It really isn’t a cliché to say there is a wealth of new data sources for companies to pick and choose from. As Bill Franks, Chief Analytics Officer, Global SAS Program for Teradata, explains in this series of short videos, “People are starting to incorporate customer-level Web interactions – not what I’ve bought, but what reviews I’ve read, what zoom-in pictures I have looked at … it is an order of magnitude [more data].’’ Franks says that organizations are now able, for the first time, to gauge customer intent. In other realms, sensor and radio frequency identification data is also pouring in, providing similar data deluges for manufacturing and distribution. This level of data requires more interaction with the business side to determine how and what to analyze.
A collaborative, creative approach is absolutely necessary, says Franks, who blogs for the International Institute of Analytics and has written about moving from business intelligence to advanced analytics for the Business Analytics Knowledge Exchange. In addition, companies need to be aware of certain pitfalls. The first is that increased processing speed means it’s best to just do more of the same. The second pitfall involves companies that can’t quite get past the testing-the-water stage. “I’ve seen organizations swirl indefinitely because they always have one more thing they need to do before they dive in. They’re never going to take the leap.”
Watch this Q&A session for his full perspective.