Companies today are challenged with having an overabundance of information about their customers. Here are four common barriers to overcome when handling “Big Data”:
- There is no “Easy” button: insights don’t magically appear from more data but rather they are discovered when there is a clear business objective. Without this, there is often misinterpretation and perplexing frustrations. And no action.
- Data is on Lock-down: access to all relevant data is critical to create insights. You want and need other key information beyond the customer survey like financial and operational data but most companies really struggle to make it easily accessible or easy to understand
- A web of knots: different data sources often mean differing formats and naming conventions that must be untangled.
- Immobility: there must be a commitment to act upon the insights (before you actually discover them) in order for the insights to have any chance of being valuable.