I found a blog by a Forrester Analyst which quoted a statistic that organisations’ satisfaction with big data between 2014-15 actually decreased despite huge investments . In research they undertook Forrester started to talk about ‘digital insights’ as being the thing that organisations investing in Big Data were really interested in, and the actions inspired by new found knowledge. Interestingly, they found in their research that what differentiated leading companies from the rest was that they were able to recreate consistent action by building into their organisations whats termed “systems of insight”using people, processes and technology. The way most organisations work is that there is a one way street where it is hoped (and there is no defined process) for turning analytics insights into real, demonstrable action.
Forrester conclude that to be most effective there needs to be a closed loop where teams of people explore, test and implement the insights, and a return loop occurs when feedback comes from measurement of outcomes. In other words, the data (insight) is connected to an outcome, then feedback is obtained and fed back in a continuous loop of learning and optimisation. The hope is that if more organisations were to create systematic ways of creating action from digital feedback then feeding back the outcome, that the organisation can take advantage of process of continuous learning and gain competitive advantage.