Joachim C Bartels, Managing Director of BIIA moderated a think tank on Data & Analytics. He lead the discussion on eight key major trends:
- The Analytics Revolution is Under Way
- Wall Street Rewards Companies with Analytics
- The BIG Data Idea is Taking Hold
- Main Street is Dying – Information Plays ‘Catch up’
- Growth and Customer Profitability Becomes an Imperative
- Fear of Fraud Drives Consumer Credit Information
- Consumers Seek Ways to Draw the Veil Back Over Their Lives – Taking Control over Data
- The Medical Information Revolution (USA)
In summary the discussion centered on key concerns for directory publisher in particular:
Directory publishers are changing their distribution model partnering with search providers to ensure that their data can be accessed via any number of search engines. This is essential if they are to give their customers the widest possible reach.
Privacy challenges vary from country to country based on legislation and cultural attitudes. This requires organizations involved in Big Data and Analytics to balance what is possible with what is acceptable.
Pure analytics has its value but greater value is driven from the vertical integration of data, analytics and software and this is being seen in all information markets where customers are demanding that insights are integrated in their workflow processes.
Directories that have transformed to integrated networks can deliver far greater value to their customers than the traditional directories did. An example of this is Iron Solutions a directory publisher that collected information on the specifications and valuations of agriculture and plant machinery. It was used by buyers, sellers and financers to support the buying & selling of the equipment. Today it is an online network where equipment can be traded and financed, sight unseen, because of the confidence in the data that has been verified by multiple sources.
As we move towards more machine to machine transactions in the digital space, the development of ontologies will be key to ensure that terms and phrases can be disambiguated e.g Java means software not coffee or island.
The ability to attract and retain “data scientists” will be a critical success factor for companies in the future as the demand to create insights to support decision making in all areas of activity grow.
To access the lead discussion slides click on this link: Think Tank One Final