Many companies are still stuck in the old world of analytics, according to the Acting Head of Industry Strategy for Adobe.
Scott Thomson reckons many companies are so focused on warehousing and pulling the insights from big data, they forget about the importance of getting fast data insights to be more relevant to their customer in timely fashion.
“Seven-day-old data is like a seven-day-old doughnut. No one wants to consume that”
Scott shared his views on new world analytics on 16 September at the IAPA VIC Chapter Event.
Below is a synopsis of his presentation, and you can Download a copy of his presentation here.
“In a nutshell, there are three big insights I’ll be delivering: First, it doesn’t matter how much data you have. It has to be relevant to your customers. Second, engagement is more important than marketing. People don’t want be sold to — they want a brand that cares about them and uses their data responsibly and in a way that’s engaging to them.
Third, there’s too much focus on warehousing one’s data. If you want to be meaningful, you better focus on fast data, rather than big data because the longer you park data, the less likely it’s still relevant to the customer.”
Scott explains old-world analytics as the structure of people, process and technology, surrounding the extract, data warehousing and business intelligence used by most businesses today. “Old world analytics is slow moving, potentially vulnerable to political subversion or exclusion of input data by siloed departments and experiences, hours, days or weeks of latency,” he said.
In contrast, new world analytics systems need to make the real-time data accessible, understandable and actionable for business users.