Monday, December 2, 2013

How companies of any size can get more from their existing data?

The big data mindset can drive insight whether a company tracks information on tens of millions of customers or has just a few hard drives of data. The common thread is a commitment to using data analytics to gain a better understanding of customers. While imbuing the entire organization with this big data mindset requires a sustained effort, the impact—in the form of stronger customer relationships, increased sales, and a more nimble and responsive enterprise—more than justifies the effort. Anyone taking on the effort to change the mindset of an organization should not underestimate the effort or the resistance that they will encounter.

The big data mindset encompasses four elements:
  1. Design marketing processes with data in mind - Companies must often re-engineer their marketing processes to ensure they have access to relevant information when they need it.
  2. Engage in Research and Development everywhere - Companies that promote a culture of testing throughout the organization can gain tremendous insight into consumer trends and user behavior.
  3. Use predictive analytics - Businesses are increasingly able to identify customer patterns and generate targeted offers, often before customers are even aware they have a need.
  4. Challenge conventional wisdom - Since data analytics can provide definitive answers, there’s no excuse for using the status quo as a default.
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