Challenges have built Challenges Marketplace, an online reporting platform for SME’s that will allow investors to make decisions based on evidence when looking at companies to invest in.
Challenges Alumnus Ed gives an insight into the culture of big data and why companies should embrace evidence based decision making.
The opportunities made available by Big Data are truly mind-boggling. For years retailers and other consumer facing businesses had dreamt of being able to know about their customers’ likes and how best to communicate with them. Suddenly the big data revolution in the past few years has offered a paradise of information to help answer these questions, in ways that companies in the 20th century couldn’t even comprehend.
But for many in the products and services industries, it feels like progress in using Big Data to answer these critical business questions has ground to a halt. In a survey of senior business leaders at 1800 large companies in North America and Europe, only 4% were classified as being “data elites” and successfully using data to improve business performance, whilst over a quarter reported seeing “no or little benefit” from their initiatives. This trend has been a head-scratcher for many. Although…
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