Australian organisations are literally drowning in data. In fact, there are 2.5 quintillion bytes of data created daily worldwide. This data tsunami must then be stored and managed if meaningful insights are to be gleaned. Information Builders helps businesses wade through the data minefield.
How vital is data to drive competitive advantage?
Data is increasingly becoming viewed as the currency of an organisation, and can drive competitive advantage by providing an understanding of client segmentation, markets, as well as minimising risk, and developing new solutions and products. Further, data-driven marketing delivers more effective marketing programs, better design, execution, and speed to market, and can be directly linked to business metrics, such as revenue and profitability.
With all the data available now, how do we know what is and isn't valuable?
The challenge organisations face is the identification between relevant and non-relevant data, the source, age, how ‘clean’ it is, and if it’s predictive, and actionable. Having a robust view of governed data within an organisation is key to being able to determine whether there is value in bringing in new datasets from outside to enrich analytics and customer outcomes.
Is all data usable quality?
Data is structured for use in the application it’s collected in, so it’s not often of a useable quality immediately. Also, most applications rely on humans to enter data, so errors creep in that are difficult to detect until it is too late. Lastly, we are seeing data coming into organisations from external sources, with no way to enforce standards around quality and consistency. Business must define what ‘good’ data looks like across all levels, have a consistent way to measure data quality at a source level, and deploy a platform to identify and address quality problems before they impact outcomes.
I have all this data, how to I gather meaningful insights from it?
You need to start with asking ‘why’? Why is it relevant to the organisation? The next step is to consult the relevant data SME’s to determine what can add value to the business objective. Decisions need to be made whether data can be trusted, is relevant, timely and can lead to the desired end point. Only then should organisations embark on driving insights and analytical outcomes.
How can I use data for better consumer engagement?
Data can be used to deliver value in different ways, including improving customer experience, developing relevant products, the protecting and the accuracy of consumer information, and loyalty programs. There are two key elements to getting this right: ensuring you have a 360-degree view picture of the consumer using trustworthy data; and engaging consumers with highly interactive and relevant data insights driven by predictive analytics.
Data can drive digital transformation, where do I start?
Digital transformation starts with what the business is trying to achieve and ascertaining what data is needed to drive the desired efficiency outcomes and consumer benefits. Digital processes rely on having access to quality, real time data and can support these processes in an automated way. Data processes that rely on human capital are not agile enough to support digitisation and automation initiatives, so having a platform to move data around in an automated way, while verifying the quality, is a must.
Can I trust any analytics of my data?
Some factors that can reduce trust in analytics are things like data silos being managed in ungoverned sources, heterogeneous environments where multiple tools are used, and poor executive engagement around value or analytics. Where possible, each organisation should strive for a consistent approach to how data is managed and analysed. Technologies like natural language processing, automated chart narratives, and intelligent search, ensure consistent interpretation of insights within all layers of a business.
How can I demonstrate to my customers I am using data to benefit them?
Organisations have enormous opportunity to provide value and transparency to customers through data, using analytical apps, customer portals, and interactive e-statements. They also provide a massive opportunity for customers to self-manage to make decisions around product and service expenditure.
How can businesses store and manage data, while keeping compliant with privacy changes?
Relying on a combination of DIY ETL jobs and open source tools do not address the complexity of data relationships. Organisations with mature storage and data management capabilities use specific data models for single views of customers and for GDPR compliance. They also deliver critical security mechanisms, are more agile to upcoming legislation, and have hardened their customer applications against threats.
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