Tag Archives: TMRE

3 Ways Market Researchers Approach Mobile

By: Roddy Knowles, Director, Product & Research Methodology, Research Now 

 This post was
originally published on Research
Now’s Blog

I’ve been saying (sometimes complaining or screaming) for
years that as an industry we need to wake up and approach research with mobile
in mind. I haven’t been alone here.
Several of my colleagues ‘ here at Research Now and
elsewhere ‘ have pushed hard for change. Reminders for why we need to change
are everywhere, whether that be in the statistic du jour about mobile usage, a
dataset with more mobile participants than expected, or just sitting on a park
bench watching throngs of people of all ages hunt for Pok??mon.
In spite of constant everyday reminders and the call from
many in the market research field, true change has been slow coming. So, how
have market researchers kept pace with broader mobile trends and embraced a
mobile-first philosophy?
I’ve conducted an incredibly unscientific segmentation of
researchers ‘ cute segment names and all ‘ that attempts to capture what we’re
all seeing if we look around at our colleagues.

Response 1 ‘ Meet
Response 2 ‘ Meet
Evan Tually
Response 3 ‘ Meet
Reese Istant
There is a bit of humor, a bit of shame, and a bit of truth
in these characterizations. If you are in this industry I know you know people
who look a bit like all 3 of these hypothetical folks. And I know you can call
out your friends and colleagues for being a Reese Istant, or just ask them to
be a bit more like Bill.
The simple truth in this silliness is that we know that
embracing a mobile-first mindset is the best course forward, even if we do a
good job suppressing this truth. I know that change is hard. We all know that
change is hard. But the sooner we get there, the less painful it will be. And
the good news is, we are not too late. Someday, we will have a room full of
Bills and I’ll stop my poor attempts at market research humor.

The Future of Market Research Data Collection

By: Research Now CEO Gary
S. Laben
This post was
originally published on the Research
Now Blog
The vast expansion of communications technology has
obviously sparked a dramatic change in the way our world
functions. Certainly one of the most ubiquitous and transformational
impacts is that brought on by new technologies that allow virtually everyone to
remain constantly and instantly connected; connected to one
another, certainly, but also to the growing number of systems upon which
we are growing increasingly dependent, if not addicted. Modern
communications systems have given users unprecedented access to information and
services without regard to time or location, letting them get more done faster
than ever before. Even more, the devices and systems continually monitor users’
behaviors to refine the responses to personalize the service
delivered. By providing experiences that are tailored and relevant to each
user’s expectations, this new generation of technology doesn’t just provide a
better user experience, it also preserves the user’s most
valuable resource: time.
The idea that we can use deep knowledge about individual and
groups of users’ situations, preferences, and past behavior to provide a
better, more efficient user experience applies equally well to market research.
Of course, this is not a new idea. We’ve always used profiling data to target
specific communities for research studies and minimize the amount of
information we need to collect in each study. Avoiding collecting redundant data
shortens surveys, reduces participant load, and improves data quality. What’s
changing is the vast volume of data we can mine to automatically extract and
maintain components of the user’s profile ‘ even in real time ‘ without the
need to explicitly query them. This is the realm of big data.

Applying big data to market research has tremendous
benefits to all involved in the research process. Data providers can use automation to
maintain more expansive and accurate research databases at a lower cost.
Market researchers can target research communities with greater accuracy and
know more about them in advance of fielding a study, which lets
them devote more of a survey to the core questions of the research rather than
qualifying questions. And finally, and perhaps most
importantly, the study participants benefit from reducing the number of
tedious and repetitive profiling questions asked of them, shortening surveys,
keeping them engaged, and giving them back valuable time.

The allure and promise of big data for market research is
compelling, but not without risks and issues. Technology has created
a window of opportunity for brands to know more about consumers than previously
ever thought to be possible. But, just because we can reach everybody,
doesn’t mean we should. Technology sometimes presents a facade that
can lead researchers to lose sight of the fact that they are
dealing with real people. Real people who have thoughts, feelings, emotions,
goals, dreams, and likes and dislikes. Dehumanizing a person to a set
of numbers and patterns obscures the advantages that
big data enables. Further, easy collection of data can make us
forget about the very real and important privacy interests of our participants.
If we fail to recognize, respect, and account for these concerns, we will lose
their trust and their willingness to participate.
The market research industry must
use big data as an opportunity to get smarter, quicker, so
that we are able to be more personable in our approach
to collecting information. We need to
maximize participants’ time by creating relevant engagement
for them that is also useful to the researchers. Big data presents a
new opportunity to improve our ability to accomplish both.
At Research Now, having
more data, specifically more accurate data, about
people is what defines the quality of our panels. It allows us to be
less intrusive and more in-the-moment with people who want to engage with
brands. Having more information about whom we’re talking to
permits us to put greater focus on core research by bypassing things
like screeners and
get right down to the questions our clients are interested in asking.

This improves the participant experience and gives
our research clients the ability to collect more desirable data,
which in turn fuels deeper insights and gives everyone back just
a little more of their precious time.

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Is it Worth it? Key Considerations for Social Media Research

By: Terry
Lawlor, EVP Product Management, Confirmit

The role of social media in delivering
business insights is a tricky business. While most researchers consider it to
offer real benefits, the big question is ‘how do we do it properly’? In our
recent survey of Market Research professionals, we asked respondents about
their feelings towards social media. Overwhelmingly, the most popular response
from the five choices offered was ‘A
useful addition to a Market Research project if we can bring the data together

The word to look at there is ‘if’.
For many businesses, that ‘if’ is
surmountable, and for others it isn’t ‘ at least not yet. There are a number of
things to bear in mind.
is Your Audience?
The changing dynamic of the consumer has a
significant impact on research. Millennials behave differently when it comes to
researching, buying and complaining about products. The audience you’re
targeting has a huge role to play when it comes to establishing the part that
social media has to play in your business.
Takes More Than Technology
There’s no silver bullet for social media.
It takes a combination of people, process and technology to be successful. You
need technology to sift through the vast quantities of information ‘ to find
and filter data sources, provide intelligent sampling of massive amounts of
content, and perform categorization and sentiment analysis. However, you will
still need people. In our recent study, Political Buzz, we used social media
(as well as traditional surveys) to monitor topics for the UK election. One of
our key findings was that the role of people was critical in researching the
key social and online media channels, and in building the taxonomies on which
your technology must function.
More Than Just Social
When thinking about social media, most
people immediately think of Twitter and Facebook, Instagram and Tumblr, perhaps
YouTube and Pinterest. There are actually many more social media sites than you
think, and there are many different feeds within each social media platform.
And there is a huge array of online media, where people post comments and
stories, and review sites that cover many different categories of products and
services. So you need to think about online media as much as social media, and
you need to think about data sources that amount to tens or hundreds of
thousands of different media channels.
Double-Edged Sword
As with every ‘next big thing’, social
media research is a double-edged sword. On one hand, because it is largely
unsolicited, you can uncover insights that you never anticipated. However, also
because it is largely unsolicited, it might not address anything useful for
your research program. You may want to research a particular topic but no one
is discussing it, or your target audience just doesn’t use social media.

the Author: Terry Lawlor has the responsibility of all aspects of product
management, including strategy development, product definition, and product
representation in client and marketing activities. Terry is a seasoned and
highly professional enterprise software executive who possesses a wealth of
expertise in the Market Research and customer experience markets.

Facts Don’t Have to Die

This post was
originally published on the Sentient
Decision Science Blog

‘Stories last and facts die,’ Kelsey
 stated on day four of TMRE.
The Schwan Company’s manager of consumer insights and
analytics held a fun workshop called ‘Your
Voice’the Power to Slay the Two Dragons of Storytelling.’
 By leading
participants in two creative writing exercises, she encouraged market
researchers to ditch the corporate speak that plagues our presentations and
find our own human voice.
If it sounds like Saulsbury didn’t know her audience, be
assured she did. She addressed the certain skepticism held by any data
analysts or behavioral scientists in the room by conceding that the type of
presentation should depend on the client.
‘A client once told me before a presentation that if I
showed him one number, he’d walk out,’ an audience member offered.
Saulsbury nodded, asking audience members to cut down on the
slide decks and get to the point faster.
‘When putting together reports we’re often afflicted by the
No Data Left Behind Syndrome,’ she said with a laugh. ‘Less is not lazy.’
Big Data Dominance

Are executives so exhausted by tables and charts that
they’re letting data die? According to Alec Ross,
there’s no way. As data becomes more abundant, industries become more efficient.
And data is incredibly abundant.
‘Ninety percent of the world’s data in the totality of human
history has been produced in the last two years,’ said the former senior
advisor for technology and innovation at the State Department.
‘The sum of all the data from paintings on cave walls to
2003, we now produce that amount of data every two days’ over 16 billion
networked devices.’
So how do we leverage that?
In ‘We
Are Not in Kansas Anymore’Consumer Insights in the Age of Big Data’
Senior Director of Consumer Insights and Analytics, Heiko Schafer,
admitted it can be overwhelming.
‘Big CPGs are under tremendous pressure,’ he said.
Schafer quoted Ross’s note about how 70,000 data points are
available about all of us. The pressure comes in reconciling these new
data streams and business models.
Companies like Walmart use the newly available data sets to
integrate things like geolocationing, sensors, and digital media into their
skill set. The result can be incredibly informed, targeted marketing.
Data as a Storyteller
We urge our analysts at Sentient to also highlight
conflicts between data and its context. Those conflicts might reveal important
insights the client wasn’t even looking for.
Saulsbury suggested that researchers begin presentations
with the most compelling findings. ”Don’t bury the lede,” she quoted.
Schafer illustrated with a study about the sales
of colored pencils.
Data in graph form showed peaks in colored pencil sales
where you might expect them’Christmas, Easter, and at the start of the school
year’as well as a general increase in year-over-year sales.
Researchers could have accepted the numbers as they stood,
but they knew something was off. Birth rates in the United States had dropped
off in the Great Recession of 2007-2009 and so there are actually fewer
school-age children enrolled in the areas they were looking at.
‘What is going on [with the data]? What’s driving this? Why
is it happening’? Schafer posed.
As it turns out, the reason colored pencil sales are going
up is because the sales of adult coloring books are going up. Why was that
happening? Researchers then looked at social media conversations and Google
Trends and saw that a lot of adults are stressed out. They’re looking
for creative escapes.
Where the data says sales of colored pencils are up, the
true story is that sales of colored pencils are up because burned out adults
are looking for catharsis in coloring books.
Imagine how much money could have been wasted on marketing
to the wrong demographic.
Truth Is Important;
So Is How You Share It

If data equals truth, truth should trump all in market
research, right? Not if no one is listening to it.
That’s why storytelling is part of Sentient’s DNA.
Yes, we are a company that’s expert in advanced
implicit research technology, the consumer subconscious, and quantifying the
impact of emotion on choice. Our technologies are coupled with deep knowledge
of behavioral economics, emotional branding, and quantitative models of the
drivers of human behavior.
But the value of our insights comes from the stories we tell
about data.
People support and share ideas they have an emotional
connection to. By crafting our insights in a way
that inspires emotion, we give data a better chance to resonate with
our audience. We don’t just reel off numbers, we help clients understand
why they should care about those numbers.

Facts and data don’t have to die. We can use stories to
help keep them alive.

Implicit Bias and How Smirnoff is Transforming Global Attitudes Towards Others

This post was
originally published on the Sentient
Decision Science Blog

The phrase ‘implicit bias’ often carries a nasty
connotation. Here’s just one headline from the last four months: ‘How Racism
Persists: Unconscious Bias May Play a Role.’
Partiality. Prejudice. Racism. And this bias is thought
to be all the more insidious because it’s locked away in our subconscious where
we can’t do anything about it.
But as Dr. Aaron Reid explained in his TMRE 2016
presentation Wednesday, implicit bias is not necessarily negative or
positive’it’s both.
‘Implicit bias is simply a systematic tendency toward
something,’ Dr. Reid explained. ‘It’s the automatic associations you have in
your mind, and those associations can be positive and they can be negative.’
Implicit Bias and Behavior

While System
1 certainly influences behavior
, it’s not the only thing that determines
how people act. If we have the motivation and the opportunity, we can
influence whether our System 1 mind impacts our behavior or not.
‘When you have either low motivation or lack the opportunity
to reflect and reason, your implicit attitude has a much stronger impact on
your judgment or behavior,’ said Dr. Reid. ‘But when you’re motivated and have
the opportunity, your System 2 thinking can intervene if you don’t want
an implicit attitude to influence behavior.’
Science provides methods for quantifying implicit
biases, both positive and negative. Sentient
Prime implicit research technology
, for example, can give you a read on
your degree of biases both toward and away from people, from brands, products,
and advertising.
It’s called implicit association testing and it’s a powerful
tool that helps measure the impact of the non-conscious.
Can We Change
Implicit Associations to Be More Inclusive?

In the Spring of 2016, Sentient examined implicit
biases in a study with Smirnoff. The project objective,
born from the mind of Smirnoff’s Luke Atkinson, was to make a real
contribution to the world with the idea of a brand that ‘welcomes everyone’ and
stands for ‘good times together.’
Atkinson wanted to focus on inclusivity.
Opposite the concept of implicit bias, inclusivity
moves people from thinking, ‘How do we prevent or reduce prejudice,’ to ‘How do
we promote inclusivity’? And that positive, welcoming feeling is
what Smirnoff wanted its brand to inspire.
Implicit Association
Testing in Action

We captured baseline data in two studies about
inclusivity from 1,400 United Kingdom respondents and 1,300 from the United
States. From there, we could see if the creative content produced by the
Smirnoff brand could actually make people feel more inclusive toward
We utilized implicit and explicit measures from the
behavioral sciences in five comprehensive areas of inclusivity:
Feeling included
Sharing identity
Motivation to act inclusively
Inclusive lifestyle choices
Inclusive socializing
Three segments emerged from the data in both the U.S. and
the U.K:
The Isolated: those who feel excluded and act
Excluded Strivers: those who make inclusive
lifestyle choices but feel excluded

Inclusive Included: those who feel included
and also act more inclusively
We were then able to analyze implicit attitudes toward
groups of people’based on race, gender, sexuality, and more’and split the
results by segment. Some of the results were sobering.
‘If you ask people an explicit question like this, you’re
not going to get the real answer,’ Dr. Reid said.
‘But if you measure it implicitly you get really keen
insight: a significant portion of the population has a negative implicit
bias toward ‘old people’, toward ‘poor people’, and toward ‘disabled people’.’
Smirnoff Opens Up to Promote Inclusivity
Based on our baseline data, Smirnoff created an
ad targeted at changing attitudes toward disabled people.

Smirnoff was proud of the creative. But would it have a real
Sentient performed a Subtext’ ad
 to see whether exposure to the ad was changing the implicit
memory structures within Smirnoff’s target audience’s mind. Using consumer
neuroscience tools, we measured the four key components of
advertising effectiveness:
Desirability (a combination of System 1 and
System 2)
Emotional preference following exposure to the ad showed a complete reversal
following a single exposure to that 40-second clip.
‘From a brand preference perspective,’ Dr. Reid noted, ‘this
is a very successful ad.’
Digging Deeper Into the Data
Emotional memory analysis carried the study a step
further by analyzing which elements of the ad are responsible for the
change in implicit attitude.
‘The implicit memory connections are changing in the
minds of consumers when you show them your ad,’ Dr. Reid explained. ‘We can cut
the data to see the moments of the ad that are related to those
memory changes that you’re trying to affect.’
Among female viewers, there were clear positive
emotional deviations at the moments that the primary female student was telling
her story and began to feel the joy of dancing.
So impact on the brand is clear. What about inclusivity? Did
we strike an impact? Did we change people’s attitudes to feel more inclusive?
Only among women.
‘The storytelling at the beginning of the ad isn’t
resonating in a positive way with men on average, it appears to reinforce a
negative bias toward disabled people among the ‘Isolated’ segment’ noted
Dr. Reid. ‘It provided insight into how to optimize the creative with cuts that
tell the story of the male focal character, Chris Fonseca, in a clear and
compelling way to men.’
For the Isolate segment, what may be missing
is motivation. Opportunity to change their judgment is there, but
without motivation, there’s no override for that System 1 bias.
Next Steps for Smirnoff (and the Rest of Us?)
For its part, Smirnoff is planning a global rollout of the
‘We’re Open campaign.’ The next ad being tested:
Regardless of the results, Smirnoff’s efforts show how it’s
possible for us to address implicit bias in this country and globally. First we
need to understand that System 1 mind’where it comes from’then we can focus on
how to influence change.

As Dr. Reid said: ‘We need to understand how
reason and emotion work together 
to drive behavior.’

A Closer Look at Eye Tracking

Eye tracking is about where we look, what we look at, how much time we spend looking at it, how our pupils react to different kinds of visual stimulation and when we blink, according to IMOTIONS.
Put most simply, eye tracking refers to the measurement of eye activity. More specifically, eye tracking implies the recording of eye position (point of gaze) and movement on a 2D screen or in 3D environments based on the optical tracking of corneal reflections to assess visual attention. While the idea of eye tracking is quite straightforward, the technology behind it might strike you as rather complex and inscrutable.
No need to hit the panic button. The following pages are packed with all the need-to-knows and useful tools to help you get a solid grasp of eye tracking technology and best practices.
IMOTIONS created an eye tracking infographic for a fun and easily digestible overview of eye tracking:

6 Tips Marketing Researchers Can Learn From Social Media

This post was
originally published on Lightspeed
GMI’s blog

Social media has caused a massive shift in the way people
communicate, interact and share experiences and personal interests. Consumers
are always on, always connected. Consumers build unique online relationships;
they are connected to brands, athletes, teams, family, friends and co-workers
on multiple channels. Sharing everything from political views to favorite
products, social media users are leaking valuable information and insights for
researchers to take advantage of.

Marketing researchers have adapted Mobile
First best practices
; but are we also looking to benefit from the same
openness and flexibility that social media platforms have to offer? There are
six ways to successfully engage and capture relevant and actionable
feedback from your panelists based on social media best practices:
Focus on
people, not metrics: Our
industry refers to panelists, not people. Are
we focusing on why individuals are dropping out of surveys? Are we worried
about their enjoyment of a survey or just survey completes? Create consumer
conversations, not metrics.  
to Digital Stats, 92% of consumers say they trust earned media like personal
recommendations above other forms of advertising.
 Authentic brands do
better on social media, but trust is earned over time. If you want to capture
genuine consumer insights, treat your online survey as you would a social media
account. Be honest and upfront about your intent.
don’t push:
 Want to get better research? Consider the way you are
asking questions. Similiar to social media posts, consumers favor shorter,
visually appealing surveys with a strong narrative structure.Engage
your respondents first, ask questions later.
Let the
consumer decide:
video, text or photo? Social media platforms are
constantly evolving, but they always remain focused on consumer adoption. According
to Spinklr, marketers need to find new ways to capture the attention of the
consumer who has seen just about everything
. Every day, more and more
individuals are starting surveys on their mobile devices over PCs. They are
deciding when and what device to take the survey; why not let them decide on
the format? We design for cross-device research, so why not design
Across Facebook, Twitter and Instagram, you want to reach
your target audience with relevant content ‘ photos, posts and videos. Like
social media, marketing research is a crowded space; panelists are flooded with
survey invites daily. Be relevant: ask
the right questions, in the right sequence to the right audience.
first, technology second:
 Social media planning 101 = interactions
first, channel second. Allow your panelists, not technology, to drive the
future of the industry. Are marketing researchers allowing technology to
dictate the future or panelists? Are you focused on building mobile research
apps or consumer feedback apps?
Gaining success in social media isn’t easy; it’s a process,
a way of thinking. Social media can be used to create and collect customer
intelligence through listening techniques. And this can also ring true in the
online survey world. Think about it: Brands have the capacity to cultivate
conversations with consumers…but often don’t. Researchers who are successful
in gaining insights from surveys are the ones who allow the consumer to take
the wheel and drive how marketers can collect information from them. Platforms
such as Facebook, Twitter, YouTube, Pinterest and Instagram allow users to be
creative and communicate in whatever method is enjoyable to them.  Why not
allow online panelists that same freedom? By allowing panelists to communicate
with you through mediums that are most enjoyable to them, through video for
example, you could garner more authentic and elaborate feedback. Rather than
force tedious or possibly challenging lengthy open text responses, try allowing
an option for using text or video responses. Instead of requiring respondents
to rate a product on a variety of features through a MaxDiff exercise, try
engaging them in conversation through communities or discussion boards.

The perfect solution for the survey world isn’t available in
140 characters or less, unfortunately. But the successes of social media are
ours to grow from.

Alligators in the Board Room

By: Christina Luppi, Manager, Sentient
Decision Science

This post was originally published on the Sentient Decision Science Blog.
‘Command the Board Room’ is the theme at TMRE 2016. A lofty
goal, perhaps. But maybe not so lofty if you’re equipped with the right
, TMRE 2016′s chairperson, immediately endeared himself to the audience
by dubbing himself the ‘biggest failure’ in the ballroom. He cited multiple
tanked businesses, several career restarts, and a credit score of 300
to support the claim. Why so eager to have his failures be known? To help
people better understand how they can succeed.
‘Insights teams need to play a critical role in the board
room,’ Yu stressed. When decision makers want to know why big
ideas fail, they find the answer is often human.
Even when the desirability is validated, when the
concepts are good and the budgets are excellent, ideas can
bomb because of people.
People run into walls of fear when approached with a
new idea, said Yu. Next, they run into walls of apathy because so
many things are competing for their interest. Lastly, they run into walls of
disbelief and are desperate for proof.
‘Ideas don’t sell themselves,’ Yu explained. ‘You can’t just
have the right content. It requires us becoming champions in the board room.
Those walls are human dynamics and exist even with the right content.’
The walls Yu mentioned aren’t about what is right and wrong,
they’re emotional barriers all marketers have to deal with at some
point. Insights help us break through.
TMRE keynote speaker Zoe Chance left
corporate marketing to get her PhD because she wanted to study the complexities
of decision making. Really, frustration in the field made her determined
to help people make research-based decisions that make sense, rather than see
them go with their gut.
What she found is that marketers actually need to suck
it up and learn to work better with the board members who make gut
decisions’that’s just who we are as a species. Humans are ruled by
‘alligator psychology,’ she noted.
Something we know as System
1 thinking
‘I refer to [System 1 and System 2] as the
‘alligator brain’ and the ‘court,” Chance explained. ‘System 1 is unconscious,
fast’ an automatic decision maker. We only imagine the court is making more
decisions than it is.’
Rather than trying to force feed data down the throats
of people who won’t swallow, Chance suggested researchers better understand
the emotional motivations of our System 1 brains
She outlined five key forces of influence:
Labeling: Giving a name to behavior you want to
encourage or discourage.
Ease: Ease of use is a more powerful
motivator than even pleasure. This is a principle practiced to perfection by
companies like Amazon and Uber.
Attention: Moments of truth, open loops,
and the Zeigarnik effect.
Scarcity: Operates through loss aversion.
‘Hot potato’: When faced with resistance,
instead of pushing, hand back a problem to solve.
Notice the acronym? ‘If you’re going to walk an alligator,
it helps to have a LEASH,’ Chance said with a smile.
Of course, alligators can be lazy. They sometimes need
persuading to bite.
, best-selling author of Freakonomics and SuperFreakonomics talked
about the power of incentives in marketing.
‘Never underestimate the power of free. It doesn’t matter
how much of something somebody’s got, how much they’re worth; the alligator
part of our brain’ will just zap at it.’
To illustrate, Dubner told a story of how the world-renowned
Cedars-Sinai Hospital in Los Angeles dealt with a particular problem, a big
problem. Doctors were not washing their hands.
Yes, really.
The issue wasn’t a matter of education’doctors know the
science and danger of bacteria’it was a matter of communication. How do
you tell medical professionals they must do something they already know they
must do?
The hospital tried incentivizing a hand washing program with
Starbucks gift cards. And the wealthy MDs snapped them up as though they
couldn’t afford their own coffee.
‘They turned a life and death problem into a game they
wanted to play,’ said Dubner. But the card didn’t raise the overall rate of hand washing.
‘Data can get you at the ‘what’ pretty easily, and the
‘what’ didn’t work. The ‘why’ is complicated.’
Why gets into psychology, sometimes even into
religion. It also delves into the subconscious. What doctors would admit
they don’t wash their hands in a hospital?
‘Self-reported data is close to worthless,’ said
Dubner. ‘This is why we need to know not what people are telling you they
will do; we need to get data about what they actually will do.’
Eventually, the board at Cedars-Sinai created graphic
images of the bacteria found on their own hands and placed the image
on every computer screen saver at Cedars-Sinai. By showing doctors the
danger and triggering an emotional response, the research team got the
hand-washing rate up to 100-percent almost overnight.
‘If that’s the way the human brain works, let’s find a way
to take advantage of that and exploit it for some good,’ Dubner concluded.

In that light, understanding alligator brain actually
sounds pretty rational.

It’s Happening! Data is Exploding! How Are You Leveraging It?

By: Praveen
Srikantaiah, Blueocean Market Intelligence Sr. Market Research Manager
In 2016, there will be 5.5 million new things connected to
each other. By 2020, there will be 20.8 billion connected things, says Gartner.
There is a sudden increase in the amount of data being
generated everyday by people, machines, and things. All of this data, when
collected, stored and analyzed can reveal valuable insights for companies. For
example, a Boeing 737′s engine generates 10 terabytes of information during a
30-minute flight.[1]
Presently, this vast amount of information goes unattended. What if companies
could harness this information in real-time? Imagine the kind of insights they
would have access to. It could help the ground control center take corrective
actions in time, saving both lives and assets worth millions.
In a smart home, devices are connected to each other and can
communicate. This generates a lot of data that should be managed well for the entire
system to function effectively. This same data can also be used by retailers to
provide services like groceries, refills, and so on to create a seamless flow
of information between systems and security. In farming, John Deere is using internet
of things (IoT) installed in farm machineries to provide farmers with
information related to crops and best practices in farming.[2] In short, they
are now also selling data besides tractors. According to a report by McKinsey,
the IoT business will deliver $6.2 trillion of revenue by 2025.[3]
The challenge lies in harnessing ‘ storing, managing,
analyzing, and synthesizing ‘ this enormous amount of unstructured data that
will only grow every day. According to an IDC report, by 2019, service
providers will have to increase datacenter capacities by 750 percent, thanks to
Do organizations have the bandwidth to handle unstructured data at that scale?
What about storage? How do we manage the unstructured data that is coming in at
such a huge volume, speed, and variety? Can an organization’s current analytics
engine process this quantum of information? These are the questions every
organization looking to leverage the power of IoT should think about now.
To understand customers better and gain a competitive
advantage, it is important for companies to take charge of their data.  The major challenges that companies primarily face
are structured around data storage, management and analytics.

Data Storage ‘ SaaS or On-Premise?
A tough question that many face is where to store their
data.  Is it at the company’s data
centers on premise, or on the cloud or a mix of both?  Unfortunately, there is no one answer to that
question.  The answer depends on the company
business model, goals around harnessing data for decision-making and industry

For example, for companies in the healthcare industry, regulation and
compliance it may be an issue, but for others in transportation, accessing data
real-time and taking action will be crucial.
Regardless of the choice companies make, they must focus on
some core areas of concern such as scalability, security, auditability and
access of data. 
Data Management ‘ Data as a Service?
When ‘data management’ comes to mind, people often think
about ‘database management.’ ‘Database management’ deals with managing the data
that gets stored in an organization’s systems. 
‘Data management’ on the other hand, deals with provisioning data to
internal parties such as stakeholders and decision makers. 

It is very important for companies to think of ‘data management’ through the
lens of the end data ‘consumer.’ 
Sorting, arranging and categorizing data, and making it consumable to
users is an important step that organizations often overlook.  If there is a lot of data that is not
organized in a specific pattern, sequence or a recognizable format, it is as
good as useless.  In fact, one can argue
that it is a drain on the budget and a waste of money to even collect that
Companies must wisely choose who performs this function in
the organization and what tools and technologies are to be employed.  SaaS tools such as LiNK automate most ‘data management’ steps and
allows organizations to harness the power of an integrated view of multiple
data sets emanating from a variety of sources.
Data Analytics
Once data is stored, organized and made available comes the
last but very exciting step in the data lifecycle management. 
Historically, organizations have relied on one or two sources
of data as ‘sources of Truth.’  In
reality, organizations can benefit from having a 360 view
of their business by intelligently analyzing an ensemble of data from a variety
of sources.
Challenges around data analytics should not only focus on
the data sets or tools and techniques organizations should employ.  The future will be one where the analytics
departments will be forced to be agile and nimble in order to be more predictive,
and drive faster and better decision-making.
Blueocean Market
Intelligence is a global analytics and insights provider that helps
corporations realize a 360-degree view of their customers through data
integration and a multi-disciplinary approach that enables sound, data-driven
business decision. To learn more, visit www.blueoceanmi.com.