Presentation: Big Data 101, What It Means for Business Presented by: David Ray, Corporate Vice President, Corporate Internet, New York Life Insurance Company Big Data is the latest buzzword inside the C-suite, but what does it mean, how are other industries using it to competitive advantage, and what are the real opportunities for business? Does big data require massive amounts of data to be considered or is there success to be found in unifying myriad data sources? Join us for an interesting peek. www.bdionline.com

1. Big Data 101
What It Means for Business
David Ray
Corporate Internet
Corporate Communications Dept

2. Big Data
“Big Data is like teenage sex;
everyone talks about it, nobody
really knows how to do it, everyone
thinks everyone one else is doing it, so
everyone claims they are doing it.”
-Dan Ariely, Duke University
Director of the Center for Advanced Hindsight
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3. Big Data
“‘Big Data’ is just more data than we’re
used to.”
– Jim Sterne, WAA & eMetrics Founder
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4. What is “Big Data”?
• “Big Data is data that is too large
complex, and dynamic for any
conventional data tools to capture,
store, manage, and analyze. The ‘three
Vs,’ i.e., the Volume, Variety, Velocity of
the data coming in is what creates the
challenge.” Source: wipro.com
• According to author Bernard Marr, “we
are now tracking and storing data on
everything, which is why we have so
much data and why the amount of data
is growing at a staggering rate each day.
So, yes—we have large volumes of data,
“big data” if you like. But the real hype is
NOT about the large volumes of data.”
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5. What is “Big Data”?
• “The real hype around ‘big data’ is about what
we can now do with this data. It is not the amount
of data that is making the difference but our
ability to analyze vast and complex data sets
beyond anything we could ever do before.”
• “Cloud computing combined with improved
network speed as well as innovative techniques
to analyze data have resulted in a new ability to
turn vast amounts of complex data into value. “
• “This analysis can now be performed without the
need to purchase or build large supercomputers.
This means that any business, government
body—anyone can now use big data to improve
their decision-making.”
Source: Bernard Marr, Why the ‘Big Data’ Hype is NOT About Big or Data!
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6. What is “Big Data”?
• “Especially powerful is our ability to analyze
so-called ‘unstructured data.’ This is the data
we can’t easily store and index in traditional
databases such as email conversations,
social media posts, video content, photos,
voice recordings, sounds, etc.“
• “Combining this ‘messy and complex’ data
with other more traditional data is where a lot
of the value lies. Many are starting to use big
data analytics to complement their traditional
data analysis in order to get richer and
improved insights, and make smarter
business decisions.“
Source: Bernard Marr, Why the ‘Big Data’ Hype is NOT About Big or Data!
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7. What Big Data Is Not…
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8. The Digital “Daisy”
UI, Campaign &
Form Testing
Testing
Dynamic Events,
Campaigns
Tag Mgmt
Digital Mktg
Tools
Content Mgmt
PZN
Segmentation
Workflow
DAM
Campaign Mgt
Marketing/Branding
PPC
Web
Analytics
Paid
Search
Keywords
Social
Multichannel
Offline
Data
Search
Engine
Marketing
SEO
eMail Mgmt
Unified eMail
Organic Search
Keywords
-Service
-Demographic
-Client Data
-Leads, Sales,
Other
Video
Branding,
Attribution
Video
Publishing
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9. And lo, ours was not the only daisy…
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10. One Example
Data Warehouse
Data Marts
DB to Join
App Data
Illustration
System
Underwriting
DB to Join
App Data
Dashboard
DB to Join
App Data
Ledger
Contacts
Application
Processing
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11. Service Example
Service Portal
Data Marts
DB to Join
App Data
Mainframe
Digital
SelfService
DB to Join
App Data
Other
Products
DB to Join
App Data
Workflow
Complaint
Call
Center
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12. Customer experience?
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13. What Does it Take?
Water Tunnel Photograph by Fred R. Conrad/The New York Times
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14. Customer View
• Need to measure
across customer
journey
• Understand
interactions where
they occur
Source: Forrester Research, Inc.
• How does a
business measure
across multiple
touchpoints with a
consistent voice,
brand, view?
Customer Decision Touchpoints
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15. Traditional BI
Data Mart(s)
Tape/Trash
Data
Source
? ? ?
?
? ? ?
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16. Enter the “Data Lake”
• Single source
• Large volume
• Not distilled
• Typically no more than 1-2
lakes per company
• Known and ‘unknown’
questions
• Multiple user communities
• Don’t fit in traditional RDBMS
with a reasonable cost
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17. What if...
Data Mart(s)
Ad Hoc Query
Data Warehouse
Data Lake(s)
Data
Source
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18. What’s Our Big Data Worth?
• According to statistics from IDC: Unstructured data
comprises more than 90% of the information in today's
enterprises, much of it stored away in documents, email,
notes and Web content.
• What’s the potential value of mining this untapped data?
• If 90% is unstructured, at best we’re making business
decisions based on 10% of our data.
• What if businesses could increase that to 20-, 30-, 50%?
• What are the risks/competitive disadvantages if we don’t?
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19. The Future Opportunity
• The present and future opportunity for “big data” may not be
to process enormous amounts of data (though many use
cases exist), but rather to tie together previously un-tied
and/or isolated systems.
• Use cases abound, from customer experience management
to service to product development to marketing.
• Imagine a service rep having a single service application
with a cross-channel view of the customer, or a consolidated
Agent book of business; picture a centralized marketing
area that’s aware of every customer correspondence, email,
touchpoint, interaction, plus a Web site and/or Call Center
that responds accordingly.
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20. Who Uses Big Data?
“While there are plenty of specialized
uses for big data analytics—such as a
fraud-detection model for a credit card
company handling tens of millions of
cards and transactions—one of the
broadest applications has been in
marketing. Marketers have been quick
to see the promise of modeling the
activities of their customers across
multiple channels (in-store, online, call
center, CRM, mobile, social media) to
understand implicit preferences and
build predictive models.”
Source: Information Week
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21. Who Uses Big Data?
“Troy Carter, Lady Gaga’s business
manager, is a big data devotee,
reports The South China Morning
Post. Carter created
Littlemonsters.com, a Gaga-centric
social network, by mining the
singer's 31 million plus fans on Twitter
and 51 million plus on Facebook. The
reported goal is to woo as many of
Gaga’s “little monsters” as possible
to this site, effectively bypassing the
general-purpose social media
networks and keeping 100% of
future revenues.”
Source: Information Week
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22. Who Uses Big Data?
“Facebook and Yahoo run their own giant,
in-house “clusters”—collections of powerful
servers—for crunching data. The necessity
of these clusters is one of the hallmarks of
big data. After all, data isn’t all that “big” if
you could chew through it on your PC at
home. The necessity of breaking problems
into many small parts, and processing each
on a large array of computers, characterizes
classic big data problems like Google’s
need to compute the rank of every single
web page on the planet.”
Source: Christopher Mims, Quartz
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23. Who Uses Big Data?
Apparently, even the Central Intelligence
Agency is searching for data scientists. “All of
CIA’s directorates—the National Clandestine
Service and the Directorates of Intelligence,
Support and Science and Technology—are
looking for curious, creative individuals
interested in serving their country through the
field of data science,” reads the job posting
on CIA.gov.
https://www.cia.gov/news-information/featured-story-archive/2012-featured-story-archive/big-data-at-the-cia.html
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24. Who Uses Big Data?
Researchers worldwide are using big data
techniques to investigate climate change.
The P&C insurance industry is using the
same advanced modeling techniques to
prepare for the planet’s changing weather.
For example, The Climate Corporation, has
created “fully automated weather
insurance products” using big data
analytics.
Source: Information Week
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25. Who Uses Big Data?
“For years now, big data
has helped 1-800-Flowers
ship flowers to loved
ones. The company uses
data analytics for both
customer intelligence and
to optimize its own
marketing choices.”
Source: Information Week
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26. Who Uses Big Data?
“So big data and its associated analytics
have found a home in virtually every
industry. Which begs the question: If Lady
Gaga uses it, why aren’t you?”
Source: Information Week
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