As we have posted several times before, big data analytics are here to stay and growing in importance. [See, for example, 1, 2, 3, 4.] Nonetheless, big data analytics are not simple.
According to eMarketer:
“Companies’ increased customer focus, demand for business growth and expansion, and the need to keep up with competitors are all fueling big data adoption, according to industry sources. In a February 2015 study conducted by Vanson Bourne for CA Technologies, improving the customer experience (60%) and the need to get new customers (54%) were the leading factors driving the need for big data projects, according to IT managers worldwide. Increasing top-line revenue growth (46%), entering new markets (42%), keeping up with the competition (41%) and outpacing competitors (34%) followed. May 2015 polling by 2nd Watch found similar results. Here, U.S. IT and business execs cited identifying new areas for business growth or product strategy (33%) as well as areas for operational efficiency and cost savings (28%) as the top drivers for big data plans, followed by better understanding customers and improving the customer experience (25%).”
“However, challenges related to skill sets and poor technology arise when it comes to actually implementing big data. Among 2nd Watch respondents, data quality issues, outdated infrastructure, and a lack of internal expertise were the biggest hurdles to execution.”
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Reblogged this on Global Marketing and Management and commented:
Data won’t lie.
To me, scientific method is series of steps to help us learn.
Make observations
Ask questions
Make hypothesis
Proposed explanation
Test hypothesis through experiments
Analyze and report findings
I cannot think any process among the list can be proceeded successfully without taking efficient and effective data into consideration.
While talking about idea exchanging and expressing, taking executive action, data presentation can be very convincing as well. It’s like one of the best way to prove that company market share has great space to increase is to show clearly the size of the market share and the current market share of the company.