EXTERNAL DATA BIGGEST BLIND SPOT IN STRATEGIC MANAGEMENT
In his latest book 'Outside Insight: ‘Navigating in a World Drowning in data', Jorn Lyseggen explains the difference between internal and external data in an inspiring way. Internal data (e.g. customer data, transaction data, results of customer satisfaction surveys) tell you exactly what you did yesterday, but do not say anything about the world of tomorrow. If you really want to know what lies ahead: your answer is in external data.
At Trendata we call it Real Life Market Insights: insights based on Big Search & Social Data. Incredibly valuable data that gives you insight into trends and developments in the market, interests, wishes and needs of your audience, the position of your competitor and the sentiment that exists around your business. We capture, analyse and visualize this external big data in a plug & play analysis dashboard that answers all strategic and tactical questions that start with What, Where, When, Why and How.
We totally agree with Lygessen, that external data is currently the biggest blind spot that exists within strategic management. Fortunately, this is slowly changing. Give yourself a good 5 minutes and read the review that Bernard Marr, freelance journalist for Forbes, wrote on the website about the book. Not only does he clearly explain the difference between internal and external data, he also gives you a number of management lessons and inspiring cases.
Know how our customers use insights from external data in their strategic and tactical operations? Read the success stories of Pentair, VU University Amsterdam and Nedap, among others.