- by chadw, Prospector
- 10/13/2012 10:59:13 AM
Whether an industry is open to external data or not, value can be easily demonstrated. CLearly, external drivers do impact all industries and not only if there is no external demand for your product or services will your business be impacted, but the state of the economy in general can and will affect your financial results.
This is true for all industries even healthcare for example.
In reviewing the Greek Government Debt Crisis you can clearly see a relationship between Unemployment, household debt, consumer sentiment...to dramantic increases in hospital and clinic visits, suicides, anti depression medication sales... The changes in the indicators are not coincidental, but happen months before spikes in healthcare visits occurred. What is key for any business is to identify the lead time of these indicators to their results and the specific relationship of the external indicator changes to their companies results. It can truly mean success or failure.
- 8/8/2011 11:20:39 PM
@magneticnorth, good question -- and I'm not sure (anybody else know?!). Certainly plenty of organizations are studying various aspects of analytics, but not sure if we have the W3C equivalent out there.
- by magneticnorth0, Data Doctor
- 8/8/2011 9:22:27 PM
Very true, Beth. Is the standardization of data formats key here? I'm thinking something similar to what RSS has done for the world of publishing. RSS isn't as popular today as it was before, but certainly, it's a great example of how data could be aggregated en masse from various sources. But what's needed is a vendor-independent standard which industry shakers would have to produce.
Is there something like a W3C for the analytics world?
- 8/1/2011 1:59:22 PM
magneticnorth, good point. i do think, however, that the ROI issue begins to diminish when the ability to incorporate trustworthy external sources of relevant data gets automated and easily integrated into a BI dashboard. Companies that tend to stay away from external data when running their analytics might see this as a great new opportunity for providing deeper insight into their decision-making.
- by davidmanheim, Prospector
- 8/1/2011 9:38:27 AM
That is a good point - Edgar data feeds are (presumably) not noisy or plagued by fuzzy sentiment issues in the way that the external data I was thinking of would be.
- by davidmanheim, Prospector
- 8/1/2011 9:37:10 AM
It's possible that this application is a good one - though while "calmness" is a relatively easy metric to quanitfy. But is there an easy way to tell from just that data point whether the noise is because of a hot new movie, or a market event? I'm wary, but regarding the "quality issue," I think you are dead one - you cannot. And anything that relies on it implicitly in some way shouldn't be taken without a grain of salt.
- by aaphil, Blogger
- 7/31/2011 4:43:32 PM
YES! We've all passed by someone's monitor that is filled with dashboards and graphs all over.
You wonder what they actually achieve besides multiple distractions. If you do not recall this happening, you might be that person.
- by impactnow, Blogger
- 7/30/2011 11:20:30 PM
Great points-- if Dashboards don’t provide the information that is meaningful to users quickly and concisely they will never be used! Too many dashboards err on the side of complexity and depth without considering user needs and behaviors.
- 7/30/2011 10:05:35 AM
David, I agree that you'd want to look at external feeds judiciously. The types of feeds I'm talking about for integration into the BI dashboard would be from trusted sources. One example, as noted in the blog, is the SEC's EDGAR database of public information. These would be the go-to, respected sources that the company would rely on in their analysis anyways, just not in such an automated fashion. This is not to be confused with "random" and unstructured external data such as from social media avenues. That data, too, can have a place in business analytics, but that's the topic of other conversations on these boards!
- by Shawn Hessinger, Blogger
- 7/29/2011 11:55:30 PM
Again, a hedge fund is predicting stock market results based on the "calmness" of the average Twitter feed. You can't get much more external...and how could you possibly determine the "quality" of posts from a Twitter feed?