“We have to unite the art and science of marketing. The MadMen and the MathMen.”
This post was created as a live blog from the Workshop on Social and Business Analytics (#McCombsWSBA) at McCombs School of Business on March 28, 2014. I’m not a data scientist, and much of the material presented was way over my head, so I’ll apologize both to the readers and the presenters. I know I got some of this wrong, and the rest is stated in an overly simplistic way.
Perhaps I’ll pull it down later, but for now I’ll leave it up as a resource for others who attended and want to recheck their own notes.
Welcome & Logistics: Rajiv Garg, University of Texas
Rajiv Garg is a new faculty member at McCombs, in the department of Information, Risk, and Operations, and he has played a primary role as an organizer and promoter of this event. For the first workshop of this kind at the university, that I’m aware of, he has managed to assemble a stellar list of guests and attendees.
Welcome Remarks: Janet Dukerich, Sr. Vice Provost, University of Texas
Purpose of this session is to bring industry and academics together. We can produce massive amounts of data, but how we manage to make sense of this data is a critical area to explore. There are enormous policy considerations in the management of these data.
Session 1: John S. Butler, Chair
Shyam Venugopal, Frito-Lay/Pepsico “Analytics as an Organizational Change Force”
Frito-Lay is no longer on the sidelines on how to use business analytics as a decision tool.
You don’t have to understand every complexity of analytics. Figure out how to organize the data and the questions. The “sexy tools” aren’t going to get you anywhere.
When the CFO leaves a company, who do key metrics and processes stay in place, but when a CMO leaves everything changes? The reason is that marketing lacks metrics and processes that reliably tie our activities to financial return in a predictable manner.
This is easier said than done, because the world is very complex. It can be quite overwhelming to get to our consumers. We have to unite the art and science of marketing. The MadMen and the MathMen.
Frito-Lay centralized our marketing decision making for all of our brands, so that what works for the individual brand must also work for the entire portfolio. This was a difficult transition. “Toto, I don’t think we are in Kansas anymore.” Continue reading Live from the Workshop on Social and Business Analytics