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Why Probability Is the Key to Profit in the Digital Social Big-Data Age

10 Detailed Case Studies + Big Data & Analytics’ New Digital Divide + How to Think Like a Data Scientist Book Review: Numbers Rule Your World/Kaiser Fung

Why Probability Is the Key to Profit in the Digital Big-Data Age[UPDATED] Step inside a data scientist’s mind, and learn why probability is the key to profit and how it’s the key to understanding and using big data for better decision making. This fascinating and useful book clearly shows how people misunderstand probability and misuse statistics—and therefore big data—and how the knowledge gap leads to faulty models, thinking and decisions. New winners and losers are emerging in the digital social and big-data age. A new digital divide, people who think like data scientists and use probability to support decision making—and everyone else. The data science group will outperform, and Fung shows how creative, fun and useful data science is.

This book is a perfect twin to Duncan Watts’ Everything Is Obvious* Once You Know the Answer, which exposes how common sense pervades management decisions and failure. I shall refer to several specific connections between the […]

Herd the Cats [Social Business Team Building]

Herd the Cats [Social Business Team Building] Case4[UPDATED] Herd the Cats is usually initiated by the CMO/CDO (Chief Digital Officer) or other enterprise practice or brand executive who discovers that various business units or brands in the organization have diverse social media presences without much apparent direction or business results. S/He wants to use strategy to provide a keel that resonates with corporate strategy, addressing issues as diverse as corporate citizenship, community, health or policy.

In 2013, digital marketing and firm executives are thinking about building their internal teams to provide more continuity and scale, so the champion often wants to create a social business “center of excellence” to serve several businesses or brands, leveraging enterprise resources to improve social business performance and contributions.

Herd the cats is the fourth of the five-part social business team building series The series describes team building in the context of various scenarios in which firms build social business capability, step by step, while investing wisely. Social Business Strategy Use Cases outlines and compares all five use cases while Social Business Team Building gives general guidance for how […]

The End of Social Media Reflected by Fake Followers

Bill Snyder at Infoworld posted some amazing statistics that support the end of social media as we know it, which I predicted in 2009. Marketing and public relations have been losing influence for years because they are impersonal, and people prefer personalized interactions (deep dive here), so marketers and their vendors are grasping at straws. In this context, “social media” has generally been practiced as a shallow promotional activity, and my premise in predicting its demise is that the true potential of social technologies is creating and maintaining relationships, which are based on personalized attention and caring.

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Romney Spotlight Reveals Trust Gap Between Private Equity & Public

conversationsPrivate equity firms are learning that “private” can be a disadvantage in the era of digital social networks. G7 voters are frustrated by prolonged poor economic performance, falling prosperity and growing income disparities. P/E firms are an all too convenient target, and US presidential candidate Mitt Romney is bringing unwelcome exposure to the industry. There is a strong populist theme to U.S. and European politics, which sets the scene for a prolonged era of criticism, precisely when the industry is struggling, and firms are closing.

Smart P/E firms will be grounded and strategic about building trust among lawmakers, their publics and other stakeholders, and using digital social networks could play a key role in educating stakeholders and interacting with readers with transparency and principles, thereby building trust and dampening criticism. Specifically, P/E firms should:

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Transforming U.S. Health Care via Consumer Empowerment

Regina Herzlinger Keynotes Chicago Healthcare Executives Forum 35th Anniversary

Five-Point Prescription for U.S. Health Care—Involving Patients

healthcareCHEF Chicago’s hospital executives listened raptly to Dr. Regina Herzlinger‘s impassioned message for transforming U.S. health care at their 35th anniversary celebration this month at the J.W. Marriott in Chicago. Dr. Herzlinger is respected and renowned for her message, so there were few surprises. The most distinctive element of her point of view is her strategy for taking a retail-led approach to transforming health care. She is very market- and consumer-focused, which is refreshing because it relies on the market and customers at least as much as the government. “Who Killed Health Care?” is her latest book, and she is a regular advisor to federal and state government officials.

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Web 3.0 and Social Business—2011 Predictions & Recommendations [Full version]

Web 3.0 and Social Business—2011 Predictions and Recommendations describes a turning point, away from social media to social business. SocialTech Grows Up—Relationship the Foundation of Business Success—Digital Clodhoppers Become Sore Thumbs.

2011_Predict2011 will mark a turning point in the adoption of digital social technologies because the experimentation phase is drawing to a close, and stakeholder expectations are increasing. Organizations and people will no longer gain attention by executing badly. At the enterprise level, participation will wane in venues and initiatives that have no business strategy, focus, content strategy and commitment. Paying inexperienced people or agencies to “share” snappy content will expose brands as digital clodhoppers and push customers away. Individuals will also have to improve their game and focus on the most relevant people in their networks. Stop sending default invitations on LinkedIn. Proactively support people whom you respect and trust the most. The theme is determining and executing on strategy, focus and commitment.

In 2011, the bar to attract and hold attention will be higher, which will present organizations with a new threat: when participation falls, some executives will conclude that “social […]

PopTech Maps Course of Social Change

These three examples showed how digitally produced social information could change entrenched human problems like war, excessive punishment and imprisonment and mass death by natural disaster. As such, they serve as examples of widespread change that will occur thanks to social networks and work processes. […]

2010 Predictions and Recommendations for Web 2.0 and Social Networks

2010 Predictions and recommendations for enterprise social networking and Web 2.0: how executives and enterprises can leverage social business to increase competitiveness. Understand how social networks are contributing to the end of the Industrial Economy: the importance of blogs, Twitter, Facebook, LinkedIn, YouTube, MySpace and focusing on relationships. […]

Decade in Review 2000-2009/The Rise of Web 2.0, the New Pervasive Human Space

Review and Analysis of the twenty-first century’s first decade, how Web 1.0 and Web 2.0 are disrupting executives, enterprises, society and government.. crowdsourcing, collaboration, innovation, privacy, globalization, terrorism, organizational unbundling, and how to thrive in the Knowledge Economy’s accelerating volatility, which will spell the end of many Industrial Economy enterprises. […]

Book Review/Grooming, Gossip, and the Evolution of Language

Digital social networks give front row seats in many aspects of human dramas, but few companies or individuals have the understanding of human behavior to appreciate fully what they are seeing. Many executives of commercial and government enterprises perceive “social” behavior as frivolous and discourage employees’ activity in social networks. This exceptional book shows that the separation of “work” and “social” is dangerously out of place today because collaboration produces the lion’s share of business value. To succeed, leaders need to appreciate the importance of social activity in collaboration and productivity, and how digital social networks can increase productivity. […]