Is “big data” a means to and
end or an end in itself?
Big data / data collection /
data analysis seem to be “the next big thing” and what has lots of people
talking these days. Much is being written about the copious amount of data
being collected, how little of this data is actually being analyzed for any
useful purpose
All this begs the most basic
question: Does “big data” really support better decision-making, improved outcomes,
less risk exposure, and more efficient deployment of scarce resources – all to
help drive long-term profitable growth for businesses?
A recent article in the WSJ
talked about how Auto Zone is using data analysis to optimize its retail supply
chain and improve the chances store visitors will walk out with a purchase.
Another example was given around optimizing wind-turbine performance. All good,
but hardly earth shattering developments.
Another article focused on
the data-crazed vibe around SXSW last week entitled “Who Rules the Data?” Many tech firms
are rushing to collect all sorts of data, display it close to the body (Google
Glass) and even placing devices to track conference participants whereabouts
and even how much time they spent sitting or standing in the porta-potties on
site. Here the focus was on privacy issues, pardon the pun.
Chances are if both IT and
marketing types spent a little more time linking data collection / analysis with
informing smarter decision making (and tracking outcomes to inform future actions)
for senior management – we’d all be in a better place: More efficient
businesses that will grow, create jobs and fuel economic prosperity.
Now that’s a data point
worthy of further consideration.
