The promise of big data? Companies can better know their customers and act on that information through personalization and segmentation. And marketers realize the importance of analytics for delivering relevant online experiences.
How is the ‘big bang’ effect in predictive analytics changing modern life?
This infographic illustrates how innovations over the past 70+ years have led to a new era that will revolutionize research and development, touch every type of business, fundamentally change the way individuals make personal decisions, and enable governments to reinvent the way they operate.
we create 2.5 quintillion bytes of data. According to IBM, 90 percent of the
data in the world today has been created in the last two years alone. This data
comes from everywhere: sensors used to gather climate information, social media
posts, digital pictures and videos, purchase records, and cell phone GPS
signals. This is Big Data. But, for Melva Benoit, senior VP, consumer insight
and audience research at Fox Broadcasting, Big Data is ‘a pain.’
Benoir sat down with IIR’s Marc Dresner to discuss Big Data and how it is overused in the
entertainment industry. It should represent a volume in size, when it actually
represents everything that goes beyond the standard data that we currently get.
way I like to explain it to people is I help management understand who’s
watching, who’s not and why. So, everything from analyzing metrics to program
testing,’ she commented.
Data and about collecting every single metric and statistic about viewers that
come to the Fox network. Benoir feels that people are getting lost in the name
of Big Data when it’s about actually paying attention to the three or four
metrics that matter.
only need four. So, I need to know what you are watching, the time you are
watching it, how long you spend with it, how many and where. Once I understand
those, I can create multiple calculations to get different types of analysis,’
she explained. ‘Once you start adding more things, the metrics loose relevance
and don’t mean anything.’
there are some industries that would be thankful to have predictions, some
industries haven’t changed so they can be predictive by looking at data, but in
the entertainment industry the sheer number of variables makes it impossible to
predict a hit television show.
Watch the full interview below:
|(Photo: Kevin Krejci)|
Knowing your customers is important for every sector but for financial services it is a must. There’s always been vast amounts of data – but as channels become more blurred and competitors fight for the most valuable customers – what opportunities exist in synthesizing all the information in such a way to humanize the data and more deeply understand your segments?
The Market Research Technology for Financial Services symposia, a highlight of The Future of Consumer Intelligence Event will share best practices on leveraging big data and analytics to engage, build and strengthen your customer relationships and drive business results.
Find out how financial institutions can:
‘ Leverage trends and methodical innovation to get to the heart of the future consumer
‘ Generate a competitive advantage through the use of big data and analytics
‘ Understand and excel in a mobile-drive market
‘ Use new operating models like the cloud, big data, collaboration and innovation to increase efficiency
‘ Identify the adoption rates and opportunities for growth of consumer use of the mobile wallet
Plus, don’t miss World Renowned Statistician Nate Silver sharing insight into Big Data and Predictive Analytics (and how he accurately predicted the outcome of all 50 states during the 2012 presidential election!)