Sets up “big data” unit to turn network data into dollars
Telefonica Digital has taken the wraps off a new business unit, Dynamic Insights, that will exist to turn network data into actionable information for brands, agencies, local authorities and retailers. Tef Digital said the creation of the unit is the first step to identifying and unlocking the potential opportunities for creating value from ‘big data’.
The first product, ‘Smart Steps’, will use what Tef termed “anonymised and aggregated mobile network data” to enable companies and public sector organisations to measure, compare, and understand what factors influence the number of people visiting a location at any time.
These insights will include location specific data, that could be used to help retailers site stores in the best place. Tef Digital said that a number of retailers are already helping with product development by providing user feedback.
In addition to retail footfall measurement Telefónica Dynamic Insights is also developing analytics products to help companies in a wide range of different industries. Initial product focus areas include fraud protection, and ‘Smart City’ technology, including traffic management .For local government applications, Smart Steps would be able to help town councils measure how many more people visit their high street after the introduction of free car parking, farmers markets, or late night shopping.
Telefónica has also entered into a global strategic partnership with GfK, one of the world’s leading market research companies. GfK will work closely with Dynamic Insights on product development – initially in Germany, UK and Brazil – bringing marketing expertise and its research and analytics services to the partnership.
“Big data is one of the key building blocks of the digital economy. Approached in a smart and responsible way it has the potential to transform every part of business and society – providing economic growth and improving people’s lives,” said Stephen Shurrock, Chief Commercial Officer at Telefónica Digital. “Smart Steps will help retailers better understand and meet their customers’ needs, reduce costs through improved efficiency, and make better informed decisions. It will help retailers to determine the best locations and formats for new stores and tailor product promotions in existing stores. We are delighted to be partnering with GfK, a global leader in market research, on product development.”