As you work with your CMO to take maximum advantage of all the customer insight opportunities Big Data offers, keep in mind that the devil in Big Data could be in these overlooked details.
1. Secure your data. For companies that are collecting and storing vast amounts of customer data, the most obvious threat is a massive security breach of the sort that has plagued Sony, Anthem, Target and many more. Hundreds of companies have experienced data breaches just in the past few years, all because the people hacking into corporate databases have been more ingenious and persistent than the people trying to keep them out.
The Solution: Better cybersecurity doesn’t just mean a well-intentioned policy review—it means committing to a long-term investment in the infrastructure and personnel needed to safeguard what is rapidly becoming every organization’s most important asset.
2. Try not to drown. Big Data isn’t just more information; it’s tsunamis of information coming from all directions at once, and at speeds and volumes humanity has never seen before. The possibility of drowning in all of it is very real. So is the possibility of wasting a lot of your staff’s time, energy and resources wading through oceans of irrelevant information. The challenge going forward will be ensuring your CTO has the right tools to extract only the data your company needs and to strip out the data it doesn’t.
The Solution: Query your chief marketing officer about the kinds of data that are most important for conversions and sales. Ask him or her to explain your data parameters. Ask questions, such as: If you could communicate with a customer, in real time, at the moment they are deciding between your brand and someone else’s, what would you say to them—and how? Knowing how to answer that question will help prioritize the data your company collects.
3. Don’t get outsmarted. It has never been easier for a few people with an idea to mount a competitive challenge to even the most established business—and in the era of Big Data, size is not necessarily a strength. Big Data can open up cracks and fissures in the marketing landscape that others can easily exploit. Anyone who tries can be a potential competitive threat, if not an existential one.
The Solution: No matter your company size, at least part of your organization must operate as if it is hungry and nimble. Energy needs to go into market research, competitive intelligence, and ear-to-the-Internet scouting. When change is swift and constant, competitive threats can come out of nowhere, in no time, and do a great deal of damage.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
