The sheer volume of global data available is staggering and constantly growing. Incredibly, 90% of all data is digital and was created in the past two years. This trend shows little sign of abating and, according to analysts IDC, the digital data universe will continue to double in size every two years.
But what does this mean for business?
The speed and growth of data generation has pushed the issue of data management to the top of the business agenda. While organisations recognise that data is key – with 99% of organisations think some form of data is essential for marketing success – only 20% of businesses have a company-wide data strategy in place. Even amongst those who do have a strategy, 83% admit revenue is affected by inaccurate or incomplete data and only 50% have a measurement framework in place.
The opportunities presented to businesses by this data explosion are matched only by the challenges they face in terms of capturing, analysing and ultimately turning it into actionable intelligence. Of course, not all data produced is of value, but there is no doubt that in today’s digital marketplace, data is a key.
If approached correctly, there is no doubt that by employing an over-arching data intelligence strategy, businesses can reap huge rewards. But often, businesses don’t know where to begin or how best to implement a strategy of this kind. Here, leading digital marketing, technology and commerce agency, Amaze, lifts the lid on the key steps for delivering real value through data.
The five steps for data management success can be summarised as follows:
- Implement a centralised data strategy
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
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 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.
- Demonstrate value
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
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.
Data, and the knowledge it can enable, has the potential to revolutionise business performance. However, it does require an ongoing commitment and investment that infiltrates all areas of an organisation, and is constantly reviewed. It’s a big challenge take on, all while empowering employees to become better analysts, yet the benefits that can be reaped are well worth the outlay, if you get the steps right.
By Paul Carysforth, Head of Digital Intelligence at Amaze