A great deal is being written today about ‘big data’ and the ‘power of analytics’, whether it’s in the movie “Moneyball” or talked about as part of the added sophistication in this year’s political campaigns.
There are numerous market dynamics that are driving the need for companies to use data and business analytics to drive decision making. For starters, there is a growing pool of evidence that suggests that companies that use data and business analytics to drive their business are more productive and profitable than competitors that do not. This is why analytics was identified by Gartner and other analyst firms as one of the four key technologies central to disruptive innovation this year.
Additionally, the consumer is now playing a changing – and expanding role in new product development, pricing, and marketing strategies. Today’s consumer is more diverse in terms of age, ethnicity, and geography than ever before. Consumers use mobile devices and smart phones in all aspects of their daily life to either access information or to add their own content to the growing universe of digital data. Technology has given consumers additional channels to research products and to share their thoughts about those products with any interested party. And, the role of social networking for the sharing of information, attitudes and opinions on a variety of topics, including your products and service, cannot be understated.