Calling out a few of over 35 cities that have advanced in the Bloomberg Mayors Challenge, a nationwide competition to create innovative solutions for shared problems faced by municipal governments. With the struggle of the national administration to drive innovation state governors and city mayors are leading the way.
- Create a product in isolation and push it out through advertising
- Customer focus groups
- Lean / Design Thinking / Customer Discovery
- Data Science
- Now we need to integrate 3 & 4
- These are new capabilities that have to be developed. Not to be confused with existing IT data organizations that are maintaining operational systems. It takes more time, money, and commitment than most organization understand and will require most areas of the company to participate vs. an isolated team approach.
- Funding the practice will span not only technology, but a wide range of skills sets from data architecture, system integration, analytics, etc. Many companies underestimate the amount of time/cost business subject matter experts will need to be involve and participate in developing the insights that come from the analytics.
- While existing system integration seems like a large task, there is a significant amount of information and meta data that your organization has NOT been capturing over the past decades. One mitigation approach is to find strategic partnerships that can leverage their data to create combined data sets that are vastly more valuable than a single organization and can cover history data gaps.
- Integrating to public data sources is a vastly under utilized resource. Many state governments are working to improve systems, apis and crowdsourcing efforts to create more value out of this data. I have also seen companies create portions of internal data and created their own public share. This has paid big dividends in terms of the crowdsourcing solutions that have come out of that data and the strategic partnerships that it has attracted.
- An organization should not under estimate the value of analytics of data outside of ones core customer demographics. It might be the key to understand what you don’t know about the market and customer needs.
- Channel data is a frequent point for data collection investments, but many orgs fail to capture the data for cross channel analytics.
- Look past just the data in the channel, but into the value chain of systems, orgs, and partners that the channels trigger. Many organizations do not understand the operational considerations that channel activation puts on their own organizations. Especially when adding new channels.
- Partner and supply chain data is a great source of understanding the capabilities of your partners during times of crisis, economic instability and market disruptions. Look for those anomalies to understand how better to support the strengths and weaknesses in your own business ecosystem. Pilot additional partners to compare performance and capability variences.
- While many companies are focused heavily on the business analytics, perhaps of of the biggest areas of corporate improvement comes from the aggregation and analytics of internal collaboration of systems and departments. I’ve seen great organization strategies come from the study of internal communication, spending, budgeting, governance, project planning, and project outcomes metrics just to name a few. How good a dashboard to you have in watching organizational behavior and performance over time. What data are you not capturing about your own organization today?
- One of the most frequent differences that I found working crossed thousands of organizations was the fact that companies didn’t really understand the maturity levels of their competition in this area. Most companies would attend a conference and come away feeling that everyone was struggling with similar problems. While this is likely true, they where missing the point that other orgs had already committed significant investment to the aggregation of data even though they where still very immature in their capabilities to exploit it. In many cases they didn’t realize their competition already had gained years of data collection in new and strategic data partnerships and they hadn’t even begun yet. Most fail to consider the value of time in terms of data collection. It is hard to go back in time and get the data you failed to capture and your falling behind every day that passes.
In future blogs I will dive more deeply into each of these considerations to explore how different organizations approached each area and what outcomes came for their efforts.
See more images of the event and speaker agenda in the gallery
I attended an executive salon event hosted by one of the global marketing agencies in Minneapolis. The theme of the presentations focused on the roles of aggregating social data for big data analysis. Two concepts jumps out during the conversation that drove most of the post presentation discussions.
The first was the topic of cross linking social accounts with corporate CRM systems. This was starting to expand a big data picture of the customer. While this is common practice today, they extended the concept to include cross liking with other identity sources such as LinkedIn or Public Tax Records. This started to create a vastly larger profile set of individuals outside of your customer base. These larger sets of profiles could be used to identify trends and patterns that could be leveraged for approach and enticing new customers to your brand or new offerings.
The second topic built on the first but was much more elaborate. They had some guest speakers from new ISVs that where building tools for markets to access a massive big data pool that had been assembling. Several years prior they had launched a backend platform that was constantly listening and recording many social media channels. The platform would be analyzing the content and generating additional meta data and tagging of content to aid in ongoing analysis. An elaborate architecture of meta tag hierarchies where defined to provide categorization of subject matters. Even more impressive was the ontologies that where defined between the hierarchies to cross relate topics. The end result in the analysis seemed to be an enormous multiplier in the ability to cross-relate cross channel data and inter-relate thematic trends and insights. Since seeing this demo I’ve noticed several new companies building out these types of solutions. While the science side of the platforms to do this is fairly straight forward it is the Art of creating the inter-relationships of the ontologies across the hierarchies that will define the state-of-the-art of competitive analysis.