Don't Drown In Data

The term "big data" stems from the exponentially growing volumes of information being generated, processed and collected today, as well as the ever-increasing velocity of that data. Shapiro notes that businesses can easily waste time, energy and other resources on oceans of irrelevant data. The challenge is separating the valuable data a business needs from the data it doesn't: Too much information, Shapiro notes, can be as useless as having not enough – or not the right kind – of information.

The Solution: Just because a business can collect lots of data doesn't mean it should. Companies should determine what information is useful, narrowing its focus and defining its parameters, Shapiro says. Ask yourself: If you could communicate directly with a customer at a critical moment, such as when he or she is deciding whether to buy your product or a competitor's, what customer information would give you the advantage?