Using data to become a millionaire

Private jet red carpetIt’s hard to believe, but many companies still see the data they collect as “a drain on IT systems”

I really recommend reading this item on the couple behind the Tesco Clubcard scheme. It’s a brilliant tale of using high quality data to give a huge competitive advantage (“it is estimated that since its introduction the loyalty scheme has saved Tesco £350m a year on expensive blanket marketing campaigns”). It also made the couple who came up with it into multi-millionaires.

What’s also stunning is the a poor job most other organisations seem to be doing in using their data effectively. The good news is that your competitors probably haven’t got round to it yet. What would be the benefit for you and your organisation if you can properly mobilise the data that already exists?

 

Comments

  1. Interesting article Bernie

    I guess a sensible question to ask would be “What would I like to know” closely followed by “what data do I have that could help me find the answer”. The key word is “help”. Most of us seek perfection, when in reality getting a leg up would be a significant start, and as you say, most of us have the data that could provide that leg up.

    James

  2. I think most companies out there don’t utilize the data they have correctly so it works in their advantage. I think we are in era where data is so easy to compile that more emphasis is being put on what can come out of that data.

Trackbacks

  1. realselfchange.com says:

    realselfchange.com

    Using data to become a millionaire – MADE TO MEASURE KPIs

Speak Your Mind

*