THE 6 PILLARS OF CONSUMER DATA STRATEGY
16th Jun, 2015
This is the second in the series of articles about consumer data strategy. The first in the series explored why your company needs a Consumer Data Strategy.
Start your Data Strategy with a data vision. This should be an aspirational end point that you will hope to achieve. In business strategy this would be called a BHAG (Big Hairy Audacious Goal). It could be something like “Every division within the organisation has access to and uses consumer data on a daily basis.” Or “To have the most sophisticated consumer data platform in our industry.” Your vision can be much more specific then these, but I like to keep it high level and let the data do the talking. The important thing is ensuring that your vision inspires you and your organisation, is achievable, and you are able to set specific goals against it.
"Start your Data Strategy with a data vision. This should be an aspirational end point that you will hope to achieve. In business strategy this would be called a BHAG (Big Hairy Audacious Goal)"
The 6 Pillars
Once you have developed your vision, you need a framework to work to. We have divided the Jobs to Be Done for the Data Strategy into 6 Pillars.
Pillar 1: Business Value Drivers
Ensuring that Data is going to drive value within the business. This pillar aims to define what data means to each part of the business and the business as a whole, what data they have access to or produce, and how data is and can be used by their division.
- Define the data vision
- Define data goals and phasing
- Explore how data can support the broader business strategy
- Look at current and desired reality of the use of data within the organisation
- Align of data vision, business value drivers and stakeholder inputs
- Explore the Goals, Challenges and Obstacles for each business unit
- Explore how the organisation can use data for competitive advantage
- Explore the key value of data to each functional area of the business
Pillar 2: Data Collection
- What data is collected, in what channels
- Gap analysis on current and desired reality on data collection
- Legal and ethical standards set and adhered to
- Data quality and consistency
- Collection of and use of real time data
Pillar 3: Data Storage
- Where is data stored, is it easily accessible
- What is the infrastructure needed to support data storage
- Data security
- Explore Single source of truth; or Single view of customer
Pillar 4: Analysis and measurement
- Analytics requirements for each BU to support goals and value
- Who does the analysis
- Create actionable insights and KPI’s
- Focus on ROI and performance targets
Pillar 5: Distribution
- What and when does each business unit need data
- What is the schedule of data distribution
- Determine distribution formats
- Improve data understanding within the business through training
Pillar 6: Data Actions
- All collected data has a purpose
- Develop processes for acting on data and analytics
- Use Customer Experience Management toolsets in real time
- Ensure that data provides a value proposition to consumers and customers
Within each pillar there are a lot of jobs to be done and ways of exploring data use within the organisation to ensure that all data bases are covered in the strategy. Here at UNION, we use our flagship Kentico EMS platform to deliver Consumer Data Strategies for our clients.
In the next article Richard will look at more of the specific work-streams to support each element of the Data Strategy Pillars.