Category Archives: Analytics

The Emerging Challenge Of ‘Fake Data’

From Forbes.com on February 22, 2017…

In just the last few years, iconic names like Borders, Radio Shack and Sports Authority have all gone the way of the T-Rex…they are extinct!  Disruption is and will continue to be a constant as we can see from political campaigns to consumer’s shopping behaviors.

Today, the effects of this disruption can be seen in accelerated retail store closings, legacy brands increasingly on life support and plummeting mall real estate values.

In response, private equity, corporations, and academic institutions have responded by pouring billions of dollars into an ever-expanding universe of big data firms with services, hardware, software and course offerings all promising to find the magic potion when firms aggregate their data gold mines.

This, in turn, leads to a bright light shined on the most important variable in this equation…the data.  And the resulting reflection has uncovered continue reading.

Throwback Thursday: Big Data & Analytics Edition

Earlier this week, I read an article in a technology publication about several University of Washington professors who are launching a new course designed to overcome what they call “bulls**t in the age of big data.” The 160 seat seminar starts in late March and filled up in the first minute of online registration. The course covers the rush to apply machine learning algorithms to big data that is oftentimes corrupt and yielding less than accurate results. Beware of the overhyped big data and its potential for revolution, warned one of the professors.

Yesterday I posted a recent interview I did with a business development consultant, John Sydnor, who warned about the emerging challenge of ‘fake data.’

The throwback article for today I wrote on March 11, 2014 and in it I warn about questionable data (i.e. fake) and the failure by many Fortune 500 companies to exploit big data for competitive advantage (i.e. hype). I also give some advice for how to upgrade your big data inputs to get more strategic outputs and go from big data to knowledge.

CLICK HERE to read “Going Beyond Big Data To Knowledge.”

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Gary Drenik is CEO of Prosper Insights & Analytics, a company that prides itself on turning data into evidence-based solutions for the C-Suite. www.ProsperDiscovery.com

Confidence and Spending Intentions Looking Good Heading Into 2017

From Forbes.com on February 3, 2017…

Consumer confidence cooled a bit in January, but stayed well above the 13 month average. What does it mean for spending? Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in, plus she takes a special look this month at how consumers feel overall about their personal financial security. Continue reading…

Will 2017 Be The Year Retailers Finally Get Real?

From Forbes.com on January 17, 2017…

“We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light.” – Plato

While struggling with the topic and content of this column, the trickle of underwhelming Brick & Mortar sales results from many retailers’ holiday season began to hit the press. Many of these retailers have only now seriously begun thinking about creating a sustainable business model for the future. For some the ship may have sailed. All of which got me thinking about an article I wrote for this column three years ago. It is just as relevant today as it was in 2014. So rather than beating my head against the wall trying to reinvent the wheel, here is the article from 2014, its warnings, and even prescriptions for a new retail marketplace. Continue reading…

Overt Signs Of Growing Optimism In December’s Leading Indicators

From Forbes.com on January 10, 2017…

In 2016, many retailers found themselves at the low end of estimates. Had they had the right predictive analytics, they could have understood the market better and managed accordingly. Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in on some of Prosper’s key predictive analytics and provides much needed knowledge for retailers. Continue reading…

Adding The Human Element For More Accurate Economic Predictive Analytics

From Forbes on December 6, 2016:

Earlier this year I wrote about the need for better analytics and the quest for better consumer confidence indicators which could greatly inform the development of more reliable predictive analytics. With many businesses, and even the Federal Reserve, having difficulty developing accurate forecasts, the time seems right to develop methodologies outside of traditional economics. Many have argued that the current state of asking consumers about such vague topics such as future expectations or business conditions should be replaced with a more straightforward set of micro foundation questions that probe personal spending directly. Continue reading…

With Election Over Holiday Gifting Becomes Top Of Mind

From Forbes on December 2, 2016:

The presidential election seems to be weighing down consumer confidence, but what does it mean for purchase intentions? Deborah Weinswig, Managing Director of Fung Global Retail & Technology, highlights the disconnect between sentiment and consumer spending intent in her analysis of Prosper’s October data. Continue reading…

Amazon Intel from Fung & Prosper

Columbus, Ohio and New York — November 17, 2016

Prosper Insights & Analytics™, a leading provider of business intelligence solutions, and international think tank Fung Global Retail & Technology  announced today that they have expanded their strategic alliance to include a co-branded Amazon Shopper Intelligence service. This unique service not only provides essential insights missing from most retailers’ loyalty data, including encroachment by Amazon along with the reasons why, but also special analysis by Fung Global Retail & Technology to help retailers and investors understand the Amazon threat. Continue reading

Election Worries And Moody Consumers, But Spending Intentions Remain Encouraging

From Forbes on October 28, 2016:

The presidential election seems to be weighing down consumer confidence, but what does it mean for purchase intentions? Deborah Weinswig, Managing Director of Fung Global Retail & Technology, highlights the disconnect between sentiment and consumer spending intent in her analysis of Prosper’s October data. Continue reading…