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Innovation through Data Capitalisation

Innovation through Data Capitalisation. Joanne Jacobs Social Media Consultant Exploring Data Driven Innovation - Creative Consumer Workshop Wed 09 Mar 2011 Inspace - Edinburgh School of Informatics, Edinburgh. Image source: http://www.flickr.com/photos/inl/5097547405/. Primary argument.

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Innovation through Data Capitalisation

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  1. Innovation through Data Capitalisation Joanne Jacobs Social Media Consultant Exploring Data Driven Innovation - Creative Consumer Workshop Wed 09 Mar 2011 Inspace - Edinburgh School of Informatics, Edinburgh Joanne Jacobs: Innovation through Data Capitalisation, March 2011 Image source: http://www.flickr.com/photos/inl/5097547405/

  2. Primary argument • There is an opportunity cost of failing to make use of data. • Data should trigger action, not just be support material in reports Image sources: http://www.flickr.com/photos/alishav/4253056121/ http://commons.wikimedia.org/wiki/File:Fullquiverofarrows.jpg http://commons.wikimedia.org/wiki/File:Reloj_despertador.jpg http://commons.wikimedia.org/wiki/File:Mascherano_liverpool.JPG Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  3. Value: Worth of a product/system in terms of use or in terms of market perception Collectively determined Utility: usefulness, capacity to generate positive outcomes and minimise negative outcomes Individually determined Value versus utility Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  4. The maths in brief (Metcalfe’s law, etc) • Value of a network determined by number of possible connections: n2(Metcalfe’s law) • Can only have connections with other users, thus better equation is: n(n - 1)=2 (Reed’s Law) • Odlyzko says total connections doesn’t represent true value of network, nor do networks grow exponentially, thus best equation is: n log(n) (Odlyzko & Tilly’s Law) Image source: http://en.wikipedia.org/wiki/Metcalfe's_law Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  5. What does all this mean? • Value of networks not directly proportional to either number of people in a network, or the amount of data collected; • Value of data more directly associated with its usefulness and perceived benefits; • Value of data can be hidden as well as acknowledged. Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  6. The Value of Data • Total tangible and intangible acknowledged benefits derived from data • DOES NOT include data collected but not capitalized • DOES NOT include unacknowledged benefits, whether tangible or intangible. Image source: http://www.flickr.com/photos/thomasvdb/379546998/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  7. The Utility of Data • Total possible interactions in a system • Supply chain databases (suppliers and customers) • Earnings per record • Risk/price of rebuilding • Customer interactions (online or in person) • Earnings per interaction • Total possible opportunities for collecting/recording data Image source: http://www.flickr.com/photos/vancouverfilmschool/5143625176/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  8. What data is collected? • Customer databases • Supplier databases • Sales • Media profile • Website hits/interactions • Social media followers/likes/retweets • Sentiment/brand awareness → Predominantly tangible data Image source: http://www.flickr.com/photos/sixmilliondollardan/3852839454/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  9. What additional data can be collected? • Tangible: • Content tags (for indexing content) • Resource cost per interaction (for staff costs) • Time per interaction (to understand speed of interactions) • Number of interactions (to understand increase/reduction in processing) • Intangible: • Employee happiness with/understanding of how to find information • Supply chain perceptions of efficiency • Network effects on productivity Image source: http://www.flickr.com/photos/swanksalot/2704017177/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  10. How to capitalise on data • Map what data is collected with distinct actions • Present data in different contexts (geographical maps, timelines, heatmaps, other data visualisation techniques) • Consider what opportunities for data collection have been overlooked • Use data crunching resources for easy visualisation and insight generation. Image source: http://www.flickr.com/photos/quinnanya/5066259987/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  11. Disruptive vs Continuous Innovation • Disruptive innovation: creates new markets that have never before existed • Continuous or transformational innovation: solve existing problems either in new or expected ways • Most innovation derived from data will be continuous/transformational Image source: http://www.flickr.com/photos/opensourceway/4371000486/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  12. Innovation through Data Capitalisation • Most innovation driven by tinkerers, not by R&D, thus needs-driven, not research-driven • Greatest needs are based on scarcity of resources • New knowledge emerges when existing data ‘mashed together’ with other content (ie: crime maps) Image source: http://www.flickr.com/photos/aalhajji/2604740451/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  13. Failing to use data • Much data collected never capitalized: • Insights from customer interactions in person and online • ‘Uncleaned’ databases • Unindexed, non-contextualised content • All data collected, but not capitalized = COST • All data not collected where possible = COST Image source: http://www.flickr.com/photos/fireflythegreat/2845637227/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  14. Reports are not enough • Many organisations feel that by reporting data, they are capitalizing; this is not necessarily true • Reports of interactions for Board or stakeholders which do not result in action = COST • Reports should be presented with insights as well as a variety of scenarios for organisational behaviour change. Image source: http://www.flickr.com/photos/gadl/320300354/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  15. Case studies • Police crime maps • Wordle on website comments/mentions • Network switching for mobile phone suppliers • YouTube: Map my summer • Fortune’s Best Companies to Work For • CO2 creation Image source: http://www.flickr.com/photos/lamenta3/2603529812/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  16. Police crime maps Insights: Relationships between crimes in various areas – data can be indexed by socio-economic factors, etc. From: Police.uk Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  17. Wordle for mentions Insights: Individuals, places, activities. From: Creative Industries Knowledge Transfer networks articles Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  18. Mobile network switching Insights: Not just numbers, but patterns of change. From: Ken’s Tech tips Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  19. Map my summer Insights: Awareness of the campaign, network spread. From: YouTube Map My Summer Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  20. Fortune’s Best Companies to Work For Insights: Values of employees. From: CNN Money site Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  21. CO2 Creation Insights: Comparison of activities or alternatives. From: General Electric data visualisation Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  22. Additional Resources • MIT’s Exhibit: http://simile-widgets.org/exhibit/ • Open Heat Map: http://www.openheatmap.com/ • Google insights search: http://www.google.com/insights/search/# • Forrester customer social technographics profiling: http://www.forrester.com/empowered/tool_consumer.html • Wordle: http://www.wordle.net/ • Visualizing http://www.visualizing.org/ • Spicy nodes: http://www.spicynodes.org/ • Slatebox mindmapping: http://www.slatebox.com/Index • Bubbl.us brianstorming: https://bubbl.us/ Image source: http://www.flickr.com/photos/opensourceway/5161093829/ Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  23. Social media monitoring • http://www.socialoomph.com/ • http://blogpulse.com/ • http://www.boardtracker.com/ • http://www.tinker.com/ • http://surchur.com/ • http://www.socialmention.com/ • http://www.icerocket.com/ • http://www.keotag.com/ • http://monitorthis.77elements.com/ • http://addictomatic.com/ • http://www.howsociable.com/ • http://www.monitter.com/ • http://www.postling.com/ • http://topsy.com/ • http://backtweets.com/ • http://www.backtype.com/ • http://www.twazzup.com/ • http://www.threadsy.com/ • https://www.myweboo.com/index.html?null • http://www.peerindex.net/ • http://twitalyzer.com/ • http://www.wikio.com/ • http://research.ly/ • http://www.kurrently.com/ • http://www.sensidea.com/socialseek/index.html (client based) • https://www.tribemonitor.com/ (private beta) • https://twendzpro.waggeneredstrom.com/default.aspx (free trial) • http://socialcollider.net/ Image source: http://commons.wikimedia.org/wiki/File:Fundraising_2010_social_media_monitors_logo.png Joanne Jacobs: Innovation through Data Capitalisation, March 2011

  24. Questions? Joanne Jacobs Social Media Expert Consultant Email: joanne@joannejacobs.net Blog: http://joannejacobs.net/ Twitter: joannejacobs Skype: bgsbjj Skype-in: (+44) 0208 144 9348 Mob: (+44) 07948 318 298 Joanne Jacobs: Innovation through Data Capitalisation, March 2011

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