It has never been easier to capture and generate business data. You will find it in your HR systems, financial accounts and every operational department of your business. It is therefore surprising that whilst data is so easily accessible, most businesses and public-sector organisations make two crucial mistakes with their data.
These two problems are closely related. The truth about business data is that it can be complex and what it means for your business can often be difficult to assess. If managers find that they are not using all their existing management information in a meaningful way, they conclude that they do not have the right data at their fingertips. They therefore look for more data - what Management Consultants have dubbed “big-data”. In our experience, “big-data” does not solve the problems if the business does not already use its existing data effectively. It is more important that you “see the wood for the trees”, rather than plant more trees.