BIG Data is a BIG Problem but not for the reasons you might think. Pulling in a high volume of first party data is a good thing, but throughout the business community Big Data continues to have a negative connotation. Let’s look at why.
Big Data is defined as a business having a high volume of data in various forms (structured/unstructured) making it hard to process, analyse and create insights needed to activate future decision making.
BIG Data drives efficiencies and improves agility but in this conversation, it’s about using data to improve customer experiences online and off.
There are 4 primary issues...
1. Businesses struggle to know what the “right data” looks like to analyse.
2. If the “right data” is found, the process of analysing and creating insights is unknown (this is the act of looking at numbers and creating an assessment of how the business is performing in a specific context).
3. Using insights to drive future decision making and creating change is not in the cultural fabric of an organisation.
4. There are gifted CTO’s who understand the various data sets available but are not qualified to define the data or the process to analyse needed. They are technical brains, not customer centric brains.
The answer to the Big Data problem?
Get the "Senior Customer Centric" brains involved and have them work closely with the CTO and do the following together…
1. Define the data needed to create insights.
2. Agree on the data formats to simplify analysis.
3. Collaboratively construct insights.
Then buddy up with the Exec team and…
1. Share the insights AND show where the insights have come from (this is to prove the business is underperforming in the eyes of the customer).
2. Work together on what decisions should be made (this is done to gain Top-Down buy in).
Every business wants to have the Big Data "problem". If treated in the right way it's a blessing not a curse.