Thursday, June 5, 2014

World Business Forum Sydney 6: Getting the most out of big data

Image source:

Andreas Weigend, former Chief Scientist at

We are now creating more data than mankind did from the beginning through to the year 2000. How can companies manage this data and make sense of it?

Four key tips to managing data
  1. Start with the question, not the data
  2. Focus on decisions and actions
  3. Base your fitness function on metrics that matter to your customers
  4. Embrace transparency
What sort of data companies would pay the most for?
  1. Geolocation: where do people go?
  2. Search history: what did people search for?
  3. Purchase history: what did people buy?
  4. Social graph: who are their friends?
  5. What are their demographics?
The value of data is proportional to the impact it has on a decision. Asking the right questions of the data is pivotal. Think of customers not as audiences but connected individuals.

More at Business Research and Insights blog of NAB

1 comment:

Media Messiah said...

When you look at how much data there is these days, and how much more there is to come, it's almost enough to make your brain explode. I prefer to describe it as "detail" rather than "data". A bit like a higher-resolution TV screen allows you to see the picture in more detail.