Where businesses fail when it comes to big data?

5 min read

A few years ago, journalists were invited to press conferences in which he explained what the big data was and are trying to convince the potential of what they had before. Companies introduced to the mysterious big data and tried to convince them it was something that would change the world. The same was true of the heads of the companies, who also attended events where they had remarkable success cases of all those pioneers who had begun to test the potential of big data. Years later, things have changed a lot. No longer have you needed to explain what are the big data and companies the focus has changed.

Big Data
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Brands and assume the big data. That is, it has already become a crucial part of the strategy and something that gives a little for granted. Companies know that it exists and it is there, you have large applications and is changing how business is done. According to data from a study of NewVantage, 63% of companies used the big data in 2015 (in 2012 there were only 5), 63% expect to invest a combined 10 million dollars in big data in 2017 (in 2012 only expected 24%) and 54% has a Chief Data Officer on staff (present only in 12% of cases in 2012). At about is the fact that more and more companies are aware of the importance of big data (70% said that is critical, while only 21% did so in 2012) and increasing numbers investing companies spenders in big data they are higher.

But although every time it is used more big data and although more companies more aware of the importance of the decision-making, the truth is that things are not so simple, as simple as they understand its importance and put money massively in this area. Brands have to work a little harder at it.

The big data simply not worth by itself (and that is entering a phase of maturity in which enough brands are already assuming its importance organically) and companies have to develop strategies and avoid the mistakes being making the transition to big data.

Where companies fail?

Companies continue to commit mistakes and still do not understand many of the things that are really crucial as far as data is concerned. If they continue to do with respect to the overall network, where still not everyone and not all market players yet understand how business works and how this scenario is changing in profound ways consumption patterns (and no more than see the statements of some players in the cultural industries to view). What will they do with the most recent and more to discover big data?

The companies still make mistakes, especially when assessing the information collected, as collected in The Wall Street Journal, which has a round table on the subject. As noted by one expert, one of the main problems it is that brands still think that individualized information is most important to have detailed information, when in fact the information is important within the set. “What’s really useful is to know what makes a group of people,” said one of the participants in the debate analysts.

Another failure is not to use the power of data in all extracts from the company. Firms have to completely change the relationship with the client and have to do it at all levels. The data helps to be much more efficient to treat the consumer and giving what you need or what you want, but it does not work if only part of the company has access to that information. Using these data and decisions made based on them has to be cut across all departments.

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The data do not conflict with the intuitive

These failures are among the most notable, but not alone. Another problem they are creating companies is to become bearers of data and forget ‘everything else’. Studies have already shown that creativity and support information and experts say the data and intuition are too. The data should serve as a tool to improve the results of what we already did or knew intuitively often.

The data make the final picture more complete and thorough and give clues to understand many things that are sometimes beyond what humans can actually see.

The three key points to escape the ‘problem of data’

Escape these failures and achieve create an efficient big data strategy, one that actually helps consumers know and do not believe in reality new defects and problems, involves following certain steps. As recommended in the study results NewVantage, brands have to take into account certain elements.

The first is to have the most appropriate metrics. Brands have to measure the results of big data, they have to know what is contributing and how it is working, but this is not worth to dip into what everyone else is doing or generalities. We must create metrics that fit the company and what it needs.

Moreover, brands must identify opportunities that create data for innovation. Innovation is one of the main advantages that generate big data as it helps to discover windows and opportunities.

Finally, brands have to prepare. The big data will not work and did not really do any good if the companies are not ready. Firms have to not only implement new technological tools but also adjust the culture of the company to the new scenario.

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