If you’re building a business, what you are really doing is building a data business.
Think about it.
You need to know as much as possible about your customers to make your business work.
The problem is, many startups just, well, start. Often, only the most basic data has been captured from launch. Then, in a few days, weeks or months time, you need to know more, but the business wasn’t built that way.
It’s a common lament from many company founders when they are a few months or years down the path. They wish they had built their business, from the ground up, as a data company.
In this video from management consultancy McKinsey & Company, the COO of its Consumer Marketing and Analytics Center, explains what is needed to create a data driven company.
See how I refrained from making Star Trek Next Generation references to Data for this entire article? Oh. Oops!
(Image supplied by Bigstock)