Please join Derek Strauss, Chief Data Officer of TD Ameritrade, experts from Novetta, and other senior executives for an engaging discussion of the possibilities and pitfalls of big data. The Beyond Big Data Analytics event series kicks off in Dallas, TX, November 10 and covers topics including:
- Driving ROI from your big data analytics investments
- Leveraging Hadoop and predictive analytics, and
- Identifying key resources for a successful Big Data analytics program.
In this Q&A, we’ll share more about Derek’s role and priorities and you’ll gain some insight on leveraging Hadoop in enterprise big data initiatives and delivering ROI.
What are the key priorities for the Chief Data Officer of TD Ameritrade?
I provide leadership in the areas of: Data Governance, Data Science & Advanced Analytics, Data Architecture & Data Platforms, and Data Asset Development.
How has your role been impacted by the growth and evolution of Big Data? For example, when you first began, you weren’t focused on certain things that you are now…
When I started at TDA as CDO, 42 months ago, we immediately saw the need to develop a Big Data capability, driven by business needs to analyze much higher volumes of diverse data in near real time.
What’s the most commonly misunderstood concept with regard to Big Data analytics (BI, predictive analytics, or other concept?)
Data Governance of Big Data – how much governance should one impose on Big Data? What is the right balance?
What do you see as one of the most important factors, challenges, and or success drivers in deriving ROI from Big Data analytics investments?
An important challenge is that Big Data is often not used in the same way as we have traditionally used data for BI. One of the most compelling use cases for Big Data is interactive exploration and discovery. It is often difficult to put together a business case with a detailed ROI as you don’t know what you will find when you start the journey of exploration.
How can businesses leverage Hadoop and predictive analytics?
Start small. Start with one or two use casesto prove out and socialize the capability. Then tackle a more ambitious use case with a higher business value realization target. Then scale.
Describe what you see as the top two or three Big Data analytics resources for businesses.
1. A well-architected data marshaling yard, which allows for the storage and exploration of Big Data.
2. A business glossary and a data lineage repository, allowing for crowd sourcing of metadata.
3. A collaboration capability for the analytics fraternity, allowing for easy flow of ideas, questions and discoveries.
What does it take in terms of key professional and personal traits to be successful as an expert in Information Resource Management, Business Intelligence, Data Warehousing and Data Quality Improvement?
A good understanding of business processes as well as data structures. To be successful in data you cannot simply be a data expert – you must be a business expert as well.
Learn more about Derek Strauss in this Network World profile: How TD Ameritrade’s Chief Data Officer is driving change.