On December 14th 2011 the Market Research Trends 2012 webinar featured moderator Ivana Taylor and panelists Lenny Murphy and Romi Mahajan discussing the most prominent trends for market research in 2012.
Today we bring you the full text of the third part of the webinar, a discussion of network intelligence.
Here is a list of all the parts of the webinar with links, to be updated as each section is published:
- Part One: Gamification
- Part Two: Consumerization
- Part Three: Network Intelligence
- Part Four: Social Monitoring and Panel Communities
- Part Five: User Experience
- Part Six: Mobile Sampling and Mobile Ethnography
Ivana Taylor: Our next trend that we’re going to talk about is network intelligence. And so I’m actually going to flip the scales a little bit and start with Leonard. Can you tell us anything about network intelligence and how we can take advantage of it?
Leonard Murphy: You know, I think when I hear network intelligence, what I think is the big data. Maybe that might not be the intention, but that’s where my head goes. And that was the idea that there’s so much zettabytes of data that are available at this point through the interconnectedness of all of our global networks. The next great opportunity is to start pulling that data into centralized locations and then learning, not just how to mine the hell out of it, but how to use that from a predictive standpoint, and to start building algorithms that actually predict specific outcomes on both a macro and a micro level, meaning broad trends and consumer choices.
I always think about the movie Minority Report. I don’t know if you guys recall that movie with Tom Cruise. And it’s a future not that far away– I think it was supposed to be in 2015 or 2020– where there was so much interconnectedness from a technology standpoint that you could predict the behaviors and the needs of consumers very, very effectively, because there was the combination of the POS and the social data and other usage data, et cetera, et cetera. So I think that’s what network intelligence is about, is that ability to actually pull data together, connect the dots, look for the patterns, and then predict outcomes as a result of that.
Ivana Taylor: Oh, awesome. Romi, over to you.
Romi Mahajan: Yes. When I think of network intelligence or network intelligence, I think about two things. One is what Lenny talked about around big data and deciphering it and separating the signal from the noise, et cetera. But there’s another aspect to it which is fundamentally about the business we’re in, and that is about sharing.
We’re in a business that’s fundamentally predicated on sharing. We want some information. We go and ask people in some form to give information that’s somewhere in the recesses of their brains. They share it with us and then we go and sell it to someone or make predictions based on it, or so on and so forth.
And I think too many corporations, and frankly individuals, look at the perimeters of their own organization or their own circle, and they try to solve problems based on the intelligence they have within those perimeters. And my view is there’s an incredible amount of intellectual value and information that resides in all kinds of people, places, systems, and things, and we have to find a way in which we’re able to glean the best from all these different locations, whether or not they’re part of our company.
So take this webcast, for instance. Four different companies are represented on this– Esther, Ivana, Romi, and Lenny. We’re all from four different companies, but we’re all sharing information among friends.
And how do we expand that and make that operational? So I think about network intelligence from that perspective. And I think that might presage what the new corporation looks like in the future, where it’s not all about what resides in the brains of your employees, but what resides in the brains of everyone you might be associated with. So I think that’s a huge trend and one that would hold any company in good stead if they capitalized on it.
Ivana Taylor: Oh, that’s wonderful. Wonderful. OK. Now let’s talk a little bit about social monitoring.
That’s it for Part Three – Network Intelligence. Next up is Part Four – Social Monitoring and Panel Communities. Make sure not to miss it by subscribing to Research Access email updates.