When clients ask for “thought leadership” white papers, they want ideas that aren’t yet common knowledge and that will grab and keep readers.
Here’s some thought leadership about the hot topic of Big Data: It can do massive harm if you use it to ask the wrong questions, overload users with documentation, implement it with the wrong data or ignore common sense. Being first to guide your customers around these pitfalls can mean competitive advantage.
Big Noise About Big Data
Big Data – analyzing a greater volume, variety and velocity of data to make better decisions – will grow at six times the rate of the overall information technology market, reaching $41.5 billion in 2018, says market researcher IDC.
Businesses have sliced and diced data about everything from underground oil deposits to customer sales for decades. But the growth of the Internet, of devices linked to the Internet of Things and social media means more data to mine every day. The opportunities range from using location data to text coupons to customers based on their location in a store to using arrest records to predict where crimes are likely and prevent them with a heavier police presence. (Hello, Minority Report.)
So what could go wrong? At least three big things. Here’s how to use each of these minefields to show thought leadership and speed the benefits of Big Data to us all.
- Data for Data’s Sake
ICD-10 is the latest version of the codes used around the world to describe medical conditions, and is the basis on which providers get paid by insurers. The most recent version, which went into effect October 1, is much more detailed than the previous versions, with 70,000 codes for everything from parrot bites to getting sucked into a jet engine. While the extra detail may help health researchers, Bloomberg Business Week reports says it means huge amounts of unpaid paperwork for providers – time they could be spending with patients. Skeptics note the added complexity means a windfall for consultants and software companies happy to sort out the mess, and gives insurers an excuse to deny claims.
Thought leadership: Big Data will only be cost-effective and gain the trust of customers if we gather only the data we need, ensure data gathering doesn’t interfere with an organization’s prime mission and is used for good, not evil. Be proactive about addressing these issues in your marketing.
- Forgetting the End Customer
In industry after industry, practitioners are scrambling for data-driven rules that will assure them they are doing a good job. In education, for example, some claim that the more a teacher moves around the classroom, the better their teaching. Have you ever had a teacher who could keep a classroom spellbound while standing in one place, and others who bored you to tears while they paced all over the place? Another teacher pointed out that too much stimulation (like a teacher wandering around the room) might distract students with autism or other disorders. Our fixation with data can blind us to our own experience.
Thought leadership: Stress (as many analytic experts already are) the importance of working closely with business managers and front-line workers to understand what data matter in the real world. Focus on metrics that matter to the end consumer. In education, for example, don’t monitor the teacher, but the students, and whether they’re listening raptly or are tapping on their smartphones. In sales, customer service or app development, focus on the user experience, not just stats like system response time.
3. People Aren’t Robots. Yet.
There may come a day when we’re always guided to rational decisions by embedded neural networks, but we ain’t there yet.
Consider the financial meltdown of 2007-2008, which almost sank the globe into an economic depression. Some experts did predict the crash, and there was data (such as overly inflated home prices and rising household debt) that pointed to trouble.
But some of the biggest dangers were neither reflected in the data or the analytic models acting on it. They include the folly of home buyers taking on mortgages they couldn’t afford, the greed of mortgage issuers (or those who packaged those loans for resale) in hiding rising delinquency rates, or the temptation for credit scoring agencies (who get paid by big financial firms) to keep the bad news quiet.
Thought leadership: Don’t just admit that human factors defy Big Data analysis. Become a leader in explaining the limits of Big Data, and advising your clients on when to supplement it with focus groups, qualitative research and field experience that take the human factor into account.
Big Data is still in the “peak of inflated expectations” phase of what researcher Gartner Inc. calls the “hype cycle” each new technology goes through. Next up is Gartner’s “trough of disillusionment” as customers fall prey to Big Data mistakes like those I’ve described.
As we learn how to use Big Data right, we’ll enter the sunny uplands of what Gartner calls the “slope of enlightenment” and “plateau of productivity” for new technology. Generating, and promoting, insights into the proper uses of Big Data will get your company, or your clients, to that happy state first.
Filed under: Content Marketing For IT Vendors
Like this post? Subscribe to my RSS feed and get loads more!