Smart Data - Not Big Data
As a concerned data professional, I am already plotting an exit strategy from this Big Data hype. Because like any bubble, it will surely burst. That inevitable doomsday could be a couple of years away, but I can feel it coming. At the risk of sounding too much like Yoda the Jedi Grand Master, all hypes lead to over-investments, all over-investments lead to disappointments, and all disappointments lead to blames. Yes, in a few years, lots of blames will go around, and lots of heads will roll.
So, why would I stay on the troubled side? Well, because, for now, this Big Data thing is creating lots of opportunities, too. I am writing this on my way back from Seoul, Korea, where I presented this Big Data idea nine times in just two short weeks, trotting from large venues to small gatherings. Just a few years back, I used to have a hard time explaining what I do for living. Now, I just have to say "Hey, I do this Big Data thing," and the doors start to open. In my experience, this is the best "Open Sesame" moment for all data specialists. But it will last only if we play it right.
Nonetheless, I also know that I will somehow continue to make living setting data strategies, fixing bad data, designing databases and leading analytical activities, even after the hype cools down. Just with a different title, under a different banner. I've seen buzzwords come and go, and this data business has been carried on by the people who cut through each hype (and gargantuan amount of BS along with it) and create real revenue-generating opportunities. At the end of the day (I apologize for using this cliché), it is all about the bottom line, whether it comes from a revenue increase or cost reduction. It is never about the buzzwords that may have created the business opportunities in the first place; it has always been more about the substance that turned those opportunities into money-making machines. And substance needs no fancy title or buzzwords attached to it.
Stephen H. Yu is a world-class database marketer. He has a proven track record in comprehensive strategic planning and tactical execution, effectively bridging the gap between the marketing and technology world with a balanced view obtained from more than 30 years of experience in best practices of database marketing. Currently, Yu is president and chief consultant at Willow Data Strategy. Previously, he was the head of analytics and insights at eClerx, and VP, Data Strategy & Analytics at Infogroup. Prior to that, Yu was the founding CTO of I-Behavior Inc., which pioneered the use of SKU-level behavioral data. “As a long-time data player with plenty of battle experiences, I would like to share my thoughts and knowledge that I obtained from being a bridge person between the marketing world and the technology world. In the end, data and analytics are just tools for decision-makers; let’s think about what we should be (or shouldn’t be) doing with them first. And the tools must be wielded properly to meet the goals, so let me share some useful tricks in database design, data refinement process and analytics.” Reach him at email@example.com.