Instinct Or Data?
In today’s business world, organizations are composed of many people with varying motivations and thought processes. It can be hard to reach consensus on the big decisions – and that’s even harder without data on hand. We can’t make decisions based on instinct alone. And we need data to help inform and support the decision-making process.
Information Overload: Over 210,000 Times More Data In 2020 Than 2000
In 2000, Lyman and Varian of UC Berkely published a paper that for the first time quantified the amount of original information created annually. It found that the world produced about 1.5 exabytes of unique information. That is 250 megabytes per person for each man, woman, and child on earth. Forbes estimates that by 2020, there will be 1.7 MB of new data created every second for every person on the planet. The amount of data produced in 2020 per person per year is over 210,000 times greater than in 2000.
Getting data is no longer a hurdle, but sorting through it all certainly is. So how can you utilize big data to build marketing campaigns and customer offers that will do the most for your bottom line?
Finding The Needle In The Haystack With A.I.
Many companies now use machine learning and A.I. to find the data “needle in the haystack”. After all, data is only as good as the insight it produces. If the insight isn’t understood, no one will act on it, and no change will occur.
It’s difficult to make sense of the metrics to measure your business by. Should your company be focused on behavioral metrics like time on site, clicks, pageviews and device usage? What about demographic information like gender and geo-location? The products someone is viewing? What permutations of data make sense? How are these correlated? What actually matters?
And accuracy isn’t enough on its own. Jennifer Priestley, a professor of applied statistics, told the story of a math major who created an A.I. model that generated 2,500 predictions. Even though was very accurate, she said: “it [the model] made no sense. You can’t operationalize 2,500 predictors. Go find four that I can put into practice.”
Operationalize Your Business With Predictive, Actionable Data
Vidora uses machine learning to make big data predictive and actionable. But by throwing all the characteristics indicative of churn or loyalty into our models, we can identify the top 4-6 indicators that a business should focus on. That information helps create a “loyalty score” – ranking every user and predict what they will do next. With that information, your team can run targeted campaigns for every user.
Big data is a messy, chaotic proposition. But with new A.I. solutions like Vidora, you’ll be able to pull out the insights that matter most and give your customers what they really want with predictive, actionable data that makes sense of all the noise.
