Wednesday 29th February, 2012
10:40am to 11:20am
Entrepreneurs and industry executives know that Big Data has the potential to transform the way business is done. But thus far, Big Data has not lived up to the hype. Why? Because a lot of us are making a rookie mistake – a mistake that Panjiva CEO Josh Green made the first time he came up against Big Data – we’re becoming smitten with data sets and trying to find problems that our data sets of choice can help solve.
In the past, entrepreneurs and executives had limited data at their disposal. Coming across a new data set was a rare and precious moment – a bit like striking gold. In this world, an intensive focus on a new data set made sense, because you never knew when you would come across additional data. These instincts, honed in a world of scarce data, are downright dangerous in a world of virtually limitless data.
Working with data is hard. It takes time and money – and, in today’s world, there’s opportunity cost associated with it. When you’re playing around with Data Set A, you’re missing out on an opportunity to play with Data Set B.
To succeed in the Big Data world, entrepreneurs and executives need to be ruthless in prioritizing which data sets they’re going to dig into – and which they’re going to steer clear of. How best to prioritize? In the same way that businesses have always prioritized – by focusing our time, our money, and our energy on our toughest problems.
It all starts with the identification of a problem worth solving. This is a decision that can be made without ever touching Big Data. Once the problem has been identified, the hunt for data is on. And that’s where the real fun begins. Because in today’s Big Data world, the hunt is almost always successful.
Josh will discuss his experiences working with some of the world’s largest companies (Panjiva currently counts over 35 Fortune 500 companies as clients) to track down data to solve a real-world problem – and help you avoid many of the mistakes that he’s made along the way.
11:30am Business Management Strategies for Big Data by Dave Rubin
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