Is there untapped value in your data?

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Embedded analytics, data products, data monetization, big data….there are plenty of buzz words we can use to “categorize” the idea.

IDC reports that the big data and business analytics market growing at a rate of over 11% in 2016 and at a compound annual growth rate of 11.7% through to 2020. This rapidly growing area of investment can’t be for naught….can it?

Let’s look beyond the hype at some specific approaches for extracting additional value (and ultimately dollars) from your data.

According to Gartner, Data Monetization refers to using data for quantifiable economic benefit.

The first thing that may come to mind is outright selling of data (via a data broker or independently.)  Although a potentially viable option, with increased data privacy policies and the sheer amount of data needed to be successful with this approach, it can be quite limiting.

There are many other approaches to monetizing your data, such as:

How to build data products that increase user engagement

Think about all the social media platforms out there, which ones do you use the most (and why)? I’m not talking about giving your LinkedIn profile a face lift before you put in a job application or searching for a long lost friend on Facebook; which of these apps are actually driving user engagement? For me, it’s Instagram; the interface is easy to navigate and more than once I’ve found myself re-opening it after I’ve just closed it. Have you thought about why many of these platforms have exploded in user engagement with many people posting to their Twitter or Facebook accounts multiple times per day? According to a recent Gartner blog, adoption rate for some of the BI tools in their Magic Quadrant are at a low but not too surprising 21%. Are people sick and tired of “all that data” or is there something more sinister at work…

We’ve thought a lot about social media platforms (and other apps) that seem to drive such high user engagement and put together a few thoughts on how you can do the same within your data product to ensure you keep users coming back for more. Before we reveal the secret sauce for building engagement in your data products, let’s take a quick look at how many analytics teams approach the problem.

Too often, teams building an analytics product for this customer’s approach the project in the wrong way, the story is oh so familiar. As we covered in a recent blog, this meant taking the reports existing in an Excel spreadsheet and web-ifying them in a cloud BI tool. It’s essentially surfacing the exact same information as before, but now with shiny new charts and graphs, more color choices, and some interactivity. After the initial excitement over the new toy in the room, the latter solution isn’t doing any better than the former at driving engagement; let alone delivering “insights” or creating a new revenue stream.

One of the big reasons customer aren’t lining up to write a check for the latest, greatest data product a vendor has rolled out is that the analytics team failed to make it engaging. Simply put, product teams need to let users know “hey—check this out,” “hey—we’ve got some important information for you”, and “hey—you should come back and see us.” Most teams do the second part, the “we’ve got insights” piece, but they fail to inform users why they need to keep coming back for more. These are essential elements of establishing engagement; not building these in is like skipping the foundation of a new skyscraper. "It's like when you see a skyscraper; you're impressed by the height, but nobody is impressed by the foundation. But make no mistake, it's important," said Akshay Tandon, Head of Strategy & Analytics at LendingTree.

Want to avoid the killer mistakes of failing to build engagement into your data product? Here’s how:

Creating Intelligent Narratives with Narrative Science & Keboola

Intelligent Narratives are the data-driven stories of the enterprise. They are automated, insightful communications packed with the information that matters most to you—specific to your role or industry—written in conversational language, and at machine scale. By giving your employees and your customers a richer, more nuanced understanding of your business, they can make more informed decisions and realize their greatest potential.

Narrative Science is the leader in advanced natural language generation (Advanced NLG) for the enterprise. Quill™, its Advanced NLG platform, learns and writes like a human, automatically transforming data into Intelligent Narratives—insightful, conversational communications packed with audience-relevant information that provide complete transparency into how analytic decisions are made.

As we all know, one of the biggest barriers to successful data projects is having the right data in the right place; that's why Narrative Science and Keboola have partnered to bring the next generation of analytics to you faster. Automate data workflows, reduce time and complexity of implementations and start gaining new insights now! Leverage this app, powered by Narrative Science, to produce machine-generated narratives of data ingested by Keboola. 

Freethink + Keboola: Understanding cross-channel video analytics

Video is one of the hottest trends in digital marketing. YouTube, which has expanded more than 40 percent since last year, reaches more 18-49 year-old viewers than any of the cable networks and has a billion users watching hundreds of millions of hours every day. 

Freethink, a modern media publisher, uses online video to tell the stories of passionate innovators who are solving some of humanity’s biggest challenges by thinking differently. While telling important stories is their primary focus, data underlies all of their decisions. As a publisher, they need to understand how well each piece of content performs, as well as how that content performs across platforms (they currently publish videos on their website, YouTube and Facebook.)

Prior to working with Keboola, collecting and combining data for cross-channel video analysis was a time consuming, manual effort (particularly because Facebook has separate APIs to track page content and promoted content.) In addition, this process made performing time-over-time analyses a real challenge.

The goal was to provide a dashboard solution for the team to have better visibility into their data. Keboola Connection (KBC) was able to overcome this by leveraging existing API connections to get data from Facebook and YouTube. In addition, Keboola utilized its partnership with Quintly (social media analytics) in order to pick up cleaned and verified data from their API.  All this data is combined additional data sources including Google Sheets to provide additional metadata for advanced reporting and segmentation. This blended data enables universal reporting across platforms to get a 360-degree picture of each piece of content.

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Freethink now has all their data populated in Redshift, where Chartio is able to connect to create beautiful dashboards for reporting. They are able to go into the Keboola platform and manually adjust and run configurations to get exactly the data they need. The biggest gains have been in time saved, being able to show change over time and freeing the team up to focus on more complicated analyses. This also opened up data access to the broader team, promoting collaboration and data driven decision making.


"Keboola really helped simplify and automate the process of collecting and combining data. Working together, Chartio and Keboola Connection deliver a full stack solution for modern analytics, taking full advantage of the cloud. I’m able to give my team better insights into our performance and make better decisions, quicker."

-Brandon Stewart, Executive Editor at Freethink


Thanks,

Colin


The Best Tool for Your Data Product Journey? A Good Map

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For anyone creating an analytics product, the pressures of engaging customers and generating revenue while protecting your core product and brand can be overwhelming, especially when aiming to hit so many goals on the horizon:

  • Does it target users effectively?

  • Will it guide users to a solution to their business problem?

  • Can it scale to many customers?

  • Will it deliver real results that customers are willing to pay for??

Fortunately, we've been there, done that, and understand what it takes to build a great data product. That's why we've created a map to help you navigate your way to success, built on the experience of countless voyagers who have sailed the same seas before you; the Data Product Readiness Assessment.

Why your data product needs a good elevator pitch

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In recent years, a term started appearing across the technology world: “data monetization,” turn your data into dollars.. (as we mentioned in a previous, post, you can Find Gold in Your Data!) Businesses reacted to the hype, started spending on every solution under the sun and then… Nothing. Nada. Zilch. In many cases the revenues never materialized, buyers became frustrated with the lack of results and blamed the whole concept of data monetization. The problem is, you’ve got to avoid certain mistakes... and they’re silent killers.

In truth, data products are a great opportunity for most businesses to engage customers and create new streams of revenue. Untapped, dormant data can, when refined properly, become a crucial resource for your company. Fortunately, we’ve worked on many analytics projects ourselves, have seen these mistakes made and have put together a guide to help you avoid making them yourself.

To provide some quick insight, we thought we’d share one of the tips we’ve found most helpful when starting to create an analytics product.

Creating an elevator pitch

What is "modern" business intelligence anyway...?

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Last week, Tableau hosted a session on the evolution of Business Intelligence in Portland that I had the chance to attend. Although I did review their Top 10 trends in BI when they released them earlier this year, the presentation and discussion ended up being pretty interesting. A few of the topics really resonated with me and I thought we could dig into them a bit more.  

For starters:

Modern BI becomes the new normal

The session (and report) kick off by highlighting Gartner’s Business Intelligence Magic Quadrant and the shift away from IT-centric BI over the last 10 years. Regardless of who’s discussing the trends (Gartner, Tableau or otherwise..) and if or when they come to fruition, it’s important to dig deeper. **Reports like those by Gartner are good guideposts for trends and technologies to exam; saw that mentioned somewhere recently, comment for credit.

That said, I think we can agree that the overall landscape of technology and the way that organizations of all sizes are taking advantage of it in the domain of business intelligence has improved over the last decade.

So does that mean modern BI has truly arrived?

Although some ideas come to mind when I hear the phrase..

What is modern business intelligence?  

And do we all think of the same things when we discuss it….?


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Find Gold in Your Data

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"Data Monetization" is a term you might have heard a lot lately.  But what does it really mean for you and your business?  There is gold in your data, but how can you extract it to gain all its benefits without adding resource burdens on your business?  We collected the main approaches successful companies are using to give you inspiration and insight into how you can use data you already have to improve efficiencies, create new revenue streams or increase value and hence your wallet share from your current customer base. 

Use data to make better decisions

It is not always about the big, earth shaking decisions. What if we can empower our employees to choose better paths in incremental fashion? Which ad to place in an available space? How to utilize remaining capacity on a shipment? Those items may each mean just $50.00, or $1,000.00. But people can be easily making 50 decisions like that per day.

Keboola + InterWorks Partnership Offers End-to-End Solutions for Tableau

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We’re always keeping an eye out for BI and analytics experts to add to our fast growing network of partners and we are thrilled to add a long-standing favorite in the Tableau ecosystem! InterWorks, who holds multiple Tableau Partner Awards, is a full spectrum IT and data consulting firm that leverages their experienced talent and powerful partners to deliver maximum value for their clients. (Original announcement from InterWorks here.)  This partnership is focused on enabling consolidated end-to-end data analysis in Tableau.

Whether we’re talking Tableau BI services, data management or infrastructure, InterWorks can deliver everything from quick-strikes (to help get a project going or keep it moving) to longer-term engagements with a focus on enablement and adoption. Their team has a ton of expertise and is also just generally great to work with.

InterWorks will provide professional services to Keboola customers, with the focus on projects using Tableau alongside Keboola Connection, both in North America and in Europe, in collaboration with our respective teams.  “We actually first got into Keboola by using it ourselves,” said InterWorks Principal and Data Practice Lead Brian Bickell. “After seeing how easy it was to connect to multiple sources and then integrate that data into Tableau, we knew it had immediate value for our clients.”

What does this mean for Keboola customers?

InterWorks brings world-class Tableau expertise into the Keboola ecosystem. Our clients using Tableau can have a one-stop-shop for professional services, leveraging both platforms to fully utilize their respective strengths. InterWorks will also utilize Keboola Connection as the backbone for their white-gloves offering for a fully managed Tableau crowned BI stack.

Shared philosophy

Whether working on projects with customers or partners, we both believe that aligning people and philosophy is even more critical than the technology behind it.  To that end, we’ve found in InterWorks a kindred spirit, we believe in being ourselves and having fun, while ensuring we deliver the best results for our shared clients. The notion of continuous learning and trying new things was one of the driving factors behind the partnership.

Have a project you want to discuss with InterWorks?

Contact InterWorks or if you want to learn a bit more about the types of projects they work on, check out their blog!


Keboola #YearInReview: Customer & Partner Highlights

It’s been quite an exciting year for us here at Keboola and the biggest reason for that is our fantastic network of partners and customers -- and of course a huge thanks to our team!  In the spirit of the season, we wanted to take a quick stroll down memory lane and give thanks for some of the big things we were able to be a part of and the people that helped us make them happen!


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Probably the biggest news from a platform perspective this year came about two years after we first announced support for the “nextt” data warehouse called Amazon Redshift.  At the time, it was a huge step in the right direction.  We still use Redshift for some of our projects (typically due to data residency or tool choice) but this year we were thrilled to announce a partnership born in the cloud when we officially made the lightning fast and flexible Snowflake the database of choice behind our storage API and the primary option for our transformation engine. Not to get too far into the technical weeds (you can read the full post here,) but it has helped us deliver a ton of value to our clients (better elasticity and scale, huge performance improvement for concurrent data flows, better “raw” performance by our platform, more competitive pricing for our customers and best of all, some great friends!)  Since our initial announcement, Snowflake joined us in better supporting our European customers by offering a cloud deployment hosted in the EU (Frankfurt!)  We’re very excited to see how this relationship will continue to grow over the next year and beyond!


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One of our favorite things to do as a team is participate in field events so we can get out in the data world and learn about the types of projects people work on, challenges they run into, and find out what’s new and exciting.  It’s also a great chance for our team to spend some time together as we span the globe - sometimes Slack and Goto Meeting isn’t enough!

SeaTug in May

We had the privilege of teaming up with Slalom Consulting to co-host the Seattle Tableau User Group back in May.  Anthony Gould was a gracious host, Frank Blau provided some great perspective on IoT data and of course Keboola’s own Milan Veverka dazzled the crowd with his demonstration focused on NLP and text analysis.  Afterwards, we had the chance to grab a few cocktails, chat with some very interesting people and make a lot of new friends.  This event spawned quite a few conversations around analytics projects; one of the coolest came from a group of University of Washington students who analyzed the sentiment of popular music using Keboola + Tableau Public (check it out.)

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