A recent study by the Wheaton Business School reveals the challenges businesses face from the exponential growth of data, knowledge and social media with their ability to capitalize on the utility of turning these new information streams into actionable profit-making strategies.
Data is now being generated at increasingly astounding rates; and the amount of data stored is doubling every 18 months. This advance is unprecedented in human history and finding out how to cope with this new dynamic has only just begun. These new floods of data (not necessarily information, an important distinction) hold some important nuggets of information for companies with the talent and resources to mine it and turn it into commercial success.
The new sophisticated insights gained through quantified analytic algorithms are uncovering some rather amazing patterns in customer preferences and behaviors. These new pattern recognitions can be individualized to very specific consumer bases that yield incredibly personalized marketing and branding opportunities for companies.
The challenge for companies will be to sift through the data tsunami and quickly determine what info needs to be brought to the top of the wave for project development and which needs to be left to the wayside. Finding this “balance” will not be easy and some trial and error will have to be performed to find specific information categories that are more relevant than others. Analytics will be a great help, but they should not be the final arbiter. Professional research analysts with applicable business and market knowledge should act as stewards in the process to ensure a human or real-world presence in the system.
Some companies will not have the capabilities to perform such sophisticated analysis as say an Amazon or Google and turn competitive intelligence into competitive advantage. That is why building information, marketing and interactive design partners will be critical for achieving success in the information age. With the right partnerships companies will be able to develop rich customer insights through several touchpoints. Partnerships with expert information architects, leading marketers and innovative interaction designers will harvest, package and execute the insights to a specific consumer audience through the most appropriate digital viaduct.
With the advances in analytic technology coupled with expert research analysis companies now have a tremendous opportunity to create meaningful and memorable brand awareness that builds both customer loyalty and satisfaction.
Closing the Market Capabilities Gap by George S. Day
From Stretched to Strengthen — by IBM