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For years, corporations have used big data to make decisions and drive strategy. This is no longer a viable option. Companies aren’t correctly using their data and while the concept remains popular, the current methods of using big data aren’t successfully meeting the need. Corporate researchers and marketing experts still use data without supplying the proper context. Saying that a data point is up or that another has decreased makes no sense without the entire story. Changemakers need to know the goals and what changes will be required to get there. Visionary companies are using smart data instead of big data. Smart data is timely and is used to help transform business operations.
To see the difference, let’s start with review data. Most of those in the service industry consider review data essential to successful operations. Reviews tend to impact a consumer’s shopping experience. Today’s consumers are savvy enough to look a company’s or product’s reviews before purchasing. Positive reviews have a positive impact. Negative reviews have the opposite effect and consumers don’t spend their money with that company or on that product. Additionally, negative reviews tend to earn more negative reviews. However, asking customers for reviews is part of the …
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