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The term Big data is shot around like a pinball in almost every industry and nearly every department within an organization. This is because we are in a time where there is endless data accessible to us to help us better understand our business, our employees and of course, our customers. In my top 10 trends in digital transformation piece that originally ran on Forbes, I explained it like this.
The importance of big data in the business world can’t be overstated. We know that there’s a dizzying amount of valuable data in the world, but few companies are using it to maximum effect. Analytics drive business by showing how your customers think, what they want, and how the market views your brand. In the age of Digital Transformation, almost everything can be measured. In the coming year this will be a cornerstone of how businesses operate. Every important decision can and should be supported by the application of data and analytics.
One of the caveats is that for most companies, Big Data is being used only at a fraction of what is possible. Many companies are stuck on the sidelines as they are trying to figure out how to start and where to start. The key is to get started. To figure out the most pressing business questions and use Big Data (or small data) to answer them. Focus on y0ur customers, your business, your people and use the data to tell you what you don’t know rather than always confirming what you want to be; staying away from data skew.
No question, the application of Big Data and Analytics will be at the core of the Digitally Transformed organization in 2017.
In this short video we discuss the impact of Big Data and Analytics on Digital Transformation in the coming year.