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Data is the new oil was term coined by British mathematician Clive Humby 2006.
However, knowing what makes data valuable is something that many still struggle with.
The big cost of the wrong big data
The cost of handling poor quality data is high.
Companies have become used to making decisions based on big data sets.
They usespreadsheet softwareto analyze and use that analysis to make decisions.
But this approach fuels the need for even more data in which to spot trends of statistical significance.
The challenge is that its difficult to truly scrutinize the source and authenticity of information.
Take consumer insights for example.
Co-founder and CXO, GetWhy.
However, theyre not always right.
To break the cycle, businesses need to revisit how theyre discovering insights.
Not only do they take too long to collect, but data might be incorrect in the first place.
Organizations need to place more emphasis on understanding consumers.
They need to know why they think a certain way, not just that they do.
AI-driven qualitative insights enable businesses to quickly understand what audiences truly want.
Ultimately, bad data costs businesses a lot.
Acting on information that isnt inaccurate can have significant repercussions ranging from slightly unhappy consumers to complete failure.
Companies have to do away with their old processes and adopt a new approach to insight collection.
Bigger data sets doesnt mean better insights, a more thoughtful, targeted approach does.
And, when businesses truly understand consumers, it drives empathetic decision making, brand trust and greater results.
We’ve listed the best customer database software.
The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc.
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