Businesses now have access to more data than ever before. However, big data is not what will enable businesses to win in today’s competitive environment. Forrester Research(paywall) predicted in a January 2018 report that one-third of all data lakes will no longer be funded, and most will fail. The reason? Their inability to help businesses take better actions.
In my 25-plus years of experience in analytics, I’ve frequently come across members of businesses who feel stuck in their digital transformations. I ask them, “What is your decision framework?” Oftentimes, the response is, “We don’t have one.”