The term “big data” is getting a lot of attention these days, but for all the wrong reasons. In theory, the concept of big data analytics – acquiring systems to analyze large quantities of data – makes sense for businesses inundated with information. However, the reality is most companies that spend millions of dollars on this type of initiative are not prepared to support it.
Does the old saying “putting the cart before the horse” ring a bell? The same applies to big data. In a recent survey by Bain and Company, only 4% of the 400 executives interviewed said they had the right people, tools, data and intent to draw meaningful insights from big data—and to act on them.
So, what is the alternative?
Bigger is not always better when it comes to capturing meaningful data. In fact, we have witnessed first-hand the power of “little” data when utilized properly. Our experience tells us that leveraging existing data sources to support front-line operations is often the best way for companies to improve overall business performance.
In order to gain an executive’s perspective, we recently asked members of our Global Advisory Board to weigh in on the controversial topic of big data.