for thought. What s next: Social Listening? INTRO INTRO INTRO BIG data: BIG opportunity, BIG threat, BIG value?

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1 BIG data: BIG opportunity, BIG threat, BIG value? INTRO Doel : Food for thought: BIG data, moeten we hier iets mee? for thought. What s next: Social Listening? Frans Feldberg Wat verandert er? Market Intelligence (Social Listening) Opzet: Wat is big data? Waarom is big data relevant? Hoe: Voorbeeld: Social Listening. INTRO INTRO Dr J.F.M. (Frans) Feldberg Associate Professor Faculty of Economics & Business Administration VU University Amsterdam Department: Information, Logistics and Innovation FransFeldberg Knowledge, Information and Networks (www.kinresearch.nl) Research/Education: Business Intelligence/Business Analytics/BIG data Online decision making (DSS & GDSS) Online (buying) behavior(emerging technologies) Business Consultant. VU University Institute (www.acba.nl) 1

2 INTRO Business Administration & Mathematics & Computer Sciences Bachelor and Master Business Analytics Post Graduate Education: Leergang Data Science (Business Analytics) Multidisciplinary Research Center Eco System: Businesses & Science (www.intel.com) 2

3 VOLUME 4 times different: 4V We ve reached a tipping point in history: today more data is being manufactured by machines, servers, and cell phones, than by people Today a street stall in Mumbai can access more information, maps, statistics, academic papers, price trends, futures markets, and data than a U.S. president could only a few decades ago VOLUME VARIETY VELOCITY VERACITY Michael E. Dricoll (CTO and co founder at Metamarkets) Juan Enriquez (founding director of the Life Sciences Project at HBS ) VOLUME VOLUME How data is changing the car game for Ford. Generates up to 25 GB of data per hour. 90% (McKinsey Global Institute, 2011) Last 2 Years BIG data 3

4 VARIETY VELOCITY Structured data Unstructured data Real time decision making. In fraud detection 1 minute can be too late. Online revenue management. Mobile shopper support. Rescue decisions banks made overnight Crises (Example NiH1: SwineFlu) VERACITY Single Version of the truth.. 1 in 3 business leaders don t trust the information they use to make decisions. Big data is about technologies and concepts that can handle the requirements imposed by these 4 Vs. That Traditional Technologies can t. (http://www 01.ibm.com/software/data/bigdata/) 4

5 BIG data is more than simply a matter of size: it is also about creating insights! Moore s Law Discovering what you don t know you don t know (Davenport & Harris, 2006) Imagine this will happen for a technology that is fundamental for businesses. Second Half of the Chessboard Erik Brynjolfsson & Andrew McAfee 5

6 Second Half of the Chessboard 2005: AH TerraByte 2008: PetaByte Age 2012: ExaByte Revolution 2013: ZettaByte Era Source: (Jan Rotmans) We leven niet in een tijdperk van veranderingen maar in een verandering van tijdperken. New measurement tools give us new insights. Microscope marked a change in era (in an era of change) GOLDEN AGE (Courtesy: Andrew McAfee) 6

7 BIG data: How? Not only data, but also: Internet as a Service Cloud Computing High Performance Computing Crowd Sourcing Powerful Software (Open Source!) BIG data: How? BIG data: How? Founded in

8 BIG data: Social Listening BIG data: Social Listening ACBA: Automatic news detection on Twitter (NU.nl) BIG data: Social Listening BIG data: Social Listening 10 Top Apps For Eating Healthy (www.forbes.com) 8

9 BIG data: Social Listening BIG data: Social Listening Myfitnesspal.com BIG data: Social Listening BIG data: Challenges, Risks Data Privacy and Ethics Big Data: BIG Dilemma s! Data Obsession ( the dictatorship of data ) Data Quality: new paradigms? Skills: Data Scientists Energy 9

10 Big data: big change. Finally. What must be taken out of our head and left behind? W. Edwards Deming Question: What are we going to do with the new thing, must be changed in: How are we going to change the old idea! In god we trust: all others must bring data! Dank voor uw aandacht! 10

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