American Marketing Association (AMA) “Barriers to Big Data: Adoption”
Another AMA webinar reveals that Big Data will continue to push deeper into daily business functions and that companies need to strive to integrate it into their daily functions.
According to the IDC Chief Marketing Officer Top 10 Predictions of 2013:
#1: “The C-suite will demand that the CMO produce both a strategy and a plan for how market-driven data will significantly contribute to corporate objectives.”
#4: ”Even with their new partnership with the CIO, many CMOs will find that their positions are in jeopardy as they failed to produce a robust data analytics function.”
#5: “Starting in 2013, after the CMO realizes that he/she does not have the skill sets in place for data analytics proficiency, 50% of new marketing hires will have technical backgrounds.
With regards to people and Big Data, the data scientist should be mathematical, technical, insightful, and communications-oriented. According to McKinsey & Company, by 2018, the United States could face a shortage of 140,00 to 190,000 people with advanced analytical skills.
With regards to producing significant data, understanding customer behavior from Big Data is the “Holy Grail of marketing.” To do this, businesses must us customer transaction data and succeed through overcoming the challenges of volume, velocity, and variety of a product.
Planning is essential, which makes analyzing Big Data a process. This process includes a vision, a prototype, an expansion, and practice. The vision of how Big Data will be used involves a roadmap, talent, and it may require cultural change. Having a prototype showcases the capabilities and provides new insights for the company. Expansion grows sophistication and breadth, and drives execution. Lastly, practice provides data driven decision making, can create incremental changes that bring big payoffs, and bridge the customer understanding gap.