The era of making important business decisions based on instincts appears to be coming to a close as companies across a wide range of industries turn to big data for more tangible insight. In fact, Harvard Business Review points out that in the age of big data, companies are increasingly looking to make decisions about the future based on facts and evidence, something that was previously deemed inconceivable.
While the potential looms, many marketers may still find it's an impossibility if they do not take the proper approach to big data. There are number of problems with the way some teams are approaching this new tactic, from focusing in too much on specific data to hoarding vast amounts of data that aren't being organized or verified for data quality
, according to results of a recent Corporate Executive Board (CEB) study that authors Patrick Spenner and Anna Bird wrote about in Harvard Business Review.
The survey of approximately 800 marketers at Fortune 100 companies found that 11 percent admit to data hogging - capturing much more than they need. More data isn't necessarily better, especially if it isn't being organized thoughtfully in a database to allow for easy analysis. Companies should always approach big data with specific goals in mind to avoid collecting too much, that which will only clog the pipeline.