Technology is far outpacing managers’s ability to use it to their business advantage
Oct 30th, 2012 by jluo28
Business data has become critical to the success of a company. The data can be used to improve performance such as reducing labour costs, increasing margins and boosting productivity. What are the downsides of focusing on Big Data?
As more businesses invest in big data analytics, which is the process of examine large amount of a variety of data, correlation and patterns about customer behaviour are revealed. Information overload threatens business growth due to increasing storage costs. Senior managers ask for more data, without always considering whether those data really help the business. This shows that without effective business technology management (BTM), Big Data has little significance. As mentioned in the IT and BMT lesson, 20 -77% of IT investments are wasted. Firms must be specific and know what data to seek out before investing in them. It is important to understand that Big Data gives quantitative information not qualitative information. Not only do companies incur costs when storing Big Data, they also miss out on opportunities to gather qualitative information from personal interactions.
Sources:
Is More IT Always Better For Business?
Creating order from digital Chaos
Leadership challenges: Risk of information overload that threatens business growth
Your post is right on the money, we have this experience ourselves in the legal sector. Our product is too advanced for the market and we are spending a lot of time and resource on educating both lawyers and consumers about ways they can save loads of time and money. You’d think they would be instantly receptive, but there is a fear of technology and a battle for attention like never before.
Wow. Great blog with good information on technology.