The jury is back, and it has been for years. Big Data can help you drive revenue to your business. But it’s not a magic elixir or a miracle cure. It will need help. Your help. And, since it’s your business we figure you will be amenable to lending a hand.
1 – Understand what’s happening
With Big Data, you are introducing another tool in your business success strategy. This is not the end-all be-all, and it is certainly not the entire picture of success for you or your company. You need to understand and maintain a “big picture” perspective that includes both continued advances in data science, as well as the meta-strategy for your business now and in the future. Big Data is not what you are doing. It’s helping you do whatever it is you do better and more profitably.
2 – Have a long-term success strategy
All too often business acquires a Big Data platform or program, set it in motion and sit back hoping to watch the “amazing” success. That’s not how it works. Implementing a plan is important, but to be successful you need to determine how you will use that data to continue driving revenue. If you haven’t planned out what to do with the results, don’t turn on the machine. Remember Lucy and Ethel and the chocolate factory? Yep, that could be you, wasting perfectly good information because you failed to plan ahead.
3 – Integrate your data program
Because so much of the terminology and context of Big Data feels foreign it can be tempting to lock it away and treat it as a completely separate animal. The fact is, your data team needs to work hand in hand with your production, marketing, and resources teams to fully integrate into your business and give you the most return on your Big Data investment.
Understand, this is hardly a comprehensive list, but it is a way that many other companies like yours have succeeded using Big Data. Are you next?
David A. Steinberg is CEO of Zeta Global.