Big data hype obscures the big impact that small data and advanced analytics can have on a business. A cursory review of marketer surveys during the last two years makes it clear most companies really don’t know what big data is or what to do with the data they collect. More importantly, they don’t understand how to apply insights from their own transactional and customer data, small data if you will, to the big, strategic solutions that will grow their business.
In support of this point, findings from The CMO Survey recently found that marketers currently allocate only 6.4 percent of their budgets to analytics. While this level of investment is expected this to increase to 11.7 percent by 2018, these numbers suggest that many companies find it hard to place a value on what they don’t understand.
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