Risks of Not Performing Step 13

Most organizations are sitting on top of a gold mine ”the "gold" being all the data collected about their customers and the products their customers buy. Embedded in this data is information about their customers' spending styles, likes and dislikes, and buying habits. This data is a wasted resource if it is not mined to expose the hidden business intelligence. In addition, executive management must take notice of data mining performed by competitors. If the competitors end up increasing their profits, reducing their costs, creating more innovative product strategies, and expanding their market shares, the organization may lose customers at a very quick rate, which may put its survival in jeopardy.