Win with Advanced Business Analytics: Creating Business Value from Your Data

Chapter 5

Who Cares about Data?

How to Uncover Insights

“When I ask you what time it is, you tell me how to build a clock.”

—Sheriff, in the 1959 movie The Giant Gila Monster

In Chapter 4, we discussed the different types of information your organization may have, as well as the importance of integrating it effectively in one way or another. We also explored different ways to make sure these data are valid and reliable. As we hope you also now believe, data are the foundation on which you will have an impact on your business. However, data are necessary but not sufficient in order to unlock business value for your organization. For this, meaning is required. We speak to business leaders on a regular basis about their data assets and challenges. It never fails—a common sentiment we hear consistently is that their organizations are drowning in data but lacking in understanding and action from that data. Said a different way, they have a lot of numbers and stats but aren’t really sure what they mean or whether the companies are getting the most business action from these data. As a result, data at some companies remind us a bit of the spices in your kitchen. Generally speaking, people are happy and comforted that the spices are there—all of the fancy dishes we could create! However, when push comes to shove, most people don’t really know what to do with them and end up cooking the same five to six simple meals they have always known and are comfortable creating.

For example, take ...