Turning dirty data into business insights: a big challenge

Organizations are increasingly using analytics and business intelligence to improve the customer experience. Different ways of delivering customer-facing analytics has built new business models and given companies a competitive edge in their market place.
In a recent study, McKinsey & Company surveyed executives about the functional areas where they are focusing on using big data and analytics to improve their organization’s decisions and performance. The results are:

Source: McKinsey & Company 2012 global C-level survey, “Minding Your Digital Business,” including responses from 1,469 executives

We know that data has no value unless it is turned into information and knowledge. This is the only way to turn this sea of numbers and charts into effective customer insights. To get this rich information, we need a plan that brings together data, analytics, frontline tools, and people to create business value. Tim McGuire, McKinsey director, quote meant a lot for us: “Analytics will define the difference between the losers and winners going forward”. Difficult? Yes. But possible.