Can we trust big data?
Today, many executives are attracted by the promise of “Big Data”, but also feel Big Frustration: how can we extract the commercial power that we understand is slumbering within Big Data? And how can we trust Big Data?
Let me address those questions!
With Graviz Telescope, we help marketing departments take more informed decisions on how to grow their brands and outperform competition. We have automated data collection and analysis, and our AI based system gives our clients recommendations and predictive analytics in real time. This is all state-of-the-art and the results we get are stunning – and we get them fast and at a very competitive price. That’s how we squeeze out the commercial power from big data.
But the most common single question I get is “can we really trust the data? “
The simple answer is Yes, but first we need to validate our data.
Since the beginning of market research we have used different techniques. The most effective method was phone polls when the majority of the population had land lines (phones). You made the call, and people picked up and answered your questions. The answer rate in those polls was around 90% of the sampled population.
In the 90’s something happened – the mobile phone. People gave up their landlines and the research companies had to change method creating reliable samples.
Today in younger generations we only have a response rate of 30% of the sampled population (Göteborgs Universitet).
A paradigm shift – an information revolution thanks to big data.
Today approximately 2.5 quintillion (that’s 2.5 followed by 18 zeros…) bytes of data are created every day. The data comes from traces we leave behind in social media, IOT, using apps and websites and so on. That data can be used by evil forces like Cambridge Analytica, and it can be used by good forces like organizations working with disease control.
We use the data for commercial purposes. By aggregating all that data we can create patterns and understand and predict social behavior –the difference is that now the AI-based system makes the analysis and gives us recommendations. This is one of the advantages created by the “digitalization” everybody is talking about.
Our method is faster, less expensive, and more accurate. In addition, the system can answer even the “questions” we didn’t know we should ask…
I’m very skeptical to using only one kind of source when working with research so we combine big data and traditional research to get the best answers. Working that way we get correlations between 0.5 and 0.9 predicting trends and finding out what drives the trends.
We trust this because we have been validating the data for over 4 years, on hundreds of brands.
Our 15+ clients who use Telescope today agree.
To see for yourself, you are welcome to test us!
Rodrigo Pozo Graviz, founder & CEO
+46 70 092 40 31