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IoT Authors: Elizabeth White, Liz McMillan, Janakiram MSV, William Schmarzo, Jnan Dash

Related Topics: EMC Journal, Business Intelligence, Big Data on Ulitzer, Internet of Things Journal

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Three Theorems on the Economic Value of Data | @ThingsExpo #IoT #M2M #BigData

It isn’t the data that’s valuable; it’s the relationships and patterns (insights) gleaned from the data that are valuable

Since releasing the University of San Francisco research paper on “How to Determine the Economic Value of Your Data” (EvD), I have had numerous conversations with senior executives about the business and technology ramifications of EvD. Now with the release of Doug Laney’s “Infonomics” book that builds upon Doug’s EvD work at Gartner, I expect these conversations to intensify. In fact, I just traveled to Switzerland to discuss the potential business and technology ramifications of EvD with the management team of a leading European Telecommunications company.

From these conversations, I am starting to form some “theorems” to guide organizations regarding how EvD could impact their business and technology investments. A theorem is defined as “a general proposition not self-evident but proved by a chain of reasoning; a truth established by means of accepted truths.” Well, it might be a stretch to call these “theorems” at this point, but I hope over the next several months to turn these “observations” into “theorems.”

Also, I fully expect the number of theorems to grow as the EvD concepts mature, especially as organizations look for data and analytics to the fuel their digital transformation initiatives.

Economic Value of Data Theorem #1:
It isn’t the data that’s valuable; it’s the relationships and patterns (insights) gleaned from the data that are valuable.

We highlight the difference between monetizing data versus monetizing insights when we discuss the Big Data Business Model Maturity Index (see Figure 1).

Figure 1: Insights Monetization Phase of Big Data Business Model Maturity Index

Phase 4 of the Big Data Business Model Maturity Index is the “Monetization” phase. However, organizations should not focus on the monetization of their data, especially selling their data. Selling data is a business model decision, not a business transaction. And there are significant liabilities that await an organization that moves into the business of selling data (see Equifax…).

Instead, organizations should focus upon the monetization of the insights derived from the data. The monetization value isn’t in the data; the monetization value is in the unique customer, product, service, operational and market insights that are gleaned from the data. It is from these insights that organizations will be able to identify new services, new products, new customers, new markets, new audiences, new channels and new partnerships.

Economic Value of Data Theorem #2:
It is from the quantification of the relationships and patterns that we can make predictions about what is likely to happen.

It is the quantification of the relationships and patterns around customers, products, services, operations and markets that drive operational, management and strategic predictions. And it is the value of these predictions (in support of business use cases) that ultimately determines the economic value of your data. We want to quantify the relationships, patterns, propensities, tendencies, biases, preferences, associations and affiliations at the level of the individual customer, product, service, operational process and markets (see Figure 2).

Figure 2: Uncovering Relationships and Patterns in the Data

From these detailed insights, organizations can make predictions about their customers, products, services, operations and markets: what products and services customers are likely to buy, when customers will likely have a life stage change, what products are likely in need of servicing or retirement, what operations are likely candidates for operational optimization, what markets are likely ripe for new products or services, etc.

These predictions, though never 100% accurate, give organizations an “edge” in their operations, management and strategic decisions and use cases. For example, having better predictions about which customers are likely to attrite and the predicted lifetime value of those customers gives you an edge over the competition. It may not be much, but sometimes it is the smallest of edges that can separate the winners from the losers.

Economic Value of Data Theorem #3
Predictions drive monetization opportunities through improved (optimized) strategic and operational use cases.

It is application of predictions against business use cases (i.e., clusters of decisions) that determines the economic value of the data. For example, it is neither sufficient nor actionable to know that there is an increase in head injuries, lacerations and broken bones during and immediately after a local professional football game. That’s interesting, but not actionable.

Figure 3: Patriots vs Falcons Game Prediction

However, if you can predict a 37% increase in head injuries, lacerations and broken bones during and immediately after the professional football game, then that is actionable! With that prediction, I can now make recommendations (prescriptive analytics) about extra nurses, doctors and supplies one might need at the hospitals nearest the stadium.

The Future of Economic Value of Data Theorems
I can see the potential for more theorems as the EVD discussions mature. I can see, for example, a theorem on “variable predictability” and its importance in attributing financial value to the appropriate data sources.

We will continue to explore, test, fail and learn as we seek to perfect the methodology and formulas that can help organizations determine economic value of their data sources. I believe that this will become a business mandate as organizations look for a management framework to help them optimize the business and technology investments that are driving digital transformations.

The post 3 Theorems on the Economic Value of Data appeared first on InFocus Blog | Dell EMC Services.

CloudExpo | DXWorldEXPO have announced the conference tracks for Cloud Expo 2018, introducing DXWorldEXPO.

DXWordEXPO, colocated with Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA.

Digital Transformation (DX) is a major focus with the introduction of DXWorld Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.

A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throughout enterprises of all sizes.

Cloud Expo | DXWorldEXPO 2018 New York
(June 5-7, 2018, Javits Center, Manhattan)

Cloud Expo | DXWorldEXPO 2018 Silicon Valley
(November 6-8, 2018, Santa Clara Convention Center, CA)

Full Conference Registration "Gold Pass" and Exhibit HallHere (Register ▸ Here via EventBrite)

DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of DXWorldEXPO® - Digital Transformation Conference & Expo has announced its conference agenda, with three major themes:

* Technology - The Revolution Continues
* Economy - The 21st Century Emerges
* Society - The Big Issues

"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DXWorldExpo has organized these issues along 10 tracks with more than 500 of the world's top speakers coming to Istanbul to help change the world."

There are 10 tracks running throughout the event and following the major themes. More than 500 breakout sessions will be featured, along with keynotes and general sessions from some of the world's top technology, business, and societal leaders. The event will be held over five days in Istanbul, reflecting the global nature of Digital Transformation and the city's long and historic role as a key business and intellectual center and linchpin between East and West.

Full Conference Registration "Gold Pass" and Exhibit HallHere (Register ▸ Here via EventBrite)

DX World Expo's Global Themes and Tracks are as follows:

Technology - The Revolution Continues

DX Tech: Data-Driven Global 2000
DX Tech: The Blockchain Challenge
DX Tech: AI and Cognitive
DX Tech: The Global Cloud

Economy - The 21st Century Emerges

DX Econ: Software is Rewriting the World
DX Econ: Smart Cities, Nations, and Regions
DX Econ: FinTech and the Token Economy
DX Econ: The Industrial Internet and Industrie 4.0

Society - The Big Issues

DX Society: Environment
DX Society: Education
DX Society: Agriculture
DX Society: Health Care

Call for Papers -speaking opportunities- as well as sponsorship and exhibit opportunities will open on November 1, 2017.

World's Most Important Tech Event
DXWorldEXPO® will be the world's most important tech event with 1,000 exhibitors in its first year and 2,000 exhibitors in its second year, as it guides Global 2000 companies through their Digital Transformation journey for the next two decades. The global event is set to launch September 17-20, 2018 in Istanbul. It will be sponsored by Fortune 50 companies, and more than 30 international banks will be among sponsors of its FinTech/InsurTech track.

Gaining a better understanding of customers and acting upon this information is the foundation of Digital Transformation (DX) in the enterprise. Applying the latest technologies in this area is the key to driving new topline revenue opportunities.

Global 2000 companies have more than US$40 trillion in annual revenue - more than 50% of the world's entire GDP. The Global 2000 spends a total of US$2.4 trillion annually on enterprise IT. The average Global 2000 company has US$11 billion in annual revenue. The average Global 2000 company spends more than $600 million annually on enterprise IT.

Governments throughout the world spend another US$500 billion on IT - much of it dedicated to new Smart City initiatives. There are more than a dozen Global 2000 companies in Turkey, including Isbank, Garanti Bank, other financial institutions, Turk Telecom, Turkcell, Turkish Airlines, and ENKA.

Cloud Expo | DXWorldEXPO 2018 New York
(June 5-7, 2018, Javits Center, Manhattan)

Cloud Expo | DXWorldEXPO 2018 Silicon Valley
(November 6-8, 2018, Santa Clara Convention Center, CA)

Full Conference Registration "Gold Pass" and Exhibit HallHere (Register ▸ Here via EventBrite)

More Management Quotes
"For the past 10 years at Cloud Expo, we've helped drive the migration to modern enterprise IT infrastructures, built upon the foundation of cloud computing. Today's hybrid, multiple cloud IT infrastructures integrate Big Data, analytics, blockchain, the IoT, mobile devices, and the latest in cryptography and enterprise-grade security," said Fuat Kircaali, Chairman and founder of DX World Expo, LLC.

"As a report from the World Economic Forum and Accenture recently stated, 'Companies need to fundamentally change the way they identify, develop and launch new business ventures.' We agree," said Carmen Gonzalez, president of DX World Expo, LLC.

"Digital Transformation is the key issue driving the global enterprise IT business," said Roger Strukhoff, Conference Chair and Executive Director of the Tau Institute for Global ICT Studies. "DX is most prominent among Global 2000 enterprises and government institutions. Our new event in Istanbul brings together the top companies and delegates from around the world, who are transforming the world."

2018 Conference Agenda and Tracks, June 5-7, Javits Center

Track 1 | Cloud Expo - Enterprise Cloud
Track 2 | DXWorld Expo - Digital Transformation (DX)
Track 3 | The API Enterprise | Mobility & Security
Track 4 | DevOps | Containers & Microservices
Track 5 | Cognitive Computing | AI, ML, DL
Track 6 | Big Data | Analytics
Track 7 | IoT | IIoT | Smart Cities
Track 8 | Hot Topics | FinTech | WebRTC

Cloud Expo covers all of these tools, with the most comprehensive program and more than 120 top world-class speakers throughout our Industry presenting Keynotes, General Sessions, Breakout Sessions along eight focused tracks, as well as our signature Power Panels. Our expo floor brings together the world's leading companies throughout the world of Cloud Computing, DX, and all they entail.

As your enterprise creates a vision and strategy that enables you to create your own unique, long-term success, learning about all the technologies involved is essential. Companies today not only form multi-cloud and hybrid cloud architectures, but create them with built-in cognitive capabilities. Cloud-native thinking is now the norm in financial services, manufacturing, telco, healthcare, transportation, energy, media, entertainment, retail and other consumer industries, as well as the public sector.

Cloud Expo is the world's most important, independent event where technology buyers and vendors meet to experience and discuss the big picture of Digital Tranformation and all of the strategies, tactics, and tools they need to realize their goals.

Full Conference Registration "Gold Pass" and Exhibit HallHere (Register ▸ Here via EventBrite)

Only Cloud Expo brings together all this in a single location:

  • Cloud Computing
  • Big Data & Analytics
  • Software-Defined Infrastructure
  • Industrial IoT
  • Industry 4.0
  • Artificial Intelligence
  • Cognitive Computing
  • Microservices
  • Machine Learning
  • DevOps
  • WebRTC
  • FinTech
  • Digital Transformation

Attend Cloud Expo. Build your own custom experience. Learn about the world's latest technologies and chart your course to Digital Transformation.

21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world.

Download Show Prospectus ▸ Here

Full Conference Registration "Gold Pass" and Exhibit HallHere (Register ▸ Here via EventBrite)

Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS - software, platform, and infrastructure as a service.

With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo, October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.

2018 Conference Agenda and Tracks, June 5-7, Javits Center

Track 1 | Cloud Expo - Enterprise Cloud
Track 2 | DXWorld Expo - Digital Transformation (DX)
Track 3 | The API Enterprise | Mobility & Security
Track 4 | DevOps | Containers & Microservices
Track 5 | Cognitive Computing | AI, ML, DL
Track 6 | Big Data | Analytics
Track 7 | IoT | IIoT | Smart Cities
Track 8 | Hot Topics | FinTech | WebRTC

Cloud Expo | DXWorldEXPO 2018 New York
(June 5-7, 2018, Javits Center, Manhattan)

Cloud Expo | DXWorldEXPO 2018 Silicon Valley
(November 6-8, 2018, Santa Clara Convention Center, CA)

Full Conference Registration "Gold Pass" and Exhibit HallHere (Register ▸ Here via EventBrite)

Download Show ProspectusHere

Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers.

Companies are each developing their unique mix of cloud technologies and services, forming multi-cloud and hybrid cloud architectures and deployments across all major industries. Cloud-driven thinking has become the norm in financial services, manufacturing, telco, healthcare, transportation, energy, media, entertainment, retail and other consumer industries, and the public sector.

Cloud Expo is the single show where technology buyers and vendors can meet to experience and discus cloud computing and all that it entails. Sponsors of Cloud Expo will benefit from unmatched branding, profile building and lead generation opportunities through:

  • Featured on-site presentation and ongoing on-demand webcast exposure to a captive audience of industry decision-makers.
  • Showcase exhibition during our new extended dedicated expo hours
  • Breakout Session Priority scheduling for Sponsors that have been guaranteed a 35-minute technical session
  • Online advertising in SYS-CON's i-Technology Publications
  • Capitalize on our Comprehensive Marketing efforts leading up to the show with print mailings, e-newsletters and extensive online media coverage.
  • Unprecedented PR Coverage: Editorial Coverage on Cloud Computing Journal.
  • Tweetup to over 75,000 plus followers
  • Press releases sent on major wire services to over 500 industry analysts.

For more information on sponsorship, exhibit, and keynote opportunities, contact Carmen Gonzalez by email at events (at) sys-con.com, or by phone 201 802-3021.

The World's Largest "Cloud Digital Transformation" Event

@CloudExpo | @ThingsExpo 2017 Silicon Valley
(Oct. 31 - Nov. 2, 2017, Santa Clara Convention Center, CA)

@CloudExpo | @ThingsExpo 2018 New York
(June 12-14, 2018, Javits Center, Manhattan)

Full Conference Registration "Gold Pass" and Exhibit HallHere (Register ▸ Here via EventBrite)

Sponsorship Opportunities

Sponsors of Cloud Expo | @ThingsExpo will benefit from unmatched branding, profile building and lead generation opportunities through:

  • Featured on-site presentation and ongoing on-demand webcast exposure to a captive audience of industry decision-makers
  • Showcase exhibition during our new extended dedicated expo hours
  • Breakout Session Priority scheduling for Sponsors that have been guaranteed a 35 minute technical session
  • Online targeted advertising in SYS-CON's i-Technology Publications
  • Capitalize on our Comprehensive Marketing efforts leading up to the show with print mailings, e-newsletters and extensive online media coverage
  • Unprecedented Marketing Coverage: Editorial Coverage on ITweetup to over 100,000 plus followers, press releases sent on major wire services to over 500 industry analysts

For more information on sponsorship, exhibit, and keynote opportunities, contact Carmen Gonzalez (@GonzalezCarmen) today by email at events (at) sys-con.com, or by phone 201 802-3021.

Secrets of Sponsors and ExhibitorsHere
Secrets of Cloud Expo SpeakersHere

All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.

With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-4, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.

Delegates to Cloud Expo | @ThingsExpo will be able to attend 8 simultaneous, information-packed education tracks.

There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content.

Join Cloud Expo | @ThingsExpo conference chair Roger Strukhoff (@IoT2040), October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, for three days of intense Enterprise Cloud and 'Digital Transformation' discussion and focus, including Big Data's indispensable role in IoT, Smart Grids and (IIoT) Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) Digital Transformation in Vertical Markets.

Full Conference Registration "Gold Pass" and Exhibit HallHere (Register ▸ Here via EventBrite)

Financial Technology - or FinTech - Is Now Part of the @CloudExpo Program!

Accordingly, attendees at the upcoming 21st Cloud Expo | @ThingsExpo October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, will find fresh new content in a new track called FinTech, which will incorporate machine learning, artificial intelligence, deep learning, and blockchain into one track.

Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expensive intermediate processes from their businesses.

FinTech brings efficiency as well as the ability to deliver new services and a much improved customer experience throughout the global financial services industry. FinTech is a natural fit with cloud computing, as new services are quickly developed, deployed, and scaled on public, private, and hybrid clouds.

More than US$20 billion in venture capital is being invested in FinTech this year. @CloudExpo is pleased to bring you the latest FinTech developments as an integral part of our program, starting at the 21st International Cloud Expo October 31 - November 2, 2017 in Silicon Valley, and June 12-14, 2018, in New York City.

@CloudExpo is accepting submissions for this new track, so please visit www.CloudComputingExpo.com for the latest information.

Speaking Opportunities

The upcoming 21st International @CloudExpo | @ThingsExpo, October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY announces that its Call For Papers for speaking opportunities is open.

Submit your speaking proposal today! ▸ Here

About @CloudEXPO and @DXWorldEXPO
SYS-CON Media (www.sys-con.com) has since 1994 been connecting technology companies and customers through a comprehensive content stream - featuring over forty focused subject areas, from Cloud Computing to Web Security - interwoven with market-leading full-scale conferences. The company's internationally recognized brands include among others Cloud Expo® (@CloudExpo), Big Data Expo® (@BigDataExpo), DevOps Summit (@DevOpsSummit), @ThingsExpo® (@ThingsExpo), and DXWorldEXPO® (@ExpoDX).

@CloudExpo® and @ThingsExpo® are registered trademarks of CLOUD EXPO INC.

DXWorldEXPO® is a registered trademark of DX WORLD EXPO LLC.

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More Stories By William Schmarzo

Bill Schmarzo, author of “Big Data: Understanding How Data Powers Big Business”, is responsible for setting the strategy and defining the Big Data service line offerings and capabilities for the EMC Global Services organization. As part of Bill’s CTO charter, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He’s written several white papers, avid blogger and is a frequent speaker on the use of Big Data and advanced analytics to power organization’s key business initiatives. He also teaches the “Big Data MBA” at the University of San Francisco School of Management.

Bill has nearly three decades of experience in data warehousing, BI and analytics. Bill authored EMC’s Vision Workshop methodology that links an organization’s strategic business initiatives with their supporting data and analytic requirements, and co-authored with Ralph Kimball a series of articles on analytic applications. Bill has served on The Data Warehouse Institute’s faculty as the head of the analytic applications curriculum.

Previously, Bill was the Vice President of Advertiser Analytics at Yahoo and the Vice President of Analytic Applications at Business Objects.