Social Data Revolution in Retail and CG
There is a social data revolution going on in the retail and consumer goods industries, but it is only worth as much as it has an impact on decisions. Think for instance, about how Amazon has changed the way a billion people think about buying things, how Google has changed the way people think about information and how Facebook has changed the way people think about identity.
There is a balance of power between the customer and the retailer, but that balance of power is shifting. With data disrupting every aspect of the world we live in, it is imperative to know how to put this data to action. During an opening keynote session at the 2015 Retail & Consumer Goods Analytics Summit, Dr. Andreas Weigand, Former Chief Scientist for Amazon, and Founder and Director of the Social Data Lab, explained how advanced analytics can dig into company data to derive a proxy equation of corporate health (fitness function).
"Start with a decision you need to make, not with the data you have," explained Weigand. In other words, have a decision focus and not a data focus. By creating data-based experiments, companies can determine the critical impact of proposed business decisions.
Companies use words like insights, knowledge, wisdom and even wonder to describe big data, which are all accurate, but action is key when it comes to leveraging data for generating revenue in the marketplace.
"Data of the people, by the people and for the people," closed Weigand.
There is a balance of power between the customer and the retailer, but that balance of power is shifting. With data disrupting every aspect of the world we live in, it is imperative to know how to put this data to action. During an opening keynote session at the 2015 Retail & Consumer Goods Analytics Summit, Dr. Andreas Weigand, Former Chief Scientist for Amazon, and Founder and Director of the Social Data Lab, explained how advanced analytics can dig into company data to derive a proxy equation of corporate health (fitness function).
"Start with a decision you need to make, not with the data you have," explained Weigand. In other words, have a decision focus and not a data focus. By creating data-based experiments, companies can determine the critical impact of proposed business decisions.
Companies use words like insights, knowledge, wisdom and even wonder to describe big data, which are all accurate, but action is key when it comes to leveraging data for generating revenue in the marketplace.
"Data of the people, by the people and for the people," closed Weigand.