Where's The Value in Big Data?
Michael R Hoffman
AI enabled customer-value-centric business strategy and Digital Transformation Improve Performance, Culture Focustion, CX, Digital Transformation Strategy and Workshop Facilitator
Meeting to meeting, conference to conference, article upon article people talk about Big Data -
Most Discussions are backward, talking about size, tools, functionality, "Hadoop," "Watson" all of this talk is useless, wasteful because it misses the Big Question -
Where is the Value?
Big Data Value Comes From The Freedom to Ask Any Question - but low value and high value questions cost the same (that's a lot $$$) and waste resource and time
So here's a shortcut - What question, if answered, would change your business?
Like the prepping to ask the genie for 3 wishes, think carefully about what you are asking for.
Do you want to know which customers are most likely to buy? Or do you want customers that are most likely to spend over 3000x or do you want new customers with the highest life time value (LTV) with high propensity to buy in next 30, 60, 90 days?
Do you want to know which customers are leaving for competitors?
The point: THESE QUESTIONS CAN BE ANSWERED...NOW
This is why you will see and hear an enormous number of predictive modeling packages - pre-built answers - coming to market this year and next.
Answers are cheap. Execution and chasing the 'wrong questions' is expensive.
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Retired
9 年It's all about finding the key pieces of data that will make the difference in creating sustainable profitable growth and then executing effectively based on the insights gained from that data. Information is power but it is only powerful when it is used and used effectively.