Analytics firms accused of complicating Big Databy
Analytics providers are giving the industry a bad name by "dumping mountains of data" on clients without delivering clear and actionable insight, according to insight firm Beyond Analysis.
Speaking at an exclusive breakfast seminar entitled “Big Data: Small Bites, Great Outcomes”, William Beresford, co-founder of Beyond Analysis, said that retailers need to get a grip on Big Data or face being left behind by those that do.
But he added that they are being hampered by analytics firms that are only serving to make Big Data even more complex than it already is.
“Some companies give the analytics industry a bad name by simply dumping mountains of data on their clients without delivering clear and actionable insight – meaning that these ‘results’ go on to do nothing but collect dust,” he said.
“Analytical insights should be presented in a simple and striking fashion that will be meaningful to people across the organisation, enabling the kind of informed strategic decisions that will help retailers to thrive. To harness its true power, Big Data needs to be delivered in small bites and simple steps in order to produce truly powerful results.”
Ian Cheshire, chairman of the British Retail Consortium and Group CEO of Kingfisher plc, earlier gave a keynote speech to attendees, emphasising that it has never been more crucial to gain an understanding of customer information that exists throughout the business.
“Between the seismic shift in consumers’ expectations for their retail experience, and the ongoing economic gloom, retailers are faced with an extremely challenging landscape today,” he said.
“Unlocking the value of customer data has emerged as the retail game-changer in this environment. Many big names have already disappeared from the UK highstreet this year, and there will be many more to come if retailers fail to address the Big Data challenge, understand their customers and adapt to their needs.”
Neil Davey is the managing editor of MyCustomer. An experienced business journalist and editor, Neil has worked on a variety of newspapers, magazines and websites over the past 20 years, including Internet Works, CXO magazine and Business Management. He joined MyCustomer in 2007.