Get started with Big Data: tie strategy to performance
2. Identify big data resources . . . and gaps Framing the basics of a big data strategy naturally leads to discussions about the kinds of information and capabilities required. For example, a review will have to consider access to analytical talent as well as potential partnerships that might help fill gaps. We often find that consideration of required internal and external data will often spark "aha" moments — as executives identify "data gems" cloistered inside their business units or recognize the value of creating the right kind of partnership. The retailer mentioned above found that the company gathered volumes of data but wasn't using it to potential. This information on product returns, warranties, and customer complaints contained a wealth of information on consumer habits and preferences. The review also revealed that none of the information was integrated with customer identification data or sufficiently standardized to share within or outside the company. Happily, the company had a team that could help solve these problems: in-house data analysts whose siloed efforts were underused. 3. Align on strategic choices Once companies identify an opportunity and the resources needed to capitalize on it, many rush immediately into action-planning mode. This is a mistake. Data strategies are likely to be deeply intertwined with overall strategy and therefore require thoughtful planning when a company decides how its resources should be concentrated to achieve the desired results. It's also important to view data and analytics in the context of competing strategic priorities. In the case of a telecom provider, a cross-functional executive committee was created to oversee the analytics team and ensure that its efforts were aligned with the company's strategy. The committee focused the team's efforts on two questions: "How competitive are our brands in the minds of users when they make purchase decisions?" and "What key buying factors matter for users, and how well positioned are we to communicate with customers about these factors?" The team then combined customer data from several sources to surface actionable insights — for instance, sports and other premium TV programming was a key differentiator in purchasing decisions, and customers would be more inclined to purchase a "triple play" service offering (television, high-speed Internet, and voice telephony) if the company de-emphasized voice telephony in its marketing messages. This was the opposite of what consumers had indicated in traditional market research interviews. The analysis also underscored — and helped quantify for executives — the importance of a bigger strategic imperative: the need to add mobile telephony as a fourth service to complete a "quadruple play."
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