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Data Visualization – Communicating Information Clearly & Effectively:

How many of our daily business decisions can be attributed to the use of true quality information? Where are you getting your information from and how are you analyzing it? Ask yourself: “Am I willing  to make mission-critical decisions with data that is not entirely intact to begin with?”  It happens more than you would expect.  The Data Warehousing Institute (TDWI) estimates that data quality problems associated with customer contact data alone cost U.S. businesses more than $600 billion per year.

datavisualization

John Tukey, the famous American mathematician once said: “The combination of some data and an aching desire for an answer does not ensure that a reasonable answer can be extracted from a given body of data”  Hard to swallow for many, but truly a profound statement.  In order to achieve success in business, we must learn how to (1) wait until we have established a ‘quality database’ before making decisions from it, and (2) maximize the effectiveness of how we are visualizing and interpreting this information (uber important!).

Take for instance Procter & Gamble’s institutionalized approach to data visualization – The groundbreaking “Business Sphere” environment, and “Business Sufficiency Analytic Models.” – were both built to improve productivity and collaboration seamlessly so that P&G can focus on innovating for the consumer.  In his recent Harvard Business Review article, Tom Davenport sheds additional light into the intricate steps P&G is taking to ensure decision-makers are equipped with actionable data. “P&G has placed visual displays of key information on desktops – over 50,000 P&G employees now have access to a “Decision Cockpit“, which provides decision makers with dynamic and powerful decision making tools all in one place.  In addition to the desktop approach, P&G has created meeting spaces that it calls “Business Spheres” & implemented them in over 50 locations where management information is showcased for review.  This strategically enables the framework for data visualization to always be kept top of mind throughout the entire organization.

The most important attribute of successful data visualization is in the simplicity of the message portrayed – in whether the decision makers “understand quickly what’s going on in the business, and decide what to do about it.”  If organizational leaders are forced to spend too much time making sense of problem areas, the issues may never be resolved.

Big Data Analytics Specialist Tableau Software Raises $254M In IPO, Shares Close 64% Up; Marketo’s First Day Up 78% To $23.10

TechCrunch

One year to the day of the troubled Facebook IPO, the climate for tech IPOs in the public markets is significantly less stormy, especially for companies in the enterprise space. Today, not one but two, Tableau Software and Marketo, are debuting on New York stock exchanges. Business intelligence provider Tableau Software, trading as “DATA”, is one of the more highly anticipated tech IPOs of the year, and so far it has not disappointed. It priced its IPO at $31 per share, and it , popped 58% in early trading, and closed at 64% above opening price, or $50.75/share.

Meanwhile, Marketo, a cloud-based marketing services company, priced its IPO at $13 per share. It will be trading as MKTO on the NASDAQ exchange, but has yet to trade at the time of writing. It went up by more than 50% in early activity and then…

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How is Social MDM different?

Intriguing post by Henrik Sørensen on Data Quality: “Every organization should very carefully assess if they are good at maintaining different aspects of their internal master data (Hint: Many aren’t).”

In a recent interview with yours truly on the Fliptop blog I had the chance to answer a question about how Social MDM is different from traditional MDM (Master Data Management). Check out the interview here.

As said in the interview I think that:

“The main difference between MDM as it has been practiced until now and Social MDM is that traditional MDM has been around handling internal master data and Social MDM will be more around exploiting external reference data and sharing those data.”

This is in line with a take away from the MDM Summit Europe 2013 as reported in the post Adding 180 Degrees to MDM.

But, as asked by a member of the Social MDM group on LinkedIn:

What is the industry or analysts’ consensus on the meaning of Social MDM? Is it just gathering Master Data from social sources? Not really MDM…

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The Role of Marketing Analytics in Small Business

Michael Hios

With record expenditures in the area of Analytics occurring, and a steep rise predicted over the coming years, “Analytics” has been officially indoctrinated into the “Hall of C-Level Buzzwords.” Like most buzzwords, there is always some confusion over the actual meaning and its proper place in business.

My career in Information Technology started, in earnest, working as a Systems Integrator for MRP/ERP systems at (mostly) small businesses. At the time, “ERP” was the latest buzzword and I worked with many clients whose implementations were doomed from the start, simply because their purpose, scope, and capabilities were just not understood by the executives who were dictating their implementation. Small businesses often lack the resources to withstand failures and delays in such large-scale projects, so it was painful to watch (and more so, to participate in ) some of them.

At the time, IT was still very attached to Finance and…

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Will Big Data Finally Turn CRM Into Something Valuable?

“Will Big Data Finally Turn CRM Into Something Valuable?” — certainly something to watch…truly a great article. http://smartdatacollective.com/bigdatastartups/113501/will-big-data-turn-crm-something-valuable

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