The "Big Data" Challenge

Bain and Company published a great article on dealing with large amounts of data and how to get the most out of it without it going to waste. The article covers the significance of constantly checking if data stored is going to be useful. More importantly, it explains that large amounts of research is easily trumped by meaningful insights gathered from it. At Proto Partners, we believe research is the key to gain understanding of customers' journey. However, we know that it is not the amount of data that makes services more valuable, but the insights that improve and shape a customer's experience with a company. We analyse and sort through copious amounts of various research to search for meaningful ways to create a simplistic, seamless and enjoyable customer experience. We achieve this by asking the right questions, questions that yield beneficial answers.

"Twenty years ago, business leaders wanted more data to inform their decisions. Today they have so much data available—through indiscriminate collection and easy access to millions of data sets—that decision making has actually become more difficult. Significant insights don’t spring from raw data. Someone has to know which questions to ask of the data and where to find the answers.

Many companies face this problem, as they look to these vast stores of data to learn more about their markets, their customers and their opportunities. In addition to being creative, curious and business savvy, effective decision makers are learning to become more comfortable working with data and more capable of drawing insights from analysis."

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Posted on November 21, 2012 and filed under Business Models.