There’s a lot of hype about Big Data, but approximately three-quarters of the money spent had no return on investment. There’s big profits in small data. Here’s what to do differently.
“Hi, this is Jay Arthur, author of “Lean Six Sigma Demystified” and the QI Macros [software].
“Big Data is actually bad for small business. Now, there was a lot of hype around Big Data, but it kind of crested about 2011-2012 and it’s falling down now because people are discovering that Big Data doesn’t always give you the answers you want. What you need [is] small data, and there’s big profits in small data.
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My wife ordered a set of monogrammed bath robes for our daughter and son-in-law from RedEnvelope. When they arrived, she checked them (unnecessaryinspection)…no monograms.
So she called (rework) and they told her to keep the two unmonogrammed ones (waste) and they would send two monogrammed ones.
A couple of days later, we did get two monogrammed bath robes (rework). The next day we got two more and the day after that we got two more (waste and rework). When we called (rework), they said, don’t return them because they’ve been monogrammed already.
So now, we have eight robes for the price of two.
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