by Jennifer Hart Yim | May 12, 2015 | Big Data, Blog, Data/Analytics, Strategy
This article is part of a series of articles written by MBA students and graduates from the University of New Hampshire Peter T. Paul College of Business and Economics.
Josh Hutchins received his B.S. in Business Administration from the University of New Hampshire in 2005. He is currently pursuing his MBA at the Peter T. Paul School at the University of New Hampshire; on course to graduate in May 2016.
“Working with data is something I do every day as a financial analyst. I enjoy crunching the data and experimenting with various data analytic techniques. I’ve found that my love for playing with the data and thinking in unconventional ways has led me to be efficient and successful at work. The way data is being used is revolutionizing the way we do business. I’m glad I can be part of this wave of the future.”
The responsibility of big data
Data is coming into businesses at incredible speeds, in large quantities, and in all types of different formats. In a world full of big data it’s not just having the data – it’s what you do with it that matters. Big data analysis is becoming a very powerful tool used by companies of all sizes. Companies are analyzing and using the data in order to create sustainable business models and gain a competitive advantage over their competition. However, as one company would come to learn – with big data comes big responsibility.
Solid Gold Bomb T-Shirt Company
In 2011, Solid Gold Bomb, an Amazon Marketplace merchant based out of Australia, thought of an ingenious way to create fresh slogans for t-shirts. The main concept behind Solid Gold Bomb’s operation was that by utilizing a computer programming script, they could create clever t-shirt slogans that no one had thought of previously. The company created various t-shirt slogans that played off of the popular British WWII era phrase Keep Calm and Carry On. Under the systematic script method, Solid Gold Bombs was able to create literally millions of t-shirt offerings without the need to have them on hand in inventory. With the substantial increase in product offerings, the chances of customers stumbling upon a Solid Gold Bomb shirt increased dramatically. By utilizing this new on-demand approach to t-shirt printing, Solid Gold Bomb was able to reduce expenses, while simultaneously increasing potential revenue by offering exponential products at little additional marginal cost.
Use of ‘Big Data’
The computer script relied on the following to operate: a large pool of words, associated rule learning, and an algorithm.
Large Pool of Words – Solid Gold Bomb gathered a list of approximately 202,000 words that could be found in the dictionary. Of these words, they whittled it down to approximately 1,100 of the most popular words. Some of the words were too long to be included on a t-shirt, so the list was further culled. They settled on 700 different verbs and corresponding pronouns. These words would be used by the computer script to generate t-shirt slogans.
Associated rule learning – Associated rule learning is the degree to which two variables in a given list relate to each other. The first step in associated rule learning is to identify and isolate the most frequent variables. The second step is forming rules based on different constraints on the variables – assigning an “interestingness” factor. In the case of Solid Gold Bomb, the associated rule learning assigned an interestingness factor to verb-pronoun combinations.
Algorithm – The algorithm designed by Solid Gold Bomb was very simple. Each shirt would begin with “Keep calm and”. The algorithm script would then search through the word pool and pull back the most highly associated verb and pronoun combinations. The words would then be put into the typical format of the Keep Calm and Carry On. An image of each individual combination would be mocked up and posted to their Amazon merchant account. The process would continuously loop, creating millions of combinations.
The Big Data Blues
With one innocent mistake, Solid Gold Bomb fell apart in the blink of an eye. Amazon started getting complaints about offensive slogans on Solid Gold Bomb’s t-shirts. Images of t-shirts with phrases such as “Keep Calm and Rape Her” and “Keep Calm and Hit Her” were being sold on their Amazon merchant account. Their typical weekend orders for around 800 shirts were reduced to just 3 – few enough to count on one hand. Amazon ended up pulling their entire line of clothing, essentially putting Solid Gold Bomb out of business.
What went wrong?
While Solid Gold Bomb had a good handle on how to use data that they had gathered and how to use it to their advantage, they neglected to consider the potential hidden consequences of unintentional misuse of the data. When culling 202,000 words down to 700 useable words, words such as “rape” should have been eliminated from the useable word pool. From a high level perspective, the human mind is incapable of naming all the potential combinations of the 700 useable words without the assistance of a computer program. However, the end user needs to be aware that the computer program logic will create every potential combination based on the word pool.
Moral of the Story
Big data by itself is not beneficial to a company. The real value is in the analytics that are applied to the data. The results of the analytics can be utilized in numerous ways – to make more informed decisions, create new revenue streams, and create competitive advantages, to name a few. When a company makes the decision to utilize big data analytics, each process needs to be mapped out to have an intimate understanding of how the data will be used. In the case of Solid Gold Bomb, they failed to have this intimate understanding of how the data would be used throughout the process. As a result, they paid the ultimate price; they were not able to sustain themselves through this debacle. The morale of the story: With big data comes big responsibility. Know your data and know the potential uses of the data better. Don’t be afraid to think outside the box, but know the potential consequences.
For information about another big data faux pas, learn how Target predicted that a 16 year old girl was pregnant before her father knew.
by Elizabeth Hines | May 11, 2015 | Blog, Strategy, Supply Chain, Talent
Demand for supply chain professionals exceeds supply by a ratio of six to one. Looking forward, it appears that demand for supply chain professionals will only increase. The U.S. Bureau of Labor Statistics estimates that demand for supply chain talent will increase by 26 percent between 2010 and 2020 – a growth rate that is twice as fast as 14 percent of all occupations.
In response to the demand for supply chain professionals, universities have introduced undergraduate majors, MBA concentrations and even entire degree programs dedicated to procurement, inventory management and global supply-chain strategy. The Wall Street Journal has gone so far as to declare supply chain management the “hot new MBA.”
The University of New Hampshire Peter T. Paul College of Business and Economics is one university which offers MBA courses focused on supply chain management. Students in the school’s Supply Chain Management MBA course learn how to design, plan, and operate supply chains for competitive advantage; develop an understanding of how the key drivers of supply chain operations can be used to improve performance; and develop knowledge of logistics and supply chain methodologies and the managerial context in which they are used.
For the second year, Fronetics Strategic Advisors has had the opportunity to work with students in the school’s Supply Chain Management MBA course. Our work with the students focused on the the role and importance of content for companies within the supply chain industry.
This post begins a series which will include topical supply chain management articles written by MBA students. The students are inclusive of full-time graduate students and professionals who attend the MBA program part-time. The articles point to the diversity of this group of students as well as to the student’s breadth of knowledge on supply chain issues.
Thank you to the students and to Russell Miles, faculty lecturer in the Decision Sciences Department at the University of New Hampshire’s Paul College of Business and Economics. We enjoyed working with you and look forward to working together again next year.
by Elizabeth Hines | May 6, 2015 | Blog, Leadership, Marketing, Social Media, Strategy
There’s a great deal of buzz about social media in the business world – and for good reason. Marketing and communications professionals have made it de rigueur to tap into the popularity of social media networks to extend their brands into the digital world. But when it comes to executive use of social media, the field seems much more divided. Domo and CEO.com estimated that of the 500 leaders of the biggest companies in the US, 68% have no social media presence whatsoever. By leaving the social media management to marketers, these leaders are missing opportunities to connect with followers and expand their influence.
Here’s why social media should be part of the game plan when it comes to matters of leadership.
Social media expands perspective.
Social media isn’t simply a mechanism for broadcasting company news or personal opinion. Many individual perspectives coalesce to create a social network. Asking questions of followers and participating in online discussions helps leaders gain new perspectives. Executives who do utilize social media tend to stick to LinkedIn at a rate greater than the general public, but increasing social participation beyond one network brings more heterogeneous insight and connects leaders to diverse groups.
Social media allows you to keep a finger on the pulse of industry trends and new research.
Participating digitally with like-minded professionals ties a leader into a broad network of resource-sharing. Having consistent access to relevant, curated articles about market and industry trends keeps leaders far ahead of peers who rely on just a few media outlets.
Social media connects your team.
Online social business tool Basecamp promises to help “wrangle people with different roles, responsibilities, and objectives toward to common goal.” Hosted in the cloud, Basecamp is a project management tool that helps managers and employees see exactly what’s happening with a given project. Its dashboard provides a snapshot of tasks and gives users – managers and employees – an opportunity to interact directly on the site. In addition to the real-time accountability it builds in, it also allows for real-time communication about projects, a concept that all but eliminates the need for private emails.
Social media inspires and motivates.
Hadyn Shaughnessy writes about top social media influencers in his contributing posts on Forbes.com. He believes stellar leadership is built firmly on relationships and that day-to-day operations of a business rely on a leader’s ability to connect, inspire, and mobilize employees. Leveraging social media is one way leaders are achieving that. But, he contends, passive consumers of social media – regardless of the number of followers – cannot be considered top influencers. Leaders who inspire are those who actively participate.
Social media builds relationships.
Among executives active on social media, the top benefit of maintaining “socialbility” is the direct access it provides to employees, media outlets, and the public. “Relationship building is one of the strongest skills sets related to leadership effectiveness,” says Jean Leslie, a researcher at the Center for Creative Leadership. Tying into social media networks allows leaders to establish connections with employees, building individual and collaborative relationships.
Leaders who embrace social media technologies are more agile and innovative; their companies are more likely to attract and retain top talent; and they tap more deeply into the ideas of their employees. It’s clear that there is value in social media, and for leaders looking to build the strongest brand for their company, it might not be just an option anymore.
by Elizabeth Hines | May 5, 2015 | Blog, Marketing, Social Media, Strategy, Supply Chain
Content marketing has become a priority for many companies in recent years. But connecting branded digital content with the right audience can be tricky. A new report from Fronetics Strategic Advisors examines the relationship between social media and content distribution. The report reveals which social media networks are the most popular for content distribution and which ones add the most value for brands. Take a look at some of the key findings of the report below and then dig into the full report.
Where you should distribute your content:
by Elizabeth Hines | Apr 30, 2015 | Blog, Strategy, Supply Chain, Talent
Why “sexy” is a perfect fit for the supply chain.
Why do we apply the word “sexy” to things that are non-sexual, like, for example, the supply chain? Sexy is synonymous with the words exciting, appealing, fascinating, desirable, provocative. It’s a buzzword for something popular and attractive. When people think of the supply chain, do they think of the word “sexy”? Many might say no, but here’s an argument as to why it’s a perfect fit.
Are Apple products sexy? Are designer clothes sexy? Is the Audi A5 sexy? Are oysters sexy? Many people would answer yes. Substitute your favorite and most desired technology, clothes, cars, and food, and you will find that they are all products of the supply chain. Senior Vice President of Research at SCM World, Mark Davis, is leading the charge in pointing out the vibrancy, attractiveness, and desirability of the supply chain. A study conducted by SCM World shows how consumers view the supply chain. Here’s what they found:
- Very few people react to the supply chain in a negative or strongly negative way.
- People aged 16-25 view the supply chain as positive or strongly positive, which is more optimistic than any other age groups reported.
- People aged 56 and older reported the highest level of unfamiliarity with the supply chain, while people aged 16-25 reported being most familiar with the supply chain.
- People aged 16-25 were the least neutral compared to other ages in their reaction to the supply chain.
Given what we know about the Millennial generation, this makes sense, and it could be good news for the supply chain. Millennials are optimistic, achievement-oriented, social, collaborative, tech-savvy, and value-based. Their buying patterns are informing everything we do and it should be stressed that there are many of them. According to the New York Times, “there are more 23-year-olds — 4.7 million of them — than any other age, according to census data from June. The second most populous age group was 24, and the third was 22. There is no official age range for Millennials but the generation generally is defined as being born between the early 1980s and early 2000s. By 2020, they will account for one-third of the adult population.” We think of the Baby Boomer generation as the largest age group, but at 24% they are just surpassed by the Millennial generation at 26% of the population.
Often we equate what is sexy with youth. With the Millennial generation—our youth— poised to make up 50% of the workforce by 2020, the supply chain could harness their optimism and interest. According to Mark Davis, “we should all be highly optimistic about the future. Millennials are strongly positive about supply chain, which presents a unique opportunity for us to inspire them to choose it as a career. We have to keep them interested by sharing stories of how supply chain is innovating to solve the world’s three fundamental issues: health, hunger and environmental sustainability.”
Aside from being supported by Millennials, why else would we consider the supply chain “sexy”? Some of the most innovative work is being done in the supply chain, including enterprise resource planning, cloud-based computing, use of big data, and involvement in the Internet of Things. If the supply chain can continue to harness technology, make smart hires, and attract Millennials, the word “sexy” could apply for a long time.
by Elizabeth Hines | Apr 29, 2015 | Blog, Strategy, Talent
Every career coach will tell you that preparation is the key to interview success. Few ever talk about the key to interview failure. To understand how to succeed, you need to understand the ways you can fail.
Here’s your study guide to bombing your next interview.
Show up late
Hiring managers, like the rest of us, are short on time and likely have other appointments scheduled after yours. They tend to look favorably on candidates who show that they value their time. Most managers agree that arriving ten minutes early gives you sufficient time to check in with staff without becoming burdensome. When asked about appropriate interview arrival time, one manager flatly stated, “I won’t likely know if you’re early, but I’ll notice if you’re late.”
Dress inappropriately, and don’t even think about brushing your hair
In an online poll of HR professionals, personal hygiene and inappropriate dress stood out as the most egregious offenses of all job candidates. Describing his worst interview experience, an HR manager recounted a particular job candidate who chose to attend his interview shirtless – he didn’t get the job. You don’t have to wear a suit, especially if the company’s culture is informal, but you do need to wear a shirt. In fact, play it safe and stick to business casual attire for your interview.
Be on your worst behavior
Chewing gum, taking a phone call during the interview, or otherwise interrupting will hurt your chances at connecting with the hiring manager and all but obliterate your chances of securing the job. But small errors can quite literally cost you as well. Calling your interviewer by the wrong name or widely gesturing with your hands won’t make a good first impression. Make sure to get plenty of sleep the night before your interview, and prior to your arrival take some time to review your interview preparation materials and focus your thoughts.
Be Modest
While not necessarily a deal-breaker, you’re still missing an opportunity to sell the interviewer your best self. Sure, it may come as a little unnatural to present a total stranger your professional accomplishments and strengths, but if you don’t put those convincingly forward, you’re losing out on an opportunity to show how your experience and education make you the best candidate for the job.
Fail to show how you could contribute to the company
Up until your interview, the hiring manager has had a number of candidates give him the same thing – their resumes. The interview is your opportunity to set yourself apart by linking your relevant work experience with what you know about the company. The better you are at conveying your relevance and showing ways in which you could contribute to that company’s current goals and objectives, the better your chances will be of getting a job offer.
Bad-mouth former employers
Even if you feel slighted by your previous employer, it’s best to keep that information to yourself. If you’re asked to give details on your relationship with a previous employer, compose a frank response and keep it respectful. Most hiring managers can respect the fact that differences arise that may require someone to move on, but they won’t tolerate unprofessional behavior. Use the limited time you have in the interview room wisely by keeping the focus on why you feel you’d be a good fit for this position.
Be argumentative
If the hiring manager presses you for follow up details on an answer you gave, beyond actually just wanting more detail, that might be a signal that she’d like you to rephrase your answer or perhaps give a more relevant example to substantiate your point. Don’t view it as a personal attack. Keep your calm, take a deep breath, and rearticulate your answer in a new way.
Never show your appreciation
Whether it’s the hiring manager or the receptionist who scheduled your interview, do not miss a chance to tell them that you are grateful. Be respectful and show your courtesy by personally thanking the interviewer for inviting you in to discuss your potential contributions at her company. Sending a thank you email or handwritten letter after your interview gives you a chance to reemphasize your gratitude and remind the interviewer just what makes you the best candidate for the open position.
Following this guide to bombing your next job interview will undoubtedly lead you to failure. Without any preparation at all you’ll be sure to fail your next interview with flying colors. On the other hand, taking the appropriate measures to avoid these pitfalls will bolster your changes of career advancement and ensure you’ll never become a hiring manager’s “worst interview candidate”.
