It was not that long ago that pundits were ringing in a new era of big data in which all of a company’s information, together with the abundance of data available in the world, would come together in a glorious engine of growth for companies everywhere. To their credit, many organizations sat up and took notice. Today, it’s accepted wisdom that data and analytics provide an essential tool in competitive differentiation.
Still, too many companies embrace data and leave it at just that. To be sure, leading companies in every industry—including retail, telecommunications, pharmaceuticals, and banking and insurance—have adopted advanced analytical methods and high-performance data-handling capabilities to improve cost performance and increase revenues.
Indeed, many have achieved small, early wins with pockets of analytics applications, but scaling those wins requires internal development of a full set of data capabilities.