Reflections on Venture Capital, Metro NY, and technology
Monday, May 14, 2012
Internet Week NY
One of the nice outcomes derived from hitting 'critical mass' is the benefits from the ecosystem that come your way. Over the past three years, New York has clearly put itself on the internet map and the hundreds of concurrent internet related panels spread throughout the city this week is a great indication of the depth, health and diversity of the industry.
Following are top level notes from the Big Data Panel this morning:
The challenge 5 years ago was around storing and sharing vast data quantities, now it's around interpreting for insights
A silo data approach breaks the model of having holistic insights
an industry, data intelligence players need to develop applications
which can be used by a variety of data, across multiple business areas.
Moreover, understanding there's many partners (usually silo reated) who
need access to the data, there's a need for a common
platform/application to fulfill the enterprise vision. The challenge is
to develop something that's comprehensive, yet not overwhelming and easy
Data is an enterprise asset; used properly its key insight into
a customer's or prospect's journey (as step one). Step two is to apply
the data towards a personalized and customized approach to a
prospect/customer where the data enables a 'needs based' message to be
delivered. Another aspect is to understand what action influenced the
prospect/customer to get them interested in the first place, then to
Today, the CMO seems to be the point person for assembling the
multitude of data suppliers/needs. By the way, data is being used here
to include analytics, dashboards, etc.
Best practice is to take
something you already know and see if there's a way to apply it in a
different way (e.g. by integrating with CRM systems)
The role of the agency is to be a partner to the agency in putting into place the systems to analyze and act on 'big data'