Data mining is a beginning, a tool and/or a supplemen,t but in order to know the ‘what’ and ‘why’ takes more sourcing. If you have been to this site before, you know my opinion that all leadership and management needs to learn the “why we do what we do” and “why we are who we are”. That intelligence of yourself and others will also aide you in tasks such as CRM.
Excerpt: Across industries, companies are using the vast amounts of user-generated data to guide innovation of new products and services. But data mining does not equate to developing “customer intelligence.” Human behavior is nuanced and complex, and no matter how robust it is, data can provide only part of the story. Desire and motivation are influenced by psychological, social, and cultural factors that require context and conversation in order to decode.
Data can reveal new patterns that point a firm in the right direction, but it can’t indicate what to do once there. It reveals what people do, but not why they do it. And understanding the why is critical to innovation.