Analytics & Marketing Metrics

You Don’t Want a Big Data Project

You want to stay competitive, so you had better start building some more robust analytics. But if you issue an edict that “Big data is coming” and make that itself the project, then you are going to run into problems. In an article for Forbes, Bernard Marr discusses how big data is just another tool, and to treat it as an end-goal is to miss the point.

Always Be Goal-Driven

Analytics get used to solve business problems. Solving business problems enables a business to keep up with or surpass the competition. Analytics that are set up for their own sake, without regard to business problems, will not help the business excel in much of anything.

Of course, data will be more useful in some areas than others. Marr identifies five major areas where data is helpful:

  • Improving decision-making
  • Understanding customers
  • Improving customer offering
  • Improving operations
  • Creating a new revenue stream when data is monetized

KPIs and other metrics should be set up in the pursuit of major business goals, and big data should only ever be used in the service of those goals. Marr goes on to say this:

The power of big data is not how much you gather, but how you use the information you glean from the data you collect. In order to get buy-in from the leaders and employees of your company, you will need to help them understand the tangible business benefits your project can give your organization and how data will help you get to those benefits. It’s imperative to help your people see how you will use data to work smarter and do better business so they can appreciate rather than fear it.

Don’t make your big data projects about the data or the technology[;] make sure they are business projects to achieve a strategic goal and measured by business metrics.

You can view the original article here:

Show More