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I quoted a case-study here of how a company achieved their objectives and goals with the data that they could access,collect, analyze and strategize with it.
At the same time, the company wanted to take this as an opportunity to test the capabilities of their team within and hence undertook a parallel exercise of asking their marketing people to come up with a list of products that the company should concentrate on for the future from their respective markets. Each of the company managers came up with a list pertaining to his territorial area and the list was consolidated and ranked with a few parameters. Though the internal list did not have the depth of the consulting firm’s research report, the company was surprised that 60-70% of the products matched. This helped the company hugely. This gave them the necessary confidence.
If what a research report says is news to your marketing team or what your marketing guy says is not in the report, one of them is terribly wrong. Not the depth, but at least the whiff of the matter should match.
The company learned a few lessons on the process of integrating the data that is already available to them and putting it to use for decision-making.
Available but not used
Not all companies can hire consulting firms to do the research. Also, hiring consulting firms for everything is not feasible. But what you can learn to do is to capture and use your own data.
Quoting from the Economist Intelligence Unit report called Big Data Harnessing a game-changing asset,
For most companies today data are abundant and readily available, but not well used. Survey results confirm this.
In this digital era, the tools are available for creating mountains of information from across the world.
What needs to be done is integration. Integration will help you get the best out of your touch and feel of the business and big data will validate it to make informed decisions. That is what I am talking about in My Next Level. The big picture will help you spot new opportunities, increase the lead from your competitors and more productivity with what you do already.
The race to the top or better market share or being a better organization involves knowing the future or predicting it. Its a race well-fought with big data and integrating it within your organization.
Feel free to buzz me for further discussions on the same.