I often ask people whether they know what Netflix, Harrah’s, Amazon and Wal-Mart have in common? The answer is pretty simple. They use data analytics to leave their competitors in the dust. Many other businesses are trying to do the same, spending millions of dollars on data software.
It takes more than a steep investment, however, to squeeze business value out of data. Companies have to establish an entire system to use data to drive competitive advantage. I believe that the head of this system should be the Chief Data Officer (CDO), an executive whose time to shine has finally come. The sooner businesses can empower a CDO, the sooner they can turn data into a business weapon to achieve business success similar to the aforementioned companies.
The data imperative
You simply can’t run fast in modern business if you’re not using data effectively. From logistics to gambling, every industry…
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There is no question that detailed, accurate information can help companies make better decisions and enact better tactics. Yet, having comprehensive, targeted data is not necessarily simple.
“Roughly half of business professionals cite ‘slow or untimely access to information’ as one of the obstacles holding their companies back. Making matters worse, a lot of the data available to businesses are essentially useless. The big lesson? When it comes to business intelligence, having smart data is more important than big data.”
The infographic below, developed by Boston University, focuses on some keys in using business intelligence for competitive advantage.