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Our illustrious CEO, John Hamm is at it again - talking the talk and walking the walk of ‘data’ and how to make use of it in his Financial Times article out this week titled ‘Innovation Needs Big Data’ (registration is free but required to view the article).
Product companies, John points out, would have a lot more success if they were able to make better use of their data to inform and steer their product planning based on what their customers want.
Too many companies fall short because they spend too much time gathering data into silos and not enough time connecting it into one bigger picture. We know the best way to deliver products that customers want is to make use of all types of data from the product planning stages through delivery: ideas, requirements, resources, etc.
But the wheels start to come off the car, so to speak, when there is change along the way; markets could shift or new and better ideas might come in at the 11th hour. More often than not, product teams simply can’t absorb these changes and react to this new data.
As John said recently, “gathering and managing data is at the heart of product companies and their subsequent market success downstream.” More companies could mitigate the all-too-common pitfall of underperforming products or worse, products that fail altogether by making better use of their data.