Five Ideas: Dealing With Data
Survey sponsored by Oracle and Accenture
According to a new survey of 930 Chief Financial Officers sponsored by Oracle and Accenture, 79 percent of respondents viewed access to information as a key driver of organizational agility, while 57 percent of respondents viewed investments in big data and analytics as a key source of competitive advantage. Read more about the survey here, plus hear what other experts have to say about dealing with big data.
“Despite the availability of new predictive analytics tools and methods, a 2012 Gartner survey indicated that only 13 percent of organizations make extensive use of predictive analytics. Most companies still focus on traditional analytics to support the business.” —Suneth Jayawardhane, senior director of insight and customer strategy at Oracle
“Data can lead them down a good path, but it can also lead them down the wrong path very easily, and this gets worse when there is more data out there. Big data can be great thing if they use that tool properly, and it can be harmful if they are unable to figure out if the analysis in front of them is actually correct or not.” —Kaiser Fung, statistician and blogger, and author of the forthcoming book Numbersense
“Everybody always thinks every new thing is going to change the world, but I think big data really is going to be something we will look back on as a turning point. It really is like watching a planet develop a nervous system. Now, whether it's our activities on the Web or our physical movements or our smartphones, it's almost like each of us has become a nerve on the surface of a planet. And now all that data can be analyzed in real time so that we can actually see cause and effect, and get planetary feedback in a way that's affordable.” —Rick Smolan, whose company Against All Odds Productions created the coffee table book The Human Face of Big Data
“The first step of the data value chain must happen before there is data: the business unit has to decide on objectives for the data science teams. These objectives usually require significant data collection and analysis. Since we are looking at data to drive decision-making, we need a measurable way to know if the business is advancing toward its goals. Key metrics or performance indicators must be identified early in the process.” —Gwen Shapira. solutions architect at Cloudera and an Oracle ACE Director
“You need to continually experiment using analytics to drive innovation. And you need to get enough information so you can make marketing analytics actionable.” —Paul Teshima, group vice president of product management at Oracle