If you have bought into the concept that we are living in the Age of Big Data, you are wrong (or, at least…too late). In fact, big data as a revolutionary disruption is history.
Big Data is now a commodity: access to it no longer differentiates companies; the ability to create it, compile it, or process it no longer crowns victors.
Instead, the differentiator of our times is not data science, but rather the insights gleaned from those endless datasets. Today is not the Age of Big Data, the Age of Information, or the age of Data Science. Today, we are living in the Age of Insights.
The value of a business can be measured by the significance of the insights it possesses.
Said another way (quite brilliantly, actually) “Businesses are drowning in data but starving for insights.” In our customer-centric times, we cannot comb through vast datasets searching for the proverbial needle in the haystack. Instead, we need Systems of Insights that will empower us to focus on the customer and take astute action to touch people through personalized engagement and customized experiences.
Insights for Digital Disruption
Online business or mobile apps have an endless selection of customer experience or web/mobile analytics tools to choose from. Studying the 2016 Marketing Technology Landscape Supergraphic will leave any marketer or product leader with a thirst for a solution that will analyze that big dataset and provide an insight as to which tool is right for which need.
But even then . . . having the tools (and a growing budget for analytics) is proving ineffective. According to Datawatch, satisfaction with analytics is declining as investments in analytics rise.
We are spending more and getting less.
The underlying reason for the disparity is that common analytics tools relying on sampled data and limited data sources do not provide those action defining insights. Those web and mobile analytics looking at a snapshot of the data, fail in the attempt to make sense of incongruous data points in time, result in fragments of insights not valuable for action.
The ultimate analytics is the System of Insights that fuels the digital business.
Product leaders, marketers and business executives in insights-driven business cannot rely anymore on analytics that aggregate pageviews, clicks, and conversions. The omni-channel dynamic digital business needs more than just analytics – digital intelligence that yields fast meaningful insights to feed the customer engagement.
Time series analysis wins over snapshots
Snapshots look at a segment of data at a moment of time. To truly understand customers’ behavior, we need to add dimensions of context and time. The golden insights on customer behavior must derive from Time series analysis examining the full sequence of actions over time, analyzing the main goals within the context of events that happened before and after.
In many cases, drilling down into the anomalies in the customer journey (Shown as spikes on the path analysis sunburst) gives us business insights about innovative approaches to grow, and differentiate our business.
Smart Digital Intelligence
Traditional Business intelligence is often not very shrewd. Sounds like an oxymoron, but it is the reality faced by many data scientists and data-driven marketers and product managers. To get insights from BI systems that are not designed for the digital world, a full-time analyst will query a 600 lines of SQL, perform numerous joins of tables, and spend hours waiting for the query results, which, by the time they arrive, might be irrelevant to the fast and dynamic digital business.
Instead, by using the new generation of true digital intelligence solutions, equipped with data analysis tools such as reporting wizards and query shortcuts, everyone can customize reports to get the right insights and fast.
A single source of truth
Complex businesses need the ability to unify data from many sources and channels, inspect it as a whole, and provide insights based on the holistic view. By accommodating server side sessionization and sophisticated unified identities mechanism you achieve cross-platform, cross-device, cross-channel user-centricity. With this granular focus on user behavior, companies gain actionable insights that enable them to optimize the customer experience to thrill their users.
Big Data is only the beginning
Big Data is by no means a bygone, at least as an issue to discuss. Big data is here and every digital business has it. It is here and it is here for good. But the fallacy that Big Data alone will prevail must be put to rest. Big Data, in an of itself is just piles of data that needs to be handled and analyzed to provide insights you need to excel. However, by adding Systems of Insights that can make sense of the Big Data, your business can find its differentiator and carve its path towards dominance.