March 24, 2017: Today’s Throwback Thursday article I wrote for my Forbes.com blog on May 15, 2014. The title of the article was “I’ve Got A Secret: The Real Big Data Opportunity”.
The article references an old TV Show, I’ve Got a Secret, and advises senior management to look beyond programmatic ad platform applications for big data and to seek more valuable strategic applications. Such applications have less to do with the “bigness” of the data, but rather should focus on the accuracy and relevance of data to provide answers for better decision making.
March 16, 2017: “Is Mass Hysteria Driving The Big Data Market?” is the title of today’s Throwback Thursday article which was published on May 5, 2015 on Forbes.com.
In the rush towards anything to do with big data, many suffered temporary symptoms of hysteria, characterized by excitement, anxiety or irrational behavior, or beliefs in which many cases led to big data disillusionment.
The article advises a focus on identifying meaningful findings from relevant data for better informed business decisions by senior management. Are many experiencing similar hysteria to when it comes to big data driven analytics?
Today’s Throwback Thursday article is entitled, “Three Legs Of Big Data Stool Needed For Success.” First published on Forbes.com on April 23, 2014, it details three key areas for getting started in big data.
1. Data Sourcing and the potential pitfalls of big data streams from social networks full of fraud and incomplete data requiring numerous unverifiable assumptions.
2. Human resources capable of developing a strategy to exploit big data for a competitive strategy. (Hint: most fail here.)
3. Analyzing right types of data for meaningful outcomes.
Finally, the article advises about the use or integration of outside data sources which are much more specific, detailed, and accurate, in order to better inform digital data.
This week’s Throwback Thursday article comes from a Forbes.com post I authored in March of 2014 titled, “Is Big Data Today’s Sock Puppet?” To set the context of the article, recall all the hype centered on big data in 2014, as if it were capable of solving about every problem known to man. The issue of methbots, bot fraud, and unverifiable data accuracy was largely overlooked. Today those issues are undermining many initiatives. Enjoy this replay of “Is Big Data Today’s Sock Puppet?”
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.
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.”
————————————————— 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
Ever since the great recession of 2008, which seemed to surprise most economic prognosticators, it appears that there has been an increased interest in predictive analytics. Unfortunately, even with this new interest about the future, most predictions are wrong. Few, if any, seem to know where the economy is headed. Continue reading →
Consumer Transactions And Clicks Provide Incomplete Picture For Marketers
In junior high school sciences, I learned about Homo sapiens, otherwise known as human beings. I recall that humans are distinguished from other animals by their superior mental development, ability to articulate through speech, think and question, and create things. Later in life, I learned about the human conscious and unconscious mind which determines human actions and reactions to stimuli. No two humans are exactly alike, and I haven’t even gotten into the differences between genders. Continue reading.
In his 1841 book Extraordinary Popular Delusions and the Madness of Crowds, Charles MacKay wrote of the crowd psychology that drive numerous “National Delusions,” “Peculiar Follies,” and “Psychological Delusions.” Among the various manias were the tulip bubble of the early 17th century, witch mania of the 16th and 17th centuries and alchemists who sought to turn base medals into gold.
Crowd psychology can create an emotional feedback loop whereby dissent may be stifled as the crowd, not wanting to miss out, hears only what they want. As MacKay would say, “We find that whole communities suddenly fix their minds upon one subject, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run it til their attention is caught by some new folly more captivating than the first.” Could it possibly be that all the big data hype fits this description?
In the Bible, David a young man, probably a teenager, defeated the nine-foot Philistine named Goliath with a sling and a pouch full of stones. Until David came forward, King Saul and the Israelite army had been taunted and intimidated by Goliath for 40 days. Today many organizations are overwhelmed by the prospect of taking on the challenge of the giant stream of digital data (big data) from the online world. Like the giant Goliath, big data can taunt and intimidate those who come forward to engage it. Continue reading…