Big Data and Digital revival in search of (The Holy Grail)
As we are all aware Airlines, Hotels, Financial Services organisations and Retail businesses today are undergoing a Big Data revival and Digital revolution – It is in the pursuit of the ultimate Customer Experience and the potential incremental profits that spur on the enterprise – The speed and pace of progess is alarming and somewhat likened or akin to rushing head on in over a chasm!
The anology of a Chasm brings me to a book I read many years ago on the growth and development of organisations within the Hi Tech Industries authored by Geoffrey Moore. The book was titled ‘Crossing the Chasm’ and the anology and principles it is grounded on still hold true today, this was followed by another book called ‘Inside the Tornado’ which builds on the former book. Both books a recommended read.
Below is a recent quote from the Author Geoffrey Moore in respect of Big Data and The Digital experience;
“We are putting the entire world on the Web and have digitized the consumer experience,” Moore said. “We are now digitizing the business experience including government and healthcare. The tool set you need to digitize requires Big Data because it’s not just about handling data before and after, it’s about handling data during transactions. Without Big Data, you are blind and deaf and in the middle of a freeway.”
Crossing the Chasm
In Mr Moore’s analogy organisations go through phases of maturity and evolve. It would be true to say they re -invent themselves and develop strategies and tactics to succeed and ‘Cross the Chasm’ or they fall off into the precipice to be forgotten.
Once on the other side they position their Brand, Products & Services to meet the needs of the customer and enter ‘The Tornado’ the place to be – where it is all happening, eventually emerging as a successful organisation into Main Street.
However I have an issue – My Issue with Big Data and playing inside a Tornado!
My issue is…
Most organisations have been advised, understood and embraced the idea of Big Data and indeed spent many $M in the process. They are now in a rush wholeheartedly towards the chasm to get inside the Tornado without fully understanding what is inside or what is required to gain entry!
Now in anticipation at the precipice they stand and reflect – they are indeed wondering what to do with all this data they have amassed and how they can use it to get them across the Chasm to ‘Inside the Tornado’ and the Holy Grail!
What is needed now- Customer Insight, Segmentation and understanding of Customer Value -Perhaps?
More will follow on this topic – your views please welcome as always?