1. Making information transparent and usable at much higher frequency
2. By digitally storing transactional data, companies can collect more detailed and accurate performance information to expose variability and boost performance
3. Segmentation of customers – big data gives companies the ability to narrow this down even further, tailoring products or services with precision
4. Using sophisticated analytics to improve decision making
5. Improving the next generation of products and services

So how much bang can we expect for our buck? McKinsey & Company and MGI estimate that “a retailer using big data to the full could increase its operating margin by more than 60 percent.” Capgemini, in a survey of business leaders, found that 26% improvement in current performance has already been delivered by big data. Impressed? Well in the next 3 years, an even more impressive 41% performance improvement is expected to result from big data. Now those are some pretty promising numbers.

Big data can spell serious value for the ‘greater good’ too. For all those long-suffering commuters, this fantastic example reported by the BBC should hit home. In the largest release of anonymised data, researchers at IBM used Orange call data which pinpointed users’ locations from 2.5 billion call records to redraw the bus routes of the Ivory Coast’s largest city. This has the potential to reduce the travel times of people by 10% across the city were it to be implemented.

Think you know all there is to know about buyer behaviour? You may need to think again. Wired suggest that the newly available data from the big data pool allows us to uncover previously hidden, and often counterintuitive, drivers which directly impact sales. It might also be time to look to the outside world to tap into some real business value. In a recent IBM survey, half of the respondents reported internal data as their primary source of big data. But access to external data is so widespread now that combining analysis of both sources of data is an area of real untapped value.

It’s all very well having an idea that data is valuable, but how do we quantify this? Whilst general opinion is that data is a strategic asset, the value of data is often seen as unquantifiable. Capgemini found that around 85% of respondents said that the real value and opportunity lie in the ability to analyse and act in real-time – insight at the point of action. This enables forward-looking analysis to inform your next decision. Companies can use real-time analysis to adjust to rapidly changing market conditions, making data a tangible, valuable asset – quantifying the value of the data.

Data analytics may have been crowned “the sexiest job of the 21st century” by Harvard Business Review, but the current pool of hireable big data talent needs filling up. McKinsey & Company estimate that by 2018, in the US alone there could be a shortage of 140,000 – 190,000 people with the depth of analytical skills needed to match demand. Add to that the 1.5 million strong shortage they predict of managers and analysts with the expertise to analyse the data to make effective decisions, and that would suggest a big problem.

So why is it so difficult to find these big data guns? Accenture sum up the problem with precision: “what is really needed are the specialists that focus on quantitative analysis and information modelling, with a specific objective of helping the rest of the business make smarter decisions. Furthermore, they also need to be adept at the more political challenge of helping executives improve their decision-making processes, by providing fact-based insights that can complement their expertise and instincts.”

Over the last few months, we’ve found clients are increasingly looking for candidates with a data pedigree and this is likely to continue. At FreshMinds Talent we have a particular interest in the nature of this challenge. Whilst it’s certainly a current issue in the world of big data, it’s neither a challenge specific to the industry or a brand new problem in business. We pride ourselves on being experts at finding exceptional analysts with commercial acumen for our clients. These individuals are always going to be scarce, competitively sought-after and in high demand, but this makes them all the more exciting to find.

Let’s have a look at Kevin Bacon. If the adverts are to be believed, he loves EE, loves how everything is connected. So for the sake of argument, let’s assume Kevin has chosen the all-connected EE as his supplier. As with all mobile operators, Kevin’s data - along with that of their other 27 million subscribers - will have been collected. Data on the calls Kevin made, where Kevin was, what he downloaded and every website he visited. They also know his gender, age, postcode, friendship networks and the texts he sent to his celebrity friends. Mobile operators then sell on their data sets (not identifiable personal data), in anonymised blocks to third parties. This is just a drop in the ocean. Our data is being collected and sold on all over the cyber-place. “Cyberazzi” – data companies that trawl the internet for consumer information - cash in by selling this on to retailers and in some cases, on the down-low to government security agencies.

But what about Kevin? We’re told he shouldn’t worry -– the data was ‘aggregated and anonymised’. It was what? Precisely. Defining and preventing irresponsible and illegal data use is a huge legislative task, and defining what truly ‘anonymous’ data comprises is up there with the biggest of challenges, especially as anonymised and pseudonymised data can be overlayed with other data sets to ‘de-anonymise’ or ‘re-identify’ individuals.

Ipsos MORI were one of the buyers of the ‘aggregated and anonymous’ data from EE and their plan was to sell it to the police. Yes indeed, it does seem strange - why are the police interested in buying aggregated and anonymised data? Regardless, all parties maintain it was anonymised - otherwise that’d be data that the law prohibits the police from collecting, potentially being sold to the police. In anyone’s books, that wouldn’t sound great.

Last week was an eventful one for our friends across the pond when it comes to morally dubious data use. Firstly, the US justice department admitted it knew every call made by 100 Associated Press reporters for 2 months last year after seizing details – undisclosed - from phone companies without so much as a why or wherefore. And then there were the reporters at Bloomberg who lucked out by getting access to restricted data through market tracking terminals they’d sold to Wall Street banks.

So can anyone use our data for further purposes and hand it over to a third party? Under the current framework, you need to satisfy a legal basis to do so, but this may be about to become stricter - the European data protection authorities published guidance to the effect that data cannot be processed for purposes other than those for which it was originally collected, and these purposes need to be made clear before collecting the data.

When did we say yes to all this? If you like your social networks, you probably realise you’re handing over a lot of personal information when you use them. But did you know it has probably been handed onto a marketing firm – or even been used for analysis and predictive modeling? Didn’t see that consent box when you checked-in at your favourite restaurant this weekend? Neither did we, but that’s because it turns out explicit consent isn’t always needed. Negotiations continue over whether explicit consent should be required and other related changes (e.g. the ‘right to be forgotten’), and the EU's Civil Liberties, Justice and Home Affairs Committee (LIBE) are due to vote on the recommendations later this year.

At FreshMinds, we’re interested to hear your thoughts and a hot topic of debate at the moment is whether the big data industry should be regulated, with a code of conduct and clear guidelines. What’s your opinion?

Certainly there has been an increase in the level of distrust Graduates feel towards the banking industry following the Financial crisis, and subsequently perhaps this career path isn’t seen to be as attractive as it once was.  If we look at surveys from 10 years ago, investment banking / fund management sat strongly at the top of the list of applicants per vacancy – in the latest report from the Association of Graduate Recruiters this has been pipped to the post by the more stable FMCG/Retail sector. During our own piece of Research, the FreshMinds team surveyed a group of top UK students on their aspirations, and, again we found there was a move away from the traditional banking and finance route towards the new, ‘sexier’ Technology businesses.  So perhaps Mr. Horta-Osório is right to worry about the attractiveness of his sector amongst top Graduates.

However, the banking and Financial Services sectors are by no means at crisis point yet.  During the last Graduate Recruitment cycle (2011-12) for each vacancy from an investment bank or fund manager, there were 141 applicants, and 78 for every banking or financial services position, these are both higher than the industry average of 73 applicants per Graduate position. These areas consistently offer the highest starting salaries to Graduates with a typical package sitting between £35-£45,000 per annum, and, whilst this doesn’t necessarily negate any concerns around the industry reputation completely, it certainly goes some way to sweetening the deal.

So, do you still want to work in banking? Take our poll below to have your say.

It is how you go through the interview that will help determine your success. So to help, here are some tips that will put you a few steps ahead of other candidates!

Do Your Research
I can't emphasize enough the importance of doing research on the company. You will always be asked 'What do you know about our company?' and your interview will want to see you've done your research. Spend time looking at their website, know the company's history and really understand what they do as a business.

Study The Job Description
It is always important to take the time to analyze the job description - this will really help you understand what the employer is looking for and help you to consider which of your skills match the job.  Make a list of your best attributes and think about how these link with what the job requires.

Why you?
These days competition for jobs is fierce. You need to really sell yourself to the interviewer and convince them that you are right for the job. Interviewers will be used to getting the same answers so think about what really sets you apart and makes you unique. Tell them what you can bring to the role and leave them thinking that they can't do without you!

Practice
Lots of interviews nowadays tend to be competency based which means you can easily prepare for them. With competency based questions the interviewer is looking for you to have solid examples of your experience - for example when you have worked under pressure, when you have faced a difficult situation and how you dealt with it so make sure you have plenty of examples ready.

Finally remember first impressions do count, dress to impress, look smart and turn up on time!

Here’s a few of our top tips for emulating Beyoncé’s career confidence:

Flaws and All
Being self-aware is the first step towards being self-accepting.  So hold up a mirror to your own ‘flaws and all’ and be aware of them when thinking about your career next steps.  Understanding your weaknesses will help you to better understand and ‘sell’ your strengths and also demonstrates a valuable emotional maturity to potential employers.

Run the world
Be ambitious, one of the key differentiating factors with candidates embarking on their early career is their level of drive. So make like Beyoncé and run the world (Girls and Boys).

Survivor
Part of ambition and drive is the ability to bounce back from setbacks, if something goes badly it can be a huge benefit to your career in terms of helping you to learn vital lessons and become emotionally resilient.

Crazy in love (with your career)
Passion is one of the most important things to bring to the table, life is just too short to spend time in a job you don’t love, so make sure your career inspires and motivates you.

Work it out
Watching Beyoncé perform was a lot like watching an elite athlete – high energy dance routines and vocal acrobatics over a stamina-challenging two hours – and reminded me that you have to be incredibly dedicated to reach the kind of career success she is currently enjoying.

I suspect the skin tight catsuits / hotpants / leotards approach to ‘standing out’ from the crowd, is not an appropriate methodology to draw on to further your career, but aside from that, there’s a lot we can learn from a person at the absolute zenith of her career trajectory. 

Building and maintaining a consistent and compelling personal brand can be a real differentiator. What do you want to stand for and how do you make it relevant to your career path? Ahead of a recent event, the colleagues of the speaker panel were asked to list what they perceived as the speakers' core brand values. There were some surprises amongst the results, so be aware that your perception of how you come across may not be how others see you.  

Why not do the exercise yourself and write down the four to six values you want to be associated with, and think you reflect in your workplace and industry. Then ask a colleague to do the same. Were there any surprises? Anything your urgently need to address around style, or perhaps some useful insight as you progress up the career ladder? 

According to Amanda Mackenzie, Chief Marketing Officer of Aviva, your personal brand is not just about what you do stand for but also what you will not stand for, and that there are some defining moments in your career when you should trust your head and your heart, and be authentic to your brand. 

In this age of social media we all need to be acutely conscious of our online brand and the  consistency or inconsistency between our personal and professional face. Consider your “data exhaust” the trail of mostly useless information that is forever linked to you and your brand that you leave behind online. Be sure that your “data exhaust” reflects the person you are today and the brand you have worked hard to create.

We came to the conclusion that the best way for us to assist them in finding the people they actually wanted to hire, was for us to totally understand their company and then explain the role to candidates we believed would be a great fit , most of whom had never heard of this particular business Before we spoke of it.
Because we have a relationship with a large pool of exceptional candidates, FreshMinds are in the perfect position to talk to suitable candidates about opportunities at companies that they would be very unlikely to find, at companies they may never have heard of.

Often, the best candidates are very successful in their present role and so are not even looking for new opportunities, many top performers will wait until they are ‘wooed’ by someone who they know understands their background and interests.   But FreshMinds can help them to realise what their options are.

When you want to hire exceptional talent, ask yourself this question: would you seriously consider another job opportunity if you were convinced that  it would not only improve your standard of living but also advance your career  even if you weren’t actively looking at the time?  – I am sure most of you would answer yes. And if you answered yes, it is likely that many other people will too – perhaps the person that you need to make a difference in your organisation, is one who right now has never heard of you.

Some of the UK’s biggest Graduate employers are therefore responding to this shift, as a part of a wider talent strategy, to running school leaver programmes.  These typically invite students directly from A-Levels into a structured programme within the business, which usually runs in parallel to a Graduate programme.  Whilst these programmes ostensibly provide a fantastic opportunity to school leavers to get straight into work, often to complete a professional qualification, and circumnavigate the student debt problems associated with studying for a degree.

Here are a few of my thoughts on the challenges and considerations associated with these programmes:

What are the key benefits to running a programme of this sort?  As above, there is the beginning of a trend that fewer top A-Level students will go to university, so, finding these people early will be essential.  Increasingly within the talent market, there is recognition that the best people come from a range of different sources, having a school leavers programme allows you to capture people from a different route than the standard university milkround.  There are also benefits to ‘growing your own’ people; many of these programmes have excellent retention rates and, it’s a bit blunt, but they are cheaper.

What are the challenges?  There are a number of challenges to setting up this kind of programme, not least creating the infrastructure to train and develop a group of people with no commercial experience. 

You’ll need to consider:

How will you find them?  It is a challenge to get into this network of A-level students, unlike the relatively manageable list of universities in the UK, there are thousands of schools – one thing you’ll need to think about is, how do you start to tap into this huge network?  They don’t all necessarily have careers services/advisors that you can reach out to so you need to get creative if you want to pursue it.

How do you avoid the conflict of interest with School networks?  Teachers and school careers advisors often would recommend that their top students get a degree, how do you make your offering a clear and compelling alternative to university?  KPMG offer a professional qualification and a degree for their school leavers, whereas other programmes are more professional-qualification focussed. 

How will your school leavers interact with your Grads?  One aspect of running these programmes that you need to consider is, how will your Grads and your School Leavers interact?  Will their programmes be distinct or are they doing the same things?  You need to be prepared for potential tension between the two classes if the programmes are too similar.

Will your school leavers join the Graduate programme after three years or if not, what will happen to them?  You need to have a clear view on how the two programmes will interact and what your employees’ careers will look like at the end of the programme.

What will your programme look like and how will you train and develop your school leavers?  Most of these candidates will have no commercial experience and even less ‘life experience’ than your Graduate class, so you’ll need to have a structured, rigorous programme in place to help them get up to speed quickly and to feel supported and challenged within your business.

So, are school leavers the new Graduates?
Not yet, no.  But there is an ever-increasing trend towards engaging with top talent earlier and earlier in their education and, engaging school leavers is a great way to ensure a strong entry level pipeline for your business in the future.  With the numbers of Graduates dwindling in light of the restrictive fees to studying in the UK, and the increasing recognition that great people come from a range of backgrounds, businesses would do well to start considering where their entry level talent will come from in the next 10 years.

What to wear? What about technical problems? Here are our FreshMinds top tips to Skype interview success.

Set the scene
This is a real interview so good interview practice still applies (apart from a strong handshake!).
• If you’ve not used Skype before, make sure you’ve had a Skype conversation before your first interview. It may take a while to get used to and can be strange seeing your own face as you interview. (You can minimise your face if it distracts you – practice doing this beforehand)
• Make sure your Skype name is not “sexylady4u” or “borisjohnsonismydreamman”. If it is, change it now. Right now.
• Make sure you have a suitable background behind you. Something plain normally works best as it’s less distracting for your interviewer. If you’re in your bedroom, please avoid posters of Nirvana or half-naked women. It may just make you seem a bit less commercial...
• Test the lighting beforehand – it’s important that the interviewer can see you clearly and a bright screen will give your interviewer more of a positive  impression
• Check the microphone and speakers on your computer beforehand to make sure you can hear them properly and they have a good chance of hearing you without static (if the microphone is set too high)

First impressions still count
• Keep up eye contact throughout the interview (make sure your webcam is positioned at eye level so you’re not looking up or down at your interviewer). Remember that you need to be speaking to the webcam, not to the image of your interviewer.
• Let your personality shine through, despite the fact that it may feel like more of a stilted interview. Relax and smile, it’s going to be ok.
• Dress for success – wear whatever you would if you were meeting your interviewer face to face. Beware of white shirts in front of a white background – it’s easy to look like a disembodied head. Similarly, beware of stripes or very jazzy patterns. You might blind your interviewer with the psychedelic glare.
• Sit up straight, keep a strong posture and show that you’re engaged with your interviewer and listening intently.
• Check that your interviewer can hear you properly. Speak slowly especially at first so the interviewer can adjust to your voice through the speakers.

Give it your all
• Keep up your energy. Skype interviews are tough as you lose a bit of the personal contact of meeting face to face. As such, you need to work even harder at communicating with energy, with hand gestures, lots of smiling and active listening.
• Keep your interviewer engaged. Bear in mind they be on their work computer with plenty of other distractions. It is your job to show how great you are and keep their attention.
• Make sure you really do the hard work beforehand. There is nothing worse than a lazy candidate interview, where they have the perfect profile but seriously underperform at interview. It’s not enough to look at the Wikipedia entry for the company you’re applying to. You need to understand their market, their competitors, their USPs, their business model, as well as the role and your own skill-set. Don’t be lazy.

Best of luck!