Big data – a work in progress

In our latest GDS Video Snack, Sasha Qadri, Editor at MeetTheBoss TV discusses where companies are on their data and insight journeys.

There’s so much talk about big data these days. But who is really getting it right? From companies we’ve talked to, this is what they are telling us they want when it comes to harnessing big data.

• A clear strategy. It’s not just all about the data. It’s about the right data – and to get that, it’s about having a digital strategy and clarity on how digital will drive business objectives. Digital needs to be tied to the core strategies of the business, not standalone.
• Omni-channel – customers expect the same seamless experience from a retailer and a bank. Many companies have told us omni-channel is at the top of their priority list, but they’re just not there yet. They’re limited by their own technology, their org structure and cost.
• Personalisation – It goes hand in hand with omnichannel. If companies can get personalisation right across channels, they’ll be a big step closer to hitting the customer experience jackpot, driving conversion and improving customer retention.

But the reality is…

1) Data overkill

We hear this a lot. Too much data, too little analysis. Not much insight. Without insight, the end result is very little impact on customer experience.

2) Data siloes

Despite setting a strategy, collecting the data and intending to use it well, when it comes down to it, it can be a logistical nightmare.

3) Strategy mis-alignment

Senior stakeholders claim they want to wear the technology hat and drive decisions but when it comes down to it there is often a lack of alignment between business and digital strategies.

So in summary, companies are still grappling with too much data and not enough insight, logistical issues in using the data and strategy misalignment. It’s still a work in progress.

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