Big Data delivers trends, but not business agility
Business technology leaders should focus on the speed and variety of information available, not the volumes if they are to remain relevant.
The adoption of information analysis tools is side-stepping CIOs, Horizon discovered in a debate with challenger marketing insight providers and CIOs. As a data led culture permeates organisations, there was concern that CIOs will miss opportunities to deliver revenues and new services.
Horizon partnered with venture capital organisation Next World Capital to debate and engage with a new generation of marketing platforms and the role of Big Data in organisations. Three challenger marketing tools, all being backed by Next World Capital, explained the information trends that have given rise to their services.
“We now have intent data and the size of the data is in the order of hundreds, yet it is only relevant for a few hours or days,” said Omer Artun, CEO of AgilOne, a customer insights service. “That data has a lot of variety in it.” His peers in the marketing tools sector and business technology leaders from travel and retail agreed that a new wave of data and tools is giving organisations instant analysis.
“To build a strong relationship the velocity of information is important and it has to be real-time,” said John Philips, EMEA VP of Zuora, a subscriptions management services used by the likes of Box. Bill Noah, CISO of TUI added; “Its about timing, how you receive information and how you can quickly react to it.”
“Few marketeers can say what happened today,” Opher Kahane, CEO of OrigamiLogic said.
“Big Data was all about how you store data. It’s not the size that matters, it is how you process it,’ Artun said. Insights are driving new business opportunities and the challenger vendors debating Big Data with Horizon made it clear, on the whole they are not working with CIOs, placing CIOs in a risky position.
Philips at Zuora said: “The CIOs are in a tough position, all of the engagements start with the CMO and then move to the CFO when the business needs to pivot.” He added that new business opportunities are arising from the information being collected and the insights being offered, including subscription based safety services from car manufacturers.
“The people who are close to the data are younger. If senior people are not bought-in, then analytics can be a nice toy,” Artun observed.
Philips, Artun and Noah all agreed that long established businesses are driving the adoption of next generation marketing platforms and realising opportunities. “I’m optimistic and encouraged by what I see in the traditional companies. Manufacturers are realising that the data is a core part of the product and are selling their insights back to their customers and using those insights to create products with the customer,” Philips said.
“At the Financial Times the data scientists were able to understand how to change the product and in doing so found that the printed newspaper was far from dead. So these tools can strengthen a business and it never takes away from the need for human input and creativity,” Philips said.
“I don’t think offline business is going away,” Artun added. “Live inventory tools inform customers of where an item of clothing in their size or colour is located. So a lot of the online and offline business is merging and it is mobile that is making that happen.
“Real-time information is the currency of the data and that then shapes further data.”