We recently provided an interview for the authors of an upcomming book on big data (Creating Value from Big Data, By: Atal Malviya, Mike Malmgren, Bloomsbury Business), specifically how big data can create value in organizations of today and the future. Check out the interview with our BusDev director Matej Misik to see our views on how we are on the brink of a big data revolution at large enterprises. #BigDataMonetization
Tell me about yourself, your career summary and when / how did you start to work in Big Data projects?
I am director & senior business consultant at Adastra Partnering focusing on big data monetisation and application in the fields of population analytics and targeted marketing. Over the past 3 years I have driven the development of Market Locator – a solution specifically for big data monetisation together with a Deutsche Telekom Group MNO. As a business consultant I have broad exposure and insight into the telecommunications, banking & healthcare industries, where the application of big data has among the highest potentials of both profit and positive social impact.
How important is Big Data to your organisation and why?
Big data is our bread and butter. Within the Adastra Group – an information management consultancy – we have profiled ourselves as a leader in the monetization of big data – both for internal and external applications. Through our work we have brought significant new profit (over 1% of a telecom’s annual profit in first year of monetizing their data) to our partners and have positioned them as leaders in business insight services.
How does Big Data add value to your business and how your organisation measure the ROI of big data related projects?
With focus on external big data monetization the measurment of ROI is straight forward. With our telecom partners we are consistantly achieving ROI well within the first year (all extrnal and internal costs included). This is thanks to our delivery of projects on a partnership revenue-share basis, which significantly reduces capex & opex costs. Also, since our big data monetization solution is self service for the end-users, the effort on the side of the telecom for day-to-day supporting of the solution is very limited.
What are the main challenges in implementing a Big Data project in your organisation?
The largest challenge we regularly need to overcome is the reluctance to change and to enter a new business area as big data monetization is. Then it’s about figuring out a ethically & legaly viable approach to the use, storage and manipulation of big data. Having solved this we are now able to deploy a big data monetization solution at a telecom within a couple months. Many believe technology is the most challenging part to big data and spend lot’s of energy and resources on technology procurement – more often than not without a clear business case behind it. We have been educating our partners to bring new technology with a clear business case behind it.
What was the motivation behind starting big data project in your organisation and if there is a formal strategy for dealing with Big Data analytics?
The motivation of applying big data in telecoms is very much a business related one. Saturation is high, over-the-top distruption and stagnating average revenue per user (ARPU) are a common problem among telecoms worldwide. All are in search of how to position themselves as innovative leaders and pivot into new areas of business – such is the use of big data for external population insight analytics and targeted marketing. The onus in the future is to create more public good with big data for smart cities, search and rescue or data driven decision making.
How you feel big data will impact your industry in next 5-10 years?
I believe solutions built around big data will be delivering a significant portion of revenue of telecoms in a similar way Google or Linkedin run their business – they provide their service to end customers for free and in return monetize the anonymized and aggregated data of their users.
If you have been involved with a Big Data project, what was the project and its outcome?
The big data project I have been involved with the most is Market Locator. It is a partnership solution with telecom providers and banks allowing these to externally monetize their big data. By processing and vizualizing data sets containing over a bilion data points in a way that is understandable to the layman and providing third party targeted multi-channel marketing based on this data, we have delivered substantial new botom line revenue to our partners. Having validated the concept in central Europe, we are now expanding this partnership business world-wide.
If you are also looking forward to this book, you can pre-order it here. If you have any thoughts, questions or comments, please get in touch with us. We look forward to hearing from you.