hype cycles.” − Betsy Burton, Gartner
- 14. 14 How Do We Value Data?
- 15. 15 Does data have intrinsic value? “Given the way some information assets behave and the non- standardized methods we currently have to value them, movements to include them on the balance sheet might be as deceiving as including water was for U.S. Steel in 1901. Companies can continue to develop, use, and value information assets internally, but let income statement performance speak to investors about how valuable the information and management’s use of the information is to the company.” – Jim Smith, Charles River Associates A Study of the United States Steel Corporation in Its Industrial and Legal Aspects: Being Three Lectures Delivered to the Class in Private Corporations, in the University of Michigan, June 3, 4 and 5, 1901
- 16. 16 How Do We Create Value From Data?
- 17. 17 Data-Driven Business Strategies * Developed by the Information Accountability Foundation (IAF)
- 18. 18 Data-Driven Business Strategies * Developed by the Information Accountability Foundation (IAF)
- 19. 19 Data-Driven Business Strategies * Developed by the Information Accountability Foundation (IAF)
- 20. 20
- 21. 21 Zendesk Uses data to optimize the product B2B company that uses B2C strategies; analytics focus on understanding behavior triggers for actions like conversion, expansion and churn. Uses data to help support teams improve Created benchmark that companies can opt into anonymously to share support data, such as customer sat scores and response times, and compare them to industry averages. Helps market Zendesk (by showing efficacy of the product) AND provides value-added data to customers. Uses data to inspire new products and services Example: Satisfaction Prediction, which gives customers the ability to scenario-plan customer sat scores based on specific drivers.
- 22. 22
- 23. 23 Fame House and Ice Cube Goal • Increase Ice Cube’s engagements across his digital ecosystem. Strategy • Use social data to understand what content resonates most with different fan segments (his legacy in hip hop). • Address different audience segments equally and authentically. • Develop a content strategy that speaks to each group, highlighting all facets of Ice Cube’s career, from N.W.A to Boyz n the Hood to his solo career to Straight Outta Compton. Results • In eight months, Ice Cube’s Facebook audience grew by over 50% with no paid support. Organic engagements increased over 2500% to more than 177,000 per month.
- 24. 24
- 25. 25 Goal Predict risk of sepsis (infection) for patients undergoing surgery. Sepsis is one of the greatest dangers in an operating room. Strategy • Used predictive analytics technology from Dell Statistica that uses operating room data, information from electronic medical records, and data from other sources to predict a patient’s risk of infection. • Customized treatment based on the patient’s unique needs. Results Reduced incidents of surgical-site infections by about 58%. University of Iowa Medical Center
- 26. 26 Challenges of Data-Driven Business
- 27. 27 Aging Infrastructure • In large companies, infrastructure such as sales, transaction systems, etc. can be 30 years old. Processing and Analysis Challenges • Data preparation and cleaning account for a huge amount of the time data scientists spend. • Ad-hoc analysis = more manual processes, difficult if not impossible to scale. Challenges of Data-Driven Business
- 28. 28 Processing and Analysis Challenges (continued) • Last-click attribution is common, so social can sometimes be dramatically under-represented in performance analytics. • Campaign versus ongoing relationship mentality. Organizational Silos • Marketers want a 360-degree view of the customer. Enterprise data such as BI, CRM often come via multiple incompatible dashboards with differing data sources. Challenges of Data-Driven Business
- 29. 29
- 30. 30 Clarity -- about the problem they are trying to solve and the measures that will demonstrate success • Focus on real, achievable problem • Ties ROI analysis to real business objectives Customer segmentation -- based on actual behavior and attributes rather than assumptions • Organizes by customer, not by campaign • Experiments with micro-segmentation—from analysis to execution Community -- of data enthusiasts, experts Fosters a culture of rapid iteration and experimentation • Finds and cultivates a data community • Identifies and empowers data champions 4 Cs of Data-Driven Business
- 31. 31
- 32. 32 • Ethical data use and privacy will be seen as brand issues • We will see, and have to develop norms for, new data sources • Analytics for images and video will emerge • The shortage of data scientists and trained analysts will continue • We will examine the impact of decisions made by algorithms A Look At the Future
- 34. 34 Thank You Disclaimer: Although the information and data used in this report have been produced and processed from sources believed to be reliable, no warranty expressed or implied is made regarding the completeness, accuracy, adequacy or use of the information. The authors and contributors of the information and data shall have no liability for errors or omissions contained herein or for interpretations thereof. Reference herein to any specific product or vendor by trade name, trademark or otherwise does not constitute or imply its endorsement, recommendation or favoring by the authors or contributors and shall not be used for advertising or product endorsement purposes. The opinions expressed herein are subject to change without notice. Altimeter, a Prophet company, provides research and advisory for companies challenged by business disruptions, enabling them to pursue new opportunities and business models. Susan Etlinger susan@altimetergroup.com susanetlinger.com @setlinger
Notes de l'éditeur
- Hello and welcome to today’s webinar, “The Data-Driven Business: How Industry Leaders Use Data to Create Value.”
- My name is Lindsay Malone and I will serve as your moderator for today’s webinar. When I’m not moderating webinars, I serve as Digital Marketing Associate for Prophet’s corporate team. Before we dive into today’s presentation, I’m going to take a few minutes to introduce you to Prophet and our speaker. After the presentation, we’ll hold a Q&A session and address any questions we didn’t get to during the webinar. You can submit your questions at any time throughout the webinar using the chat feature located on the right side of your webinar screen.
- For those of you who aren’t familiar, I’m going to share a quick intro of Altimeter and Prophet. Altimeter, a Prophet company, is a research and strategy consulting firm that helps companies understand and take advantage of digital disruption. In 2015, Prophet acquired Altimeter Group to bring forward-thinking digital research and strategy consulting together under one umbrella, and to help clients unlock the power of digital transformation. Altimeter, founded in 2008 by best-selling author Charlene Li, focuses on research in digital transformation, social business and governance, customer experience, big data, and content strategy.
- For those of you unfamiliar with Prophet, Prophet is a global brand and marketing consultancy that fuses insights, strategy, creativity and imagination to help clients grow better brands and businesses.
- We’ve got more than 350 of the most strategic, creative and analytical marketing masterminds on the Prophet team. Day in and day out they help our clients to grow better businesses, transform customer experiences, build relevant brands, ignite digital transformation and reimagine patient experiences.
- We are headquartered in San Francisco, CA and have 8 other offices worldwide. Our global presence allows us to bring together the right team to meet whatever challenges you’re facing.
- We’ve helped some of the world’s largest brands grow better businesses, transform customer experiences, build relevant brands, and ignite digital transformation.
- Onto the main event! The speaker for today’s webinar is Susan Etlinger. Susan Etlinger is an industry analyst with Altimeter Group, a Prophet company, where she promotes the smart, well-considered and ethical use of data. She conducts independent research on these topics and advises global executives and technology innovators. Susan is a TED speaker, is regularly asked to speak on data strategy and best practices, and has been quoted in media outlets such as The Wall Street Journal, The New York Times, and BBC. Welcome Susan!
- Media, legal and privacy
- Alright, now we’re going to open things up for the Q&A session. We’ve collected your questions thus far but invite you to keep sending your questions in using the chat feature located on the right side of your screen.