November 06, 2012, 1:56 PM — When the Internet and the World Wide Web first gained momentum in the 1990s, words such as email and ecommerce entered the popular lexicon. (In fact, a lowercase "e" became a symbol of all things electronic.) The dot-com boom and bust cycle played out in what has since come to be known as Internet time. Entire industries were created and decimated in the span of a decade. Today, it's hard to imagine either a business or personal life without the Internet and the Web.
We are now arguably entering a similar historical inflection point with big data, according to Dun & Bradstreet CIO Walt Hauck. He should know. For 170 years, data has been D&B's business. Now Hauck controls how the company gains competitive advantage by wielding this asset.
Big Data Will Help You Understand Your Customers
According to Hauck, the companies that "get" big data and use it to better serve their customers will be the "haves." Those that don't might as well open a corner bookstore.
Dun & Bradstreet CIO Walt Hauck
"I think big data is the beginning of the 'haves' and 'have-nots', Hauck says. "You're either going to be able to take your data, manipulate it and understand it at scale, or you're going to follow those that do."
Hauck isn't talking about the data that comes from Twitter feeds and Facebook "likes." That's interesting and grabs headlines, but the real value in big data is better understanding what you already know:
- Why do your customers do what they do?
- What is it about your products or services that resonates with your customers?
- What do your customers need-and need more of?
- How are you going to use what you know about your customers to do what you do better, attract new clients, open new markets and so on?
"How many times do companies build products that don't change the market in any fundamental way?" Hauck asks. The promise of big data, he adds, is avoiding such scenarios. It won't come easily.