We have now launched our latest whitepaper. "Delivering value through data: Transforming information into knowledge and action". The whitepaper examines the challenges and opportunities faced by businesses due to the exponential growth in data generation.
The whitepaper outlines the changing role of data and identifies the need for a fundamental mind-set shift. This has been highlighted by recent research, which shows that organisations recognise that data is key. 99% think some form of data is essential for marketing success, yet three quarters of companies do not have a sophisticated approach to data quality or strategy, and only 20% of businesses have a company-wide data strategy in place.
Transitioning to a data intelligence-led approach is very much a continuous and evolving journey. The five steps for data management success can be summarised as follows:
Implement a centralised data strategy
One of the main challenges that businesses face when it comes to intelligence is that different parts of the organisation store data in silos, with no joined up approach to capturing and analysing this data. By building a data intelligence roadmap as part of a wider intelligence strategy, organisations can benchmark performance, identify intelligence opportunities and start to deliver appropriate, actionable strategies.
It is key to obtain buy-in from stakeholders up front, by demonstrating the value that can be gained from a data intelligence strategy, and how this can enable them to make better strategic business decisions.
Connect with your audience
All too often the prospect of having a meaningful dialogue with customers, with a view to building an on-going relationship, intimidates businesses. Yet by taking a sophisticated approach to encouraging a value exchange in which consumers are willing to share information if they get value in return, organisations can create a consistent, continuous and complementary experience for users.
What is important here is to encourage rather than dictate conversations, and to be agile enough to react to data opportunities in real-time. By facilitating such a value exchange, organisations can create a consistent, continuous and complementary experience for users across multiple devices.
Empower your team
It cannot be stressed enough that while data quality and governance is hugely important; it is the people who transform information into knowledge. Investment in these people is vital.
It is essential for an organisation to appoint a senior level ‘champion’ to drive data intelligence, and to implement an on-going communication strategy throughout the programme’s journey.
For a digital intelligence strategy to really add value, it ultimately needs to have a positive impact on an organisation’s bottom line. Many organisations focus on maximising the opportunities to capture smart data and do not put enough effort into maximising the value that comes out of it.
Central to this is to swiftly identify opportunities for quick wins, in order to demonstrate value up front and to communicate the results of these projects internally to ensure buy-in from the leadership team.
Optimise, optimise, optimise
Many marketers are still planning and budgeting their digital investments using a traditional model of ‘launch and forget’. In today’s digital world companies should operate on the principle of permanent beta and adopt a customer-centric model using real-time data to support performance optimisation strategies. The launch is simply the start of the opportunity, not the end. In addition, optimisation should be pervasive across a business with reach into every department rather than it being a standalone function.
The results of such an approach speak for themselves, with 78% of companies that adopt a structured approach to testing witnessing improved sales and 23% seeing large increases.
Commenting on the white paper’s insights, Paul Carysforth, head of digital intelligence, says: “Data, and the knowledge it can enable, has the potential to revolutionise business performance. However, this requires an ongoing commitment and investment that infiltrates all areas of an organisation. It needs to be recognised that data intelligence is a process that needs to be constantly reviewed, be agile enough to respond to the intelligence it uncovers and consistently optimise strategies, all while empowering employees to become better analysts.”
You can read the full whitepaper.