Rich in Data, Poor in Insights

“The essence of profound insight is simplicity.” – J. M. Collins

Read about data overload and one feels that it’s only stating the obvious. However, when one looks at what’s around the corner, the magnitude of the problem (of plenty) becomes a little clearer.

Experts are predicting a 4,300 percent increase in annual data production by 2020 * It’s only natural for one to expect the recent explosion in data to revolutionize marketing and make it sharper and more effective. However, that’s not the case with many organizations. We now have a scenario wherein many firms are rich in data but poor in insight. Most organizations that adopt a data-driven approach tend to gobble it up like a kid and candy on Halloween.

However, not all candy (or data) is created equal.

On average, companies use only a fraction of the data they collect and store *
The trick then is to focus on the most critical pieces of data, which can be achieved by setting clear goals for your data and by asking the right questions. Creative marketers also make good use of Artificial Intelligence (AI) to derive meaningful insights about customers and their journeys from the heaps of data that is available to them. This helps in key decision making and strategizing.

• Source: Forbes report 2016