How the service industry can corral big data into a business-building tool

摘要

For many in the service industry, the availability of big data is overwhelming. With volumes of information available at the push of a button, managers are awash in statistics, but not always sure of how useful they are. A shift from viewing data in terms of absolute numbers to understanding it in terms of cause and effect can help organizational leaders move the needle from merely measuring performance to creating the conditions to guarantee optimal outcomes. Applicable to all industries, such an approach filters out extraneous information while taking into account and correlating essential variables, such as competition, market conditions, and customer touch points, that have a significant impact on the bottom line.