Tag: big data

  • Eroding business silos

    Eroding business silos

    During our ABC radio discussion on politics and social media with Jeff Jarvis, we inevitably came around to the issue of sharing information.

    We’ve covered the risks of personal sharing extensively and Jeff’s view is that our perceptions of privacy are evolving as we explore what is acceptable or tolerable in an information rich world.

    Overlooked in this discussion is just how important sharing is for businesses – particularly in breaking down silos within an organisation.

    As organisations grow, silos develop as various groups or departments grow to address specific functions. It’s a natural process.

    However silos can damage businesses as valuable business knowledge is kept within the group rather than shared with the entire organisation.

    This is the opportunity we see now in the various cloud computing, social media and big data tools that have developed to help people, gather, curate and share information.

    Today there is no excuse for critical customer information sitting in the call centre logs not being available to marketing, sales or management teams. That is just one example of thousands.

    Over time we’ll see businesses owners and managers develop the skills and tools to use data more effectively. This is already happening as many IT people move from Information Technology to Knowledge Management.

    Business silos won’t ever be fully eliminated; in many ways they are necessary as you can’t expect the company accountant to know everything the customer service or sales staff do.

    Those businesses who are successful will be those who overcome internal politics and resist the managerial urge to build little empires, information is too important to be hoarded by middle management princelings.

    In the 19th Century power came in the form of steam engines, today it comes in knowledge. How well are you harnessing the power in your business?

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  • Forget Plastics, today it’s Big Data

    Forget Plastics, today it’s Big Data

    “Plastics” was the career advice to uni students in the 1967 movie The Graduate. Today the same advice to a smart young entrepreneur would be “big data”.

    Big data is the current buzzword for the IT industry, we’re seeing start-ups with cool tools popping up and whole new job descriptions to manage it, while big and small businesses ponder how to use another technology in their operations.

    At the end of the month, the third of the City of Sydney’s 2012 Let’s Talk Business series will see SmartCompany’s James Thomson among others discussing how data drives business.

    How we use data in our business is something we’ve had to come to grips with for ages, but many of us haven’t really started to find those nuggets of value in our databases.

    We’ve actually been in the era of big data for decades since computers were introduced in the workplace. One thing that PCs do very well is gather and store information.

    Today computerised point-of-sales systems, database software, loyalty programs and web-tracking tools mean we have a massive amount of data about our clients at our fingertips.

    As computers get more powerful and cloud-based services start making detailed data analysis more available, we’re going to see even more data pouring into our businesses.

    Social media services add to the data deluge as they gather, giving even more intelligence about our markets, individual customers and the performance of our businesses.

    The problem is that many of us are already overwhelmed by what we have. The thought of even more data we can’t use causes many managers and business owners to hide under their desks and weep.

    An article in the MIT’s Technology Review about Peter Fader, co-director of the Wharton Customer Analytics Initiative at the University of Pennsylvania looked at this problem.

    Professor’s Fader’s view is that most businesses have enough data – the problem is managing what we have, along with the risk of trying to extrapolate too much from historical information.

    To deal with this overload we’re seeing companies like Kaggle starting-up to help us mine this data and get useful information about our businesses and customers.

    What these data-mining companies are promising is the ability to see the patterns in what appears to be just a mass of confusing data.

    Already we’re seeing businesses that can connect the dots get a head start on their slower competitors who don’t appreciate the value locked in their databases and CRMs.

    Making sense of the data we’re accumulating is the real challenge. If we’re not paying attention to what we already have then there’s little point in gathering more.

    Tickets for How Your Customer Data Can Drive New Business at the Sydney Town Hall on May 29 are still available.

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