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Joanne Jacobs: Innovation through Data Capitalisation, March 2011
Innovation through Data Capitalisation
Joanne JacobsSocial Media Consultant
Exploring Data Driven Innovation - Creative Consumer WorkshopWed 09 Mar 2011 Inspace - Edinburgh School of Informatics, Edinburgh
Image source: http://www.flickr.com/photos/inl/5097547405/
Joanne Jacobs: Innovation through Data Capitalisation, March 2011
Primary argument
1. There is an opportunity cost of failing to make use of data.
2. 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
Value versus utility
• 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
Joanne Jacobs: Innovation through Data Capitalisation, March 2011
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
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
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
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
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
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
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
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
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
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
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
Case studies
1. Police crime maps
2. Wordle on website comments/mentions
3. Network switching for mobile phone suppliers
4. YouTube: Map my summer
5. Fortune’s Best Companies to Work For
6. CO2 creation
Image source: http://www.flickr.com/photos/lamenta3/2603529812/
Joanne Jacobs: Innovation through Data Capitalisation, March 2011
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
Wordle for mentions
Insights: Individuals, places, activities.
From: Creative Industries Knowledge Transfer networks articles
Joanne Jacobs: Innovation through Data Capitalisation, March 2011
Mobile network switching
Insights: Not just numbers, but patterns of change.
From: Ken’s Tech tips
Joanne Jacobs: Innovation through Data Capitalisation, March 2011
Map my summer
Insights: Awareness of the campaign, network spread.
From: YouTube Map My Summer
Joanne Jacobs: Innovation through Data Capitalisation, March 2011
Fortune’s Best Companies to Work For
Insights: Values of employees.
From: CNN Money site
Joanne Jacobs: Innovation through Data Capitalisation, March 2011
CO2 Creation
Insights: Comparison of activities or alternatives.
From: General Electric data visualisation
Joanne Jacobs: Innovation through Data Capitalisation, March 2011
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
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
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