Years ago I coached one of my sons in Little League and Junior League. As the players progressed, a distinction developed between those who could, and those who couldn’t hit curveballs. Those who could not adjust and hit it like a fastball either struck out, or hit a three hop groundball to the shortstop. As the players reached 13, they were expected to start recognizing curveballs.
These memories came back to me as I read the article, Big data: The next frontier for innovation, competition, and productivity by Manyika et al. in the McKinsey Quarterly. The article discussed the worldwide exploding data, and how businesses can take advantage of it. I will compare the curveball and the authors’ data techniques :
- Recognize the pitch and existence of big data: The first step in hitting a curveball and managing data, is to recognize the issue in front on you. Curve balls travel slower and spin to the side as opposed to spinning backwards. Likewise, a business must search and understand what data is being created, analyzed, and distributed in its industry. If you are not a data-type person, hire someone to help.
- Curveballs and big data will play a bigger and bigger role in your future: I recall meeting a college star baseball player who did not perform at the same level at the Minor leagues because pitchers were throwing more curveballs, of which he couldn’t hit. The one rule I remember on managing a curveball is to his the inside of the ball (closest to you) and take the ball to right field if you are a right handed batter. In the same vein, if you cannot manage the wealth of big data growing every year in your industry, a competitor will.
- Not all pitchers throw a similar curveball, and not all data is the same: Not all curveballs are created equal, some drop, some fade, some use a knuckle. Always take a “short stroke,” and not extend your arms or you will get ahead of the ball. And it should not be a surprise to you that with data, and its importance, it can vary in value and importance. Look for opportunities in your data and how it matches the core competencies of your business. But use the same technique of strategic planning as you do with any plan and adjust it to the data.
As a business owner, you must be aware of data. Those who can use data efficiently will have power, and power means a competitive advantage. Others who ignore data may find their services or goods reduced to a commodity. The age of data is an age that is accessible by everyone.