Firms Just Aren’t Using their Data Enough
Earlier this year we brought to your attention the fact that firms just aren’t using the massive amounts of data they collect (see story, right). Now there’s new research bolstering that notion. In a new 136-page report, The Age of Analytics: Competing in a Data-Driven World, the McKinsey Global Institute examines the application of analytics, and how businesses are just beginning to scratch the surface in realising its potential. An article on the report in AllAnalytics highlighted something very interesting. The report authors say that “Great analysis can squeeze insights even from mediocre data, while conversely bad analysis can destroy the potential value of high-quality data.” Our view is that the more structure and standardisation that can be added to data, the more data professionals are building strong foundations for high quality analytics.