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Announcement(s):
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#2 Our gift card data is now available on the SnowFlake Marketplace.
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QUOTES
“As past surveys have shown, a wider range of sources of alt data is becoming available. While most survey respondents—52%—cited consumer transactions as their primary source, they are not as dominant as they once were. In our ‘21 survey, for example, 64% of respondents cited consumer transactions as their primary source. Similarly, web scraping as a primary source of alt data declined from 40% in ‘21 to just 27% in ‘22. Data sources that saw increased usage from ‘21 to ‘22 include biometric data (15% to 27%), scientific research (18% to 27%), and satellite imagery (15% to 30%).”
“What I see is that many chief data officers — in part because they’re new in the role or they’re new with the organization — they tend to overpromise or set expectations for things that are difficult to deliver.”
News Articles
Podcasts
Cool Charts
Final Thoughts (chat.openai.com/chat)
Appendix
#1 – Ken Nelson & Kathleen Ollen of Deloitte Digital published Loss of Customer and Media Data Warrants a New Approach to Measurement. December 2022.
My Take: This is the second article in a series focused on marketing measurement. Bottom line is third-party cookie deprecation and other restrictions are reducing the amount of quality customer data available to marketers. There is an information gap & where there are gaps there is opportunity! Enter the acronyms: MTA (Multi-Touch Attribution) & MMM (Media Mix Modeling). These are methods that marketers and marketing agencies are using to try to identify prospective customers. These new methods involve combining multiple datasets to improve your signal. This is not easy and typically requires a sophisticated data engineering approach (in English: figure out how to organize the multiple datasets so the analyst can more easily analyze). “One-third of marketing leaders surveyed say aggregating data and content from multiple systems is a significant barrier to improving measurement capabilities.” I am surprised it is only 1/3, I would have guessed everyone feels that significant pain. In any case, as regulation change and the data marketers can access changes, new data sources and tools will emerge to accomplish the goal of targeting the right prospective customers for your product.
#2 – Gillian Diebold of the Center for Data Innovation published Better Data Collection Will Reduce Digital Inequalities. November 2022.
My Take: Almost an inverse to the privacy argument is the author pointing out that those people on whom data is not being collected are disadvantaged. Incomplete credit scores, inaccurate healthcare data, lack of environmental data all put those people at risk of not getting the resources needed to live their best lives. Certainly an interesting take, as most are arguing that too much individual data is collected today.
#3 - McKinsey published The state of AI in 2022—and a half decade in review. December 2022.
My Take: AI is going to require A LOT of data in coming years. My opinion is that value will accrue towards those data owners that can deliver clean, complete, and consistent data to these models. The study found AI leader, among other things, have focused on creating “production-ready data pipelines…” and automated processes for “data quality control…”.
BONUS: The IMF published Bridging Data Gaps Can Help Tackle the Climate Crisis. November 2022. “G20 policymakers have recognized that better data is needed to inform the more complex challenges they face. The data gaps initiative will play a key role in addressing this.”
BONUS 2: Ryan Farsai published in Forbes How An Alternative Data Marketing Plan Increases Valuation. December 2022. “Your goal should be to create and serve up the right emotion so the person feels comfortable with your company. And most of the time, it’s the subtle things that influence that emotion.”
BONUS 3: Eagle Alpha published The Benefit of Alternative Data for Macro Strategies. December 2022. “…we continue to see advanced users and experienced practitioners use alternative data to anticipate inflection points in relation to consumer sentiment, inflation, housing, and employment market conditions.”
#1 – Satyen Sangani of Data Radicals interviewed Randy Bean, Founder & CEO, NewVantage Partners.
My Take: Randy Bean has done a lot of good work on the the importance of creating a “data culture” within you firm. I was most struck by hte changing role of CDO. This is a tough role that if done well, will get you recruited away with a big pay raise!
“…because data is an asset that flows across the organization, particularly for legacy companies, they’re not set up to manage data as an asset and think about data as an asset.”
since survey started 10 years ago…“the number of CDOs in the organizations that you’re surveying has increased from 12% to almost 70%”
Highlights (32-minute run time):
Minute 03:00 – interview starts
Minute 06:00 – data as a one-time project vs continuous journey
Minute 08:00 – Dunning-Kruger Effect (people are inclined to overestimate their own capabilities with data.)
Minute 13:00 – discussion of the short tenures of the CDO
Minute 19:00 – signs you are not succeeding as a CDO
Minute 23:45 – discussion of challenges in become a data driven organization
Minute 27:00 – data is the primary asset of the organization. It is not a project
Minute 30:00 – domain knowledge and the importance of speaking the language of the business
“From August 1, 2022 to September 2, 2022, 107 respondents completed an online survey to gauge investment organizations’ use of alternative data. The results were tabulated, analyzed, and released in November 2022. Respondents included professionals who worked for hedge funds (21 percent), private equity firms (45 percent), and venture capital investors (33 percent).”
Social media joining transaction card data as the primary sources…
Data quality is the key.
80% increasing budgets in 2023…this is good:
Source: I’ve messed around the a few AI tools that are popping up (writesonic, brandmark, DALL-E, etc), but this struck me as really good.
Check it out.
My prompt:
write haiku verse about the importance of data in decision making
The output (within 1 second):
Data is key to choices we make
Informed decisions, we undertake
Without data, blindly we go
Lost in the world, to and fro
My prompt:
write me a closing paragraph for an article on the importance of using data to make decisions
The output (within 1 second):
In conclusion, using data to make decisions is essential in today's world. It allows us to make informed choices based on factual information rather than relying on assumptions or gut feelings. By analyzing data, we can uncover patterns and trends that can help us predict future outcomes and make better decisions. Additionally, data-driven decision making can help organizations be more efficient and effective, leading to improved results and success. It's clear that utilizing data is not only beneficial, but also crucial for making effective decisions in all areas of life.
My prompt:
what are the pros and cons of cloud storage vs on premise storage?
The output (within 1 second):
The main advantage of cloud storage over on-premises storage is that it is typically more convenient and accessible. With cloud storage, users can access their data from any device with an internet connection, whereas with on-premises storage, users can only access their data from the specific device on which it is stored. Additionally, cloud storage is often more scalable and flexible, allowing organizations to easily increase or decrease their storage capacity as needed.
However, one potential disadvantage of cloud storage is that it may be less secure than on-premises storage. Because data is stored on servers managed by a third-party provider, there is a risk that it could be accessed by unauthorized individuals. Additionally, there may be concerns about data privacy and compliance with regulations such as the General Data Protection Regulation (GDPR) for organizations that store sensitive data in the cloud.
Another potential disadvantage of cloud storage is that it can be more expensive than on-premises storage, depending on the amount of data being stored and the level of service being purchased. This is because organizations must pay a subscription fee to access cloud storage, whereas with on-premises storage, they only have to pay for the initial cost of purchasing and setting up the storage devices.
Overall, the choice between cloud storage and on-premises storage will depend on the specific needs and circumstances of the organization. Both have their own advantages and disadvantages, and organizations may choose to use a combination of both types of storage in order to maximize the benefits and minimize the drawbacks.