Making More Informed Decisions
by Barton Goldenberg, Founder & President, ISM
I received a lot of inquiries about Big Data Analysis & Insight as a result of my April column in CRM Magazine, The Future Is Now for Data Analytics. This increasing interest in “Big Data” is—I believe—because more and more best-in-class companies see data-driven decision-making as the way to make more informed decisions.
Many of us doing business in the 1980’s and 1990’s remember ‘predictive modeling’ and ‘data marts’ promoted as the Next Big Thing. Now touted as Big Data, many companies are successfully using data analytics and predictive modeling. But data-driven decision-making is not, as I noted in my column, a “slam dunk”.
The big challenge is in successfully handling the all-important step analyzing raw data through to informed decision-making. Here are the top issues: (1) getting clean, complete data, (2) the complexity of existing data analysis tools, and (3) the availability of data subject matter experts who can present insights coming from data analytics and insight tools to sales, marketing, and customer service executives. These top issues, I predict, will be successfully solved this year.
We are helping many of our clients address data-driven decision-making, with some very impressive results, but be aware that this cannot be a one-off event. With several customers we are into second, third, or even fourth-generation data models that use both quantitative (transactional) and qualitative (from customer interviews and surveys) data to provide continually deeper customer insights.
I see the job of the executive as twofold: to guide the data we want our computers to crunch and to play an active role in interpreting data insights so that enhanced decisions can be made.
I would like to get your opinion on this increasingly important business tool so please add your comment below. For you who are interested in ISM’s Big Data Insight & Analysis services, please contact firstname.lastname@example.org to set up a call. While Big Data has big challenges, the rewards are astounding!