It's not about the data....
"Big Data" has been a hot area for several years now as the effect of Moores Law on the power/cost ratio of processing has meant that areas of analysis that used to take hours or even days can now be processed, manipulated and visualised in seconds.
The sheer volume of data has become a problem in itself as there is just so much of it to read through, analyse, and use, to provide insights and decision-making input as to be overwhelming.
For the manager and executive wanting to run a tight ship, have clear visibility and have efficient control of his, or her, business the question should be about what data points and indicators have the biggest impact on the customers and the bottom line. (A business scorecard can then be developed based on this as a starting point).
So the decision makers in the company don't really need to know anything about the systems and technology infrastructure underpinning the data, they just need to know that the integrity of the data is top class.
They want to have the confidence that the decisions they take based on the actionable insights will be the correct actions based on the correct insights arising from a correct data set. One of the biggest problems (often overlooked) is the whole customer journey and business cycle and what interactions occur at which points and what data can be or should be collected at those points to build the correct scorecard and make the right decisions.
For me, the basis for any analytical exercise starts with the strategy of the business in relation to the key customers, (current or target market or both). Is the strategy sound and based on good market data or from solid customer feedback to determine what actions are needed to improve. It's not about the data but about what you want to do with the data.
Focus on your own teams performance, if you are good enough, the opposition doesn’t matter.
Completely agree. The objective should be set first: what do we want to achieve and what do we want to measure and track. So those data points should be meticulously inputted into the system, and that's a big ask if you're talking about a global organization where many people are too busy to update the data regularly and with small margins of error.
Hi Ian, We all have seen organisations being lost with the Over Analytics of Data without understanding the real need of the consumers at the ground level. My comment doesnot mean I am totally against the Data analytics, but there needs to be a balance between Data Analytics and solid consumer ensight from the ground to decide on an appropriate stratagy .