There’s something Bain forgot to tell you.
Eric Almquist, John Senior and Tom Springer of Bain & Co recently wrote an interesting article about three promises and perils of big data.
All of the perils that they mention revolve around one central issue: big data analytics by itself won’t improve your company’s performance.
Yes, you need to understand the data.
But you also need to understand the way the market works; what your customers want; and whether your company is ready to change.
So, what’s the big oversight?
80% of big data is “unstructured” text data.
So, how do you understand what your customers are really saying?
To understand unstructured data you need linguistic expertise.
To understand the market and your company, you need strategic insight.
And to understand your customers, you need to understand people.
Currently, we’re doing something no one else in the world is doing: providing big data analytics with linguistic analysis of your customers’ (and your organisation’s) text.
And fortunately, most companies have enough data to get started already.
Recently, we’ve helped a Big4 UK supermarket and one of the UK’s biggest housebuilders discover what was really driving their NPS scores, and change their company behaviour, with some results that surprised us and our client team.