5 REASONS WHY YOUR ORGANISATION NEEDS A CONSUMER DATA STRATEGY

8th Jun, 2015
by Richard Wright

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While many companies are developing a Digital Strategy that will guide their organisations through the new digital age, many ignore the fact that there is inherent value in taming the data that is already within the organisation while developing new ways of harnessing data to return value to the organisation.  As data tends to touch many more parts of a business than a digital strategy may encompass it is important for some organisations to develop a Data Strategy to bring all of this data together and also to augment their Digital Strategy.

1: Unlock the value in existing data sets:
All companies have existing data sets, whether be it financial, manufacturing,  customer, or social/web data, it is often not obvious how to unlock the value in these data sets without a thorough independent audit and holistic view.  Current analysis could be focusing on data that does not provide insight, while other data sets could be completely ignored.

2: Identify and close gaps and in weaknesses in existing data sets:
Data, data everywhere, but nary an actionable insight to be found.  Identify areas where data collection, quality and governance could be improved to return better insights and ultimately ROI.

"Data, data everywhere, but nary an actionable insight to be found" 

3: Show the potential value of data to the wider organisation – decreasing data starvation:
Identify ways in which data starved areas of the organisation could get better use from existing and new data sets. How can R&D use social data, how can customer service use?

4: Focus on a roadmap for the incremental value of data:
Catch phrases like big data, machine learning and predictive analytics can cloud an organisations ability to make incremental changes in their approach to data collection and analysis.  Having a coherent data strategy should focus initially on small incremental gains and low hanging fruit, and road map big expensive transformational projects (often driven by IT) as data maturity and capability improves.

5: Help to join the organisational data dots and remove data silos:
A company wide Data Strategy can help to decrease the number of data silo’s and focus all areas of the organisation on the goal of a single view of customer.