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[NEW RESEARCH] The Data Driven Business: How Industry Leaders Use Data To Create Value

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This report lays out the key use cases for data-driven value creation, presents examples of organizations that are using data creatively and effectively, outlines the most pressing issues and opportunities, and presents best practices that show how data strategy can transform organizations.

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[NEW RESEARCH] The Data Driven Business: How Industry Leaders Use Data To Create Value

  1. 1. 1 Susan Etlinger Industry Analyst, Altimeter, a Prophet Company @setlinger
  2. 2. Lindsay Malone Digital Marketing Associate Prophet Webinar Agenda 1. Intro to Altimeter, a Prophet Company 2.Meet the Speaker 3.Presentation 4.Q & A
  3. 3. Altimeter, a Prophet Company A research-based strategy consulting firm which helps companies understand and take advantage of digital disruption.  Strategy Consulting  Education & Workshops  Research- Based Advisory Charlene Li Principal Analyst Brian Solis Principal Analyst Susan Etlinger Industry Analyst Ed Terpening Industry Analyst Omar Akhtar Industry Analyst
  4. 4. At Prophet, we believe there is a better way to grow By fusing insight, strategy, creativity, and imagination, we help our clients grow better brands and businesses
  5. 5. Prophet Brand Relevance Study 2015 5Proprietary and confidential. Do not distribute. We are a mix of best-of-breed consultants, marketers, designers and innovators, who together see opportunities differently and deliver unique solutions
  6. 6. Prophet Brand Relevance Study 2015 6Proprietary and confidential. Do not distribute. Founded in 1992, our global presence allows us to bring together the right team to meet your challenge CHI HKBERZURRICATL LONNYCSF
  7. 7. Prophet Brand Relevance Study 2015 7Proprietary and confidential. Do not distribute. We’ve helped some of the world’s biggest brands…
  8. 8. Speaker Susan Etlinger Industry Analyst Altimeter, a Prophet Company @setlinger
  9. 9. Prophet Brand Relevance Study 2015 9Proprietary and confidential. Do not distribute. Susan Etlinger Industry Analyst, Altimeter, a Prophet Company @setlinger
  10. 10. 10 “Legislation can’t keep up with technology, which makes it a flawed vehicle to govern what happens in this space.” − Judy Selby, Partner, Information Governance BakerHostetler
  11. 11. 11 What happened to “big data”?
  12. 12. 12 “... big data has quickly moved over the Peak of Inflated Expectations ... and has become prevalent in our lives across many hype cycles. So big data has become a part of many hype cycles.” − Betsy Burton, Gartner
  13. 13. 13 Data-Driven Innovation
  14. 14. 14 How Do We Value Data?
  15. 15. 15 Does data have intrinsic value? “Given the way some information assets behave and the non- standardized methods we currently have to value them, movements to include them on the balance sheet might be as deceiving as including water was for U.S. Steel in 1901. Companies can continue to develop, use, and value information assets internally, but let income statement performance speak to investors about how valuable the information and management’s use of the information is to the company.” – Jim Smith, Charles River Associates A Study of the United States Steel Corporation in Its Industrial and Legal Aspects: Being Three Lectures Delivered to the Class in Private Corporations, in the University of Michigan, June 3, 4 and 5, 1901
  16. 16. 16 How Do We Create Value From Data?
  17. 17. 17 Data-Driven Business Strategies * Developed by the Information Accountability Foundation (IAF)
  18. 18. 18 Data-Driven Business Strategies * Developed by the Information Accountability Foundation (IAF)
  19. 19. 19 Data-Driven Business Strategies * Developed by the Information Accountability Foundation (IAF)
  20. 20. 20
  21. 21. 21 Zendesk Uses data to optimize the product B2B company that uses B2C strategies; analytics focus on understanding behavior triggers for actions like conversion, expansion and churn. Uses data to help support teams improve Created benchmark that companies can opt into anonymously to share support data, such as customer sat scores and response times, and compare them to industry averages. Helps market Zendesk (by showing efficacy of the product) AND provides value-added data to customers. Uses data to inspire new products and services Example: Satisfaction Prediction, which gives customers the ability to scenario-plan customer sat scores based on specific drivers.
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  23. 23. 23 Fame House and Ice Cube Goal • Increase Ice Cube’s engagements across his digital ecosystem. Strategy • Use social data to understand what content resonates most with different fan segments (his legacy in hip hop). • Address different audience segments equally and authentically. • Develop a content strategy that speaks to each group, highlighting all facets of Ice Cube’s career, from N.W.A to Boyz n the Hood to his solo career to Straight Outta Compton. Results • In eight months, Ice Cube’s Facebook audience grew by over 50% with no paid support. Organic engagements increased over 2500% to more than 177,000 per month.
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  25. 25. 25 Goal Predict risk of sepsis (infection) for patients undergoing surgery. Sepsis is one of the greatest dangers in an operating room. Strategy • Used predictive analytics technology from Dell Statistica that uses operating room data, information from electronic medical records, and data from other sources to predict a patient’s risk of infection. • Customized treatment based on the patient’s unique needs. Results Reduced incidents of surgical-site infections by about 58%. University of Iowa Medical Center
  26. 26. 26 Challenges of Data-Driven Business
  27. 27. 27 Aging Infrastructure • In large companies, infrastructure such as sales, transaction systems, etc. can be 30 years old. Processing and Analysis Challenges • Data preparation and cleaning account for a huge amount of the time data scientists spend. • Ad-hoc analysis = more manual processes, difficult if not impossible to scale. Challenges of Data-Driven Business
  28. 28. 28 Processing and Analysis Challenges (continued) • Last-click attribution is common, so social can sometimes be dramatically under-represented in performance analytics. • Campaign versus ongoing relationship mentality. Organizational Silos • Marketers want a 360-degree view of the customer. Enterprise data such as BI, CRM often come via multiple incompatible dashboards with differing data sources. Challenges of Data-Driven Business
  29. 29. 29
  30. 30. 30 Clarity -- about the problem they are trying to solve and the measures that will demonstrate success • Focus on real, achievable problem • Ties ROI analysis to real business objectives Customer segmentation -- based on actual behavior and attributes rather than assumptions • Organizes by customer, not by campaign • Experiments with micro-segmentation—from analysis to execution Community -- of data enthusiasts, experts Fosters a culture of rapid iteration and experimentation • Finds and cultivates a data community • Identifies and empowers data champions 4 Cs of Data-Driven Business
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  32. 32. 32 • Ethical data use and privacy will be seen as brand issues • We will see, and have to develop norms for, new data sources • Analytics for images and video will emerge • The shortage of data scientists and trained analysts will continue • We will examine the impact of decisions made by algorithms A Look At the Future
  33. 33. The Data-Driven Business Q&A @AltimeterGroup
  34. 34. 34 Thank You Disclaimer: Although the information and data used in this report have been produced and processed from sources believed to be reliable, no warranty expressed or implied is made regarding the completeness, accuracy, adequacy or use of the information. The authors and contributors of the information and data shall have no liability for errors or omissions contained herein or for interpretations thereof. Reference herein to any specific product or vendor by trade name, trademark or otherwise does not constitute or imply its endorsement, recommendation or favoring by the authors or contributors and shall not be used for advertising or product endorsement purposes. The opinions expressed herein are subject to change without notice. Altimeter, a Prophet company, provides research and advisory for companies challenged by business disruptions, enabling them to pursue new opportunities and business models. Susan Etlinger @setlinger