Part of my job is to find information that we can use to better produce a solution for potential customers. This is big and when casting a net into the oceans of B2B Sales, there is nothing more daunting than seeing hoping that you are hitting fertile grounds and when you pick up that net…it will be filled with a bountiful catch.
Does this sound familiar? I am sure it does, because if you work for a company that is at not at least using some form of early Predictive Analytics…you are likely needing to cast ever bigger nets for diminishing returns.
The use of Big Data is no longer new and depending on your company culture you may have tonnes of good raw data to sift through…or you may have the notes and memories of your sales, service and production teams. The time is truly now to set a path for better and potentially more profitable decisions by harvesting the contents and the “bounty” of the ocean.
In preparing for this look at Predictive Analytics I stumbled across a really solid Blog Post by Dr. Ravi Kalakota from LiquidAnalytics as he dives into the concept of Predictive Analytics and the massive growth potential companies can experience if they harness the power of Data now…rather than waiting for the Internet of Things to force them into it.
For me I have always seen the world of Information as something to be conquered. There is so much of it out there, and more being generated every second. IBMs CRM Research Lead Carolyn Heller Baird said back in 2013:
“Approximately 90 percent of all the real-time information being created today is unstructured data.”
So if we are producing massive amounts of Data (even within a small company)…and the vast majority of it is unstructured (see a the Structured vs Unstructured Data Post at www.brightplanet.com) then what can be done to reign in this information to make it useful and actionable? The reality is, for most companies they just keep gathering the information in their spreadsheets, Social Media Accounts and Business Systems and hope that there will be an easier way to harness that information. But this “hope” that tomorrow will be a better day is not good enough.
Your Sales Teams need to be able to sell to the right people, your Marketing Teams need to understand who they are presenting your best image too and more importantly…when it comes to your customers (you know those people who pay you to provide goods and services)…they may just be unhappy and knowing that early…can mean the difference between success and failure.
So when we look at all this Data Everywhere…from a plethora of sources…where do we get started?
Well that is for another day…