You’re probably hearing a lot about so-called “Big Data” and “Big Data Analytics.”
Here’s one definition I like: “Big data analytics is the process of examining large amounts of data of a variety of types to uncover hidden patterns, unknown correlations and other useful information.”
More and more, companies will start to discover that–unless they can win on price–their only hope for carving out a sustainable advantage is to become more intensely customer relevant than the competition. Making sense of the ever-growing pile of consumer data–transactional, web browsing, social media activity and the like–can be incredibly powerful. There is no question that innovative technology and new techniques are emerging that will transform brands’ abilities to glean powerful insight.
But the reality is that for many companies the problem is not a paucity of data or an inability to extract nuggets of potentially interesting findings. Data is not insight. Insight is not action.
Many of the companies I have worked for have a ton of data, but not an ounce of capability nor willingness to act upon it.
If you don’t have a well articulated customer growth strategy, if you don’t have people who know how to turn data into actionable tactics, if you don’t have leadership committed to customer-centricity and being channel agnostic, more data is not going to help.
First things first.