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Trends and Outliers

TIBCO Spotfire's Business Intelligence Blog

Monthly Archives: June 2013

06/28
2013

13 Really Cool Quotes About Data

All week we’ve been writing about some great data analytics topics. And we hope we’ve given you some some information and food for thought that can help you make better business decisions.

quotes 13 Really Cool Quotes About DataBut it’s Friday, so let’s have some fun.

Here for your perusing pleasure are 13 (my favorite number) of the best data quotes – gathered from a number of sources on the web – from CEOs, statisticians, authors and even Sherlock Holmes.

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06/27
2013

Transitioning to an Analytics-Driven Big Data Strategy

The combination of big data and analytics offers company executives and managers new ways of visualizing information and pinpointing business trends that haven’t been possible in the past.

strategy Transitioning to an Analytics Driven Big Data StrategyFor instance, machine data that’s gathered from a factory floor can reveal whether a change in vibration patterns or operating temperature might be a precursor to a breakdown.

Similarly, visualization tools can help retail executives identify an uptick in sales for a particular product or style of clothing in a geographic market so they can act quickly on those insights to ensure that inventory levels are maintained.

Of course, these are ideal use cases for big data and analytics software.

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06/26
2013

Data Analysis to Fuel Business Growth

As companies search for new areas of growth post-recession, emerging markets and demographic shifts – once thought to be hot spots for business expansion – likely will not be enough for many companies to bolster the bottom line.

images4 Data Analysis to Fuel Business GrowthThat’s according to a new research summary from Accenture that finds that growth is more likely to come for the companies that can effectively target and respond to variable consumer behavior.

Accenture has also analyzed 20 of the industries and sectors – including fair trade goods, video on demand and low-cost airlines – that are associated with targeting consumer behaviors, according to its survey of 10,000 online consumers in 10 countries.

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06/25
2013

Data Analysis: The Business Value of Parallel Research

It’s been well documented that companies are facing a shortage of skilled data scientists. In fact, the US faces a shortage of 140,000 to 190,000 with analytical skills and 1.5 million managers and analysts with the skills to make sense of big data and drive effective decision making, according to a study conducted by McKinsey Global Institute.

images2 Data Analysis: The Business Value of Parallel ResearchDespite the challenges that many organizations face in identifying and recruiting analytical talent, TechRepublic contributor John Weathington advocates doubling down on big data investments.

That includes creating two separate analytical teams to work on the same research questions to give senior management options for strategic planning.

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06/24
2013

5 Things Your CEO Needs to Know About Big Data

When it comes to the importance of communicating the results of data analysis, the case of Gregor Mendel, the scientist who discovered the concept of genetic inheritance, provides a dire warning for business.

ceo 5 Things Your CEO Needs to Know About Big DataMendel’s findings weren’t accepted until long after his death because he only published his findings in an obscure scientific journal, notes Thomas Davenport, Harvard Business School professor and author of several books on analytics.

“Too many managers are, with the help of their analyst colleagues, simply compiling vast databases of information that never see the light of day, or that only get disseminated in auto-generated business intelligence reports,” Davenport notes.

“Managers do not need to become quant jocks,” he adds. “But . . . most do need to become better consumers of data, with a better appreciation of quantitative analysis and – just as important – an ability to communicate what the numbers mean.

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06/21
2013

Big Data: It’s What’s Important

On the off chance you’re still not convinced about big data’s potential for greatness, I bring you five “cool ways big data is changing lives.”

big data teaser Big Data: It’s What’s ImportantThe list comes to you via Raj Sabhlok and Forbes Magazine.

1. Fewer Trips To The ER = $4.5 Million 

Big data is helping the folks at Caesars Entertainment Corp. cut the healthcare costs for its employees and covered family members.

It seems after analyzing all the data from the health insurance claims of its employees, the company found that at one particular property only about 11% of emergencies – versus 34% across the rest of Caesar’s properties – were being treated at urgent-care facilities that charge less than hospital emergency rooms.

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06/20
2013

Analytics to Measure Targeted Ad Campaigns

Advertising clients now expect advertising campaigns to be measurable and much more data driven than they have been in the past, according to Dimitri Maex, managing director at OgilvyOne Worldwide in New York.

marketing campaigns Analytics to Measure Targeted Ad CampaignsAnd there’s certainly a lot more data available to ad campaigns regarding consumer behavior that can be used by marketing and other executives to help guide decision making, Maex tells Data Informed.

Despite all the buzz indicating that customers are wary of how much companies know about them, they’re not really opposed to behavioral targeting.

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06/19
2013

Spotfire’s Michael O’Connell: Why Data Visualization Matters

Michael O’Connell, Spotfire’s chief data scientist, really digs data visualization. So much so that he wrote a book about it. Since this is a hot topic in data analytics today, we want to give you a look inside the value of data visualization from O’Connell’s point of view.

michale Spotfires Michael OConnell: Why Data Visualization Matters 1. Why do you think visuals explain data better? What is the business benefit? 

O’Connell: Graphics force people across the business to see what they never expected to see. Information visuals, combined with descriptive and predictive analytics, highlight the unknown unknowns in data in a way that can radically affect business practices.

See how O’Connell defines big data in this short video clip. Takeaway: visualization helps harness data that “is difficult to analyze in memory.”

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06/18
2013

Data Analysis: Zodiac Signs and Crime

OK, I’m back with another installment of strange, fun, weird (insert your own adjective here) news from the world of big data and data analytics.

signs Data Analysis: Zodiac Signs and CrimeYou know, like the post I wrote about data analytics and the Loch Ness Monster. However, this tale comes not from across the pond, but rather from our neighbors to the north.

It seems that near the end of 2011, police in the rural town of Chatham-Kent, Ontario figured it would it be a good idea – for some reason known only to them – to rank the crimes committed that year by the criminals’ Zodiac signs.

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06/17
2013

Data Analytics: Shaping the Future of Energy

Despite continued excitement regarding progress around harnessing renewable energy sources such as solar and wind power, technological innovations are also helping oil and gas refiners discover new ways of mining deposits that until recently weren’t possible.

shping future Data Analytics: Shaping the Future of Energy For instance, the use of 3D seismic data testing techniques and other advanced technologies has enabled Noble Energy to discover an estimated 8.5 trillion cubic feet of natural gas in the Mediterranean Sea 90 miles west of Haifa, Israel.

The discovery, made in 2009, has led Israel to begin pumping gas from a rig in the offshore Tamar field to a processing plant in Ashdod.

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