Predicting the future through Systems of Engagement
A recent Forrester paper on The Information-Driven Enterprise asserts that Businesses are increasingly driven by analytics, but disconnects can sabotage the best of Intentions. Forrester’s findings are based on a survey of 154 business technology executives and four North American companies across various industries. The paper provides recommendations on steps enterprises can take to address the challenges outlined. But are such steps being taken with tangible benefits? Looking at the work that HP Labs has been doing in this domain, it certainly seems like there can be.
The key Forrester findings are:
- Businesses are letting data guide their strategic decisions.
- Disconnects and misalignments inhibit enterprise benefits.
- Big Data will play a significant role in lowering the cost of data at extremes of scale.
- Trust is an issue that context helps overcome.
- Talent gaps are widening with Big Data.
The paper provides more details on these findings with supporting survey stats. If you’re like me, you will also want to attend the webinar conducted by HP and Forrester on Wed, Feb 13, 2013. There you can engage in an interactive discussion first-hand within the context of your own enterprise.
Back at HP Labs, multiple innovative analyses have been conducted on data captured through Systems of Engagement to take a good shot at predicting the future.
In fact, Bernardo Huberman, Senior HP Fellow and Director, Social Computing Lab, HP Labs, has been engaged in multiple initiatives that characterize the steps enterprises can take to address Forrester's findings.
Systems of Engagement continuously generate point-in-time transactions, which can then be purposefully analyzed to realize value-added intelligence. These are transactions waiting to be processed with very little investment from the enterprises.
Here is my take on the common theme emerging from various HP Labs projects in this space:
- You can use Twitter mentions to predict how well a movie will do in its first couple weekends of release. If we can do it for movies, I am sure it can be done for products too.
- There is a vast difference in the content shared in China's version of Twitter when compared with its global counterpart.
- There's a smarter way to make predictions that affect a company's bottom line.
These exercises analyze data available today through Systems of Engagement to predict the future. This is why CIOs need to have a System of Engagement with the CMOs . We even live these systems in our daily lives!
Such initiatives can drive the strategic decision-making process for enterprises in alignment with the business benefits. Validation, like the initiative where movie sales are accurately predicted, will grow trust in the information gained. The talent gap can be addressed by ensuring that we have Data Scientists who can leverage the forward-thinking exercises of HP Labs led by Huberman.
How about you? Are there similar exercises you can conduct in your enterprises? Do the Forrester findings apply to you? I would be interested to know.
What am I going to write about in my next post? Perhaps, Huberman can tell me just by analyzing my 200+ posts to date!