Top 10 ways to make data drive better marketing results

| July 15, 2019

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There is a lot of talk about data, be it first, second or third party data. But no matter what the type of data; Big Data or small data, the best use of data is to drive marketing and business results. So for tips on how to use data to drive better marketing results, start your journey here.

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OTHER ARTICLES

3 steps to build a data fabric to integrate all your data tools

Article | May 17, 2021

One approach for better data utilization is the data fabric, a data management approach that arranges data in a single "fabric" that spans multiple systems and endpoints. The goal of the fabric is to link all data so it can easily be accessed. "DataOps and data fabric are two different but related things," said Ed Thompson, CTO at Matillion, which provides a cloud data integration platform. "DataOps is about taking practices which are common in modern software development and applying them to data projects. Data fabric is about the type of data landscape that you create and how the tools that you use work together."

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What Is The Value Of A Big Data Project

Article | April 7, 2020

According to software vendors executing the big data projects, the answer is clear: More data means more options. Then add a bit of machine learning (ML) for good measure to get told what to do, and the revenue will thrive.This is not really feasible. Therefore, before starting a big data project, a checklist might come in handy.Make sure that the insights gained through machine learning are actionable. Gaining insights is always good, but it is even better if you can act on this new knowledge.A shopping basket analysis shows which products are sold together. What to do with that information?Companies could place the two products in opposite corners of the shop, so customers walk through all areas and will find other products to buy in addition. Or they could place both products next to each other so each boosts the sales of the other. Or how about discounting one product to gain more customers?As all actions have unknown side effects, companies have to decide for themselves which action makes sense to take in their case.

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How Incorta Customers are Leveraging Real-Time Operational Intelligence to Quickly & Effectively Respond to 3 Likely Scenarios Caused by COVID-19

Article | March 30, 2020

Most businesses do not have contingency or business continuity plans that correlate to the world we see unfold before us—one in which we seem to wake up to an entirely new reality each day. Broad mandates to work at home are now a given. But how do we move beyond this and strategically prepare for—and respond to—business implications resulting from the coronavirus pandemic? Some of our customers are showing us how. These organizations have developed comprehensive, real-time operational intelligence views of their global teams—some in only 24-48 hours—that help them better protect their remote workforces, customers, and business at hand.

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Data Analytics Convergence: Business Intelligence(BI) Meets Machine Learning (ML)

Article | July 29, 2020

Headquartered in London, England, BP (NYSE: BP) is a multinational oil and gas company. Operating since 1909, the organization offers its customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving, and the petrochemicals products. Business intelligence has always been a key enabler for improving decision making processes in large enterprises from early days of spreadsheet software to building enterprise data warehouses for housing large sets of enterprise data and to more recent developments of mining those datasets to unearth hidden relationships. One underlying theme throughout this evolution has been the delegation of crucial task of finding out the remarkable relationships between various objects of interest to human beings. What BI technology has been doing, in other words, is to make it possible (and often easy too) to find the needle in the proverbial haystack if you somehow know in which sectors of the barn it is likely to be. It is a validatory as opposed to a predictory technology. When the amount of data is huge in terms of variety, amount, and dimensionality (a.k.a. Big Data) and/or the relationship between datasets are beyond first-order linear relationships amicable to human intuition, the above strategy of relying solely on humans to make essential thinking about the datasets and utilizing machines only for crucial but dumb data infrastructure tasks becomes totally inadequate. The remedy to the problem follows directly from our characterization of it: finding ways to utilize the machines beyond menial tasks and offloading some or most of cognitive work from humans to the machines. Does this mean all the technology and associated practices developed over the decades in BI space are not useful anymore in Big Data age? Not at all. On the contrary, they are more useful than ever: whereas in the past humans were in the driving seat and controlling the demand for the use of the datasets acquired and curated diligently, we have now machines taking up that important role and hence unleashing manifold different ways of using the data and finding out obscure, non-intuitive relationships that allude humans. Moreover, machines can bring unprecedented speed and processing scalability to the game that would be either prohibitively expensive or outright impossible to do with human workforce. Companies have to realize both the enormous potential of using new automated, predictive analytics technologies such as machine learning and how to successfully incorporate and utilize those advanced technologies into the data analysis and processing fabric of their existing infrastructure. It is this marrying of relatively old, stable technologies of data mining, data warehousing, enterprise data models, etc. with the new automated predictive technologies that has the huge potential to unleash the benefits so often being hyped by the vested interests of new tools and applications as the answer to all data analytical problems. To see this in the context of predictive analytics, let's consider the machine learning(ML) technology. The easiest way to understand machine learning would be to look at the simplest ML algorithm: linear regression. ML technology will build on basic interpolation idea of the regression and extend it using sophisticated mathematical techniques that would not necessarily be obvious to the causal users. For example, some ML algorithms would extend linear regression approach to model non-linear (i.e. higher order) relationships between dependent and independent variables in the dataset via clever mathematical transformations (a.k.a kernel methods) that will express those non-linear relationship in a linear form and hence suitable to be run through a linear algorithm. Be it a simple linear algorithm or its more sophisticated kernel methods variation, ML algorithms will not have any context on the data they process. This is both a strength and weakness at the same time. Strength because the same algorithms could process a variety of different kinds of data, allowing us to leverage all the work gone through the development of those algorithms in different business contexts, weakness because since the algorithms lack any contextual understanding of the data, perennial computer science truth of garbage in, garbage out manifests itself unceremoniously here : ML models have to be fed "right" kind of data to draw out correct insights that explain the inner relationships in the data being processed. ML technology provides an impressive set of sophisticated data analysis and modelling algorithms that could find out very intricate relationships among the datasets they process. It provides not only very sophisticated, advanced data analysis and modeling methods but also the ability to use these methods in an automated, hence massively distributed and scalable ways. Its Achilles' heel however is its heavy dependence on the data it is being fed with. Best analytic methods would be useless, as far as drawing out useful insights from them are concerned, if they are applied on the wrong kind of data. More seriously, the use of advanced analytical technology could give a false sense of confidence to their users over the analysis results those methods produce, making the whole undertaking not just useless but actually dangerous. We can address the fundamental weakness of ML technology by deploying its advanced, raw algorithmic processing capabilities in conjunction with the existing data analytics technology whereby contextual data relationships and key domain knowledge coming from existing BI estate (data mining efforts, data warehouses, enterprise data models, business rules, etc.) are used to feed ML analytics pipeline. This approach will combine superior algorithmic processing capabilities of the new ML technology with the enterprise knowledge accumulated through BI efforts and will allow companies build on their existing data analytics investments while transitioning to use incoming advanced technologies. This, I believe, is effectively a win-win situation and will be key to the success of any company involved in data analytics efforts.

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Spotlight

Innovecs

We are a global and dynamic software engineering company, that enables businesses to grow, transform or innovate, through tailored digital solutions. Clients and employees trust the Innovecs brand, because of our precision in delivery, responsiveness to individual need, and dedication towards excelling in service, talent and innovation.

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