you probably all heard the term before
big data big data is like women
complicated big data's information lots
of it
having one piece of information will
tell you one story the more information
you gather the clear and correct the
story will become think of the old
astrologist - goo ba Kepler Copernicus
they were looking at the sky with the
eyes a simple telescope relying on their
bright minds to figure out what was
going on up there today we use
telescopes such as Hubble which allows
us to see things in completely new
perspective we can zoom in and out
reading the smallest details offering
the broadest frame of understanding I
believe we have come to a time in
history where we truly have the power to
harness information at such a scale and
process it in such a way that we will
start to learn completely new things
about our world I also believe that in
not too distant future we will realize
that we have been completely blind up
until now but I'm not here to only talk
about big data I'm also here to talk
about people how we as company's leaders
and entrepreneurs can learn to
understand our interactions with them
and use information to serve them best
why this focus because big data is being
commoditized faster than we know it I
mean last year alone we created more
data than a year before it and of all
human history combined that's an amazing
feat in itself but think about this for
a second
90% of the data we create I never sorted
it's just being crammed up somewhere
ninety-percent why why would being so
wasteful about it
I believe it come down to one thing and
that's purpose as an overall premise we
understand by now that Big Data allows
us to see more sleep better and see
different but that's only true if we
know what we're looking for and what
value it will bring when we find it
if we compare Big Data to another
commodity crude oil for example the way
we are intensively harvesting
information is equivalent to our current
capacity of attracting oil but in this
scenario we would be retracting all that
oil without having invented cars or
power plants or anything else involving
the use of oil
imagine the fleet of super tankers we
would need to build just to start it all
until we would one day find a purpose
for it what I'm saying is that we need
to focus a lot less on our ability to
create and store big data faster and
instead focus our energy on finding
intelligent ways of using it but luckily
we humans are born with an extremely
inquisitive mind from when we came into
existence our curiosity has pushed us
towards new frontiers we need to master
that same curiosity because big data
represents a new frontier new
opportunities new insights but purpose
is one thing we need more to get past
that horizon and that's technology
technology that can help us answer the
questions we propose for the
astrologists it could be the Hubble
telescope for the data scientists it
could be the computers that are able to
analyze information with human-like
intelligence at superhuman speed but yes
I know that technology is a very broad
category to put into this equation
so let me give you an example of what I
think is crucial for success in this
data-driven
error to be successful truly successful
you need to hire the best data scientist
you can possibly get your hands on and
don't you first second think that you
can learn all the technologies yourself
there's a reason these data science is
signed high demand and for a frame of
reference it takes around 10,000 hours
to truly master something so try working
in an industry where new advanced
technologies appear every three to six
month I mean by the time you actually
learn something a new technology would
have emerged making your knowledge seem
old and outdated so what you need to do
is find someone who understands the
architecture and it's into the
complexity of the technologies you need
and then you need to find someone who
actually understands all that and can
turn it into something visual that can
be understood by everyone else but with
that being said let's jump back to the
main questions what do we use big data
for how can we make it meaningful
monetize it even I think big data
becomes valuable when we can use it to
serve humans individually and
collectively so the questions are how do
we use big data to understand the people
around us and equally important how do
we translate that knowledge into actions
that could improve our lives now I'm not
here to trying to fool you into
believing that I have the answers to
those questions with me but I do believe
that I have understood something about
the industry working which could
profoundly change the way people
experience it last year co-founded News
datacom which is an online hotel booking
platform a new stage end product is
highly unique and it is so because I was
looking at the industry from an
outsider's perspective and started
asking questions about it let me give an
example
vacation to me is something I truly look
forward to it happens maybe once or
twice a year and when I finally take
time and decide to go on vacation I'm
excited and expectations are high but
I'm always nervous that the destination
of the hotel are not going to live up to
my expectations so I spend a lot of time
gathering information from a bunch of
different websites just to feel
relatively sure that I'm not going to
get disappointed but even then I'm not
completely sure so that led me to the
idea that I could use big data to figure
out what people wanted and what the
different hotels and destinations could
offer and then I could take technology
and bring those two together so both are
much more satisfied what I ultimately
ended up creating with Newsday was value
through personalization from a large
group of guests to a large group of
hotels we are now able to create the
best possible match potentially
targeting millions of guests and
thousands of hotels with unique tailored
offerings but that fourth ingredient per
sensation highly depends on the context
of the ad value returning to the oil
industry instead of personalization the
key ingredient would be distribution how
do we get the oil to the people who need
it efficiently but for Newsday
the key ingredient was person sation so
how does this play out this
personalization well imagine that you're
taking your better half on a romantic
getaway to Thailand you both dream about
the beautiful white sandy beaches
relaxing in the Sun enjoying each
other's company sounds expensive and it
most like it is but you want to make it
special so you spend days searching for
the right hotel and honestly you think
you've found it you booked it and you're
on your way you're
I've laid in the night and go directly
to sleep in the morning you get up early
hit down for breakfast at the restaurant
face the beach and what do you see kids
and families so slowly during the day
the noise becomes more than one tense
and whatever romantic moment you thought
you're gonna have simply isn't possible
a scenario like this would never play
out with Newsday because we would
recommend you that perfect romantic
getaway and we would even be able to
rank hotels higher which offer its
services that suited your interest so if
we can see you're totally down with golf
or you just love seafood hotels offering
these services would be high on the list
what I'm saying is that we're using big
data and technology to drive specific
demand to the right supply we even use
discount as an incentive to move the
guests to the right hotels then we use
the previous booking history of the
guests to calculate how much money this
person is likely to spend and let's have
a hotel in destination and then we use
that calculation to incentivize the
hotels to discount the rooms even
further because the total revenue per
stay will be higher new states even
integrated with all the biggest social
medias Facebook LinkedIn Twitter
Instagram Google+ this allows our users
to quick and easy signup and provide all
the information we need to be able to do
the matching but there's more as I hope
you noticed by now noosed is not only
about catering to the needs of the
guests before I founded the company I
said to myself that my next business
venture should be one that was not only
customer centric but customer and
supplier centric this means that
we help our hotels hotels so solve more
complex questions such as how can a
hotel optimize its capacity all year
round
how specialized can also become if
they're able to attract more of a
specific kind of guests and by doing so
we help support the system of the
business win also meet the bringing in
more revenue for news day so let's sum
up to monetize big data we purpose and
technology and you will find the right
purpose when you truly understand the
business you're in
in case of Newsday
the key ingredient to actually create a
service worth something is
personalization and that ladies and
gentlemen is how you monetize big data
now before you leave today I want you to
think about something where do you think
your business would be tomorrow if you
use this equation to the services you
offer or the products you bring to
market thank you
you