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No More Seven-Day Doughnuts: Companies Need to Improve How They Use Data

staging.lbbonline.com, 2 years, 1 month ago

Many companies are still stuck in the old world of analytics, according to acting head of industry strategy for Adobe, Scott Thomson

No More Seven-Day Doughnuts: Companies Need to Improve How They Use Data

Scott Thomson reckons many companies are so focused on warehousing and pulling the insights from big data, they forget about the importance of getting fast data insights to be more relevant to their customer in timely fashion.

"Seven-day-old data is like a seven-day-old doughnut. No one wants to consume that," he said.

Thomson will speak to Melbourne members of the Institute of Analytics Professionals of Australia on September 16 about ‘new world analytics: fast data trumps big data.’ The event takes place at Deloitte’s offices at 550 Bourke Street, Melbourne, from 5.45pm.

He will share his experiences at Telstra, Sensis and Adobe in making real-time data available for innovation and how analysts can make it comprehensible and actionable to business.

"In a nutshell, there are three big insights I’ll be delivering: First, it doesn’t matter how much data you have. It has to be relevant to your customers. Second, engagement is more important than marketing. People don’t want be sold to -- they want a brand that cares about them and uses their data responsibly and in a way that’s engaging to them."

"Third, there’s too much focus on warehousing one’s data. If you want to be meaningful, you better focus on fast data, rather than big data because the longer you park data, the less likely it’s still relevant to the customer."

Thomson explains old-world analytics as the structure of people, process and technology, surrounding the extract, data warehousing and business intelligence used by most businesses today.

"Old world analytics is slow moving, potentially vulnerable to political subversion or exclusion of input data by siloed departments and experiences, hours, days or weeks of latency," he said.

In contrast, new world analytics systems need to make the real-time data accessible, understandable and actionable for business users.

As acting head of industry strategy for Adobe APAC and a digital strategy consultant, digital marketeer and technology strategist, Thomson has worked in telcos and media, providing vision and advice into data-driven marketing and data-commercialisation.

He joined Adobe from Telstra where he worked on both the selling and buying side of the digital marketing ecosystem as a senior manager in Telstra Media. In that role, he was responsible for digital advertising across Telstra media’s properties and the Telstra Chief Marketing Office where he was in charge of data-driven marketing.  In his roles at Telstra, Scott was involved in digital marketing strategy, transformation and innovation as well as mergers and acquisitions responsibilities.

Prior to Telstra, Thomson spent four years as the co-founder and CTO of a personalised video advertising company specialising in 1-1 video advertising for both Apple iPhones and Adobe Flash. He also has an extensive technical background in digital product development in Australia and the UK, and an honours degree in computer science, specialising in artificial intelligence and machine learning.

Cost to attend the talk is $25 and includes refreshments. Book at www.iapa.org.au

Genre: Strategy/Insight