On Wednesday, Redmonk analysts James Governor and Stephen O’ Grady led a video panel on big data, analytics and Expert Integrated Systems. See the video below for a replay of this session.
Some of the video chat highlights are below.
- Trident Marketing, CIO – Brandon Brown (@bbrownrdu)
- One Tree Co-Founder, Business Strategy Director – Panos Konstantindis (@panoskds)
- Revolution Analytics, VP of marketing and community – David Smith (@revodavid)
- IBM OLTP and Data Warehouse Competitive Analyst – Dwaine Snow ( @DwaineSnow)
- Destiny Corporation, U.S. Managing Director – Dana Rafiee (@Dana_Rafiee)
The discussion opens with the importance of data and analytics in comparison to software. Stephen comments, “…though they make money with software, growth of the business from past ten plus years are based on data….” He explains his perspective of how business depended on software is now transforming to data analytics and adds that having data is not enough; business should press on how to generate process and utilize.
How important is data for Trident Marketing?
Trident Marketing didn’t just use data analytics for tuning and fraud analytics, but also pushed that analytics process close to the sales structure, which helped in deriving real data in real time says Brandon Brown.
Learn how IBM helped Trident Marketing tackle their big data challenges is this case study.
Why is Predictive Analytics different this time?
David, with Revolution Analytics, believes that the value of data is prediction and “…that data only becomes valuable when you are inferring information from it…”
He adds that things are changing when it comes to value of data today; Prediction used to be relatively easy, but with the advancement of storage systems, people are able to capture data that they never even thought of. He thinks any business can differentiate themselves from their competitors by leveraging predictive analytics, which will allow the company to serve its customers better.
Data has most value or the software?
Panos, with One Tree, shares his experience – “Interacting with business people, we understood that they don’t really discriminate between data, software or IT in general – they just want best service.”
IBMer Dwaine Snow notes that, in this era of predictive analytics, data has more value than it ever has. He comments, “Value of data comes from the ability to scan it and from the ability to analyze it.”
How important is Information Governance?
Dana Rafee, with Destiny Corporation, observes, “IT shops are looking at changing their infrastructures to capture data from every possible source they can, but organizations haven’t decided on what they are going to do with the data.”
He feels, “Capturing data for the sake of capturing data is liability” and “Most of the companies need diligence regarding what they want to do with the data.”
Brandon believes PureData for analytics is a game changer: “It reduces the complexities and manages all the stuff by itself.”
Also be sure to check out Dwaine’s blog post on how Pure Data for analytics N2001 delivers faster out of the box scan rates than its competitors.
What more do we need to handle big data challenges?
Brandon’s view is data scientists should have the right business knowledge to sit at the table, find key topics and work that knowledge into code. With advanced analytics especially, he feels that with the databases that run inside the box itself and are running values minute by minute, we can drive additional value that day instead of a week later. So we can see trends immediately.
David says there is lack of data sciences focused on how to apply those techniques to the business problems. There is real difference between practice of data sciences today and the practice of statistics and statisticians 10 yrs back.
See the schedule of our upcoming Twitter and video chats here!