By Bruce Tompkins
Partner, Tompkins International
Big data and business intelligence are alive and real at many Consumer Products (CP) companies, both large and small. The size of the organization is not always a key indicator of the extent that big data is being used to make decisions and solve problems.
Business intelligence takes a strategic focus to determine:
- What we currently measure
- What data and information needs will we have in the future
- Where are our data sources today and what additional sources will be needed in the future
- How will we use the data and who will benefit from the knowledge and decision making capabilities that big data possesses
The world of big data is also not sitting still. There continues to be change over time from quantitative data to qualitative information. The evolution must be accounted for and changes to strategies must be made to keep pace. This creates clear and present challenges to those driving big data for their organizations.
CP companies will have to begin to have a strategic view of their big data and not get lost in the short-term tactical improvements that business intelligence may offer. Business intelligence is a valuable tool, but needs to be approached strategically to answer the right questions and solve the right problems. Like any kind of tool it can be misused, therefore time is wasted chasing the wrong initiatives.
To learn more about big data and Tompkins International's approach to business intelligence please contact us directly at firstname.lastname@example.org.