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Five questions to determine if you’re really on top of your organisation’s data

Thanks to the rapid proliferation of digital technology, data is now everywhere. It’s in our homes, shops, workplaces, schools, hospitals and even our roads and waterways. And all of this data is increasing in volume – and velocity – every moment. 

According to the Australian Public Service Big Data Strategy, 90% of the data in the world today has been created in the last two years alone (PDF download).

While most businesses are capturing and using data to some extent, knowing exactly what information to capture – and how, where and when – can be a major challenge. The data you’re currently collecting may just be the tip of the iceberg, and unless you have the right systems and tools in place, you may be missing vital opportunities to embrace and utilise this data to generate meaningful results across your business. So do you feel you’re really on top of your organisation’s data? These five questions may help:

1. Do you have an up-to-date data strategy?

Today, regardless of the size of your business, having a data strategy is vital. A data strategy helps you define the reasons for which you’re collecting data, and what you want to achieve by doing so. It should also outline your data projects, what type of data you will collect, which people will be responsible within your business, and what tools you will need. Your data strategy also needs to be an ever-evolving document, and can either be updated internally, or by a reliable data analytics partner (more on that below).

2. Do you have an appropriate data analytics solution in place?

If you want to make the most of your organisation’s data, it’s important to invest in a reliable and reputable piece of technology. Yet even today, many businesses are still lagging in their approach to data and technology.

According to a recent report, approximately one third of CIOs are looking to use big data analytics for their sales and marketing applications, making it in the top three of line of business use cases. However, uptake is still lagging with only 15 per cent of marketing departments having implemented big data analytics.

Data analytics has also now gone beyond the simple capture and analysis of data sets, with machine learning and artificial intelligence becoming more and more vital in helping businesses cope with ever-increasing volumes of ever-changing data. Given this complexity, it’s important to invest in a solution that will provide you with the analysis you are after – as well as automate much of this analysis on your behalf – putting the insights you need at your fingertips.

3. Do you have data experts in your business… or have you engaged third party data experts?

According to a recent report by PWC, data analytics is a growing field, with new roles being created constantly. Depending on the size of your business, effective data analytics requires having expert data scientists or analysts on hand to ensure the business is collecting and using data in the most effective way possible.

Depending on the size of your business, you may not have the resources to dedicate an internal resource – or an entire team – to your data analytics activity. This is where a partner such as Empired can provide instant value – helping you implement a solution, and then managing this solution for you on an ongoing basis.

4. Are you collecting and aggregating customer data cross multiple sources?

Effective data analytics also requires the collection of data in multiple areas, particularly when it comes to understanding customers and enhancing the customer experience. For a retail-focused business, this could include social media channels, CRM systems, call centres and more. Again, cross-channel analysis requires having a robust piece of technology in place, as well as a partner who can advise you on what information to collect, and where.

5. Do you act upon the insights you receive?

It’s one thing to collate data – but another to act on it. This is an area that many businesses, even those with enterprise-scale data analytics in place, sometimes struggle with.

To truly get the most out of your data, you need to ensure that you’re extracting meaningful insights and then putting these insights to work. For instance, if you operate an online retail business, your data analytics could reveal that a significant number of your customers all drop off the purchase cycle at a certain step. By taking active steps to rectify the user experience of your online sales channel, and then re-examining the user data, you can overcome the issue and ensure more customers follow through with their sales.

Or, if you operate an asset maintenance business, you may be able to extract data that shows that a certain brand and model of machinery used in a particular building will typically start to slow in performance after a specific period of use. By honing in on this data, you can then provide predictive maintenance to these machines before this drop-off in performance, ensuring continuity for your workers, and saving on overall running costs.

With the advent of machine learning and artificial intelligence, much of these insights can also be gathered and then actioned automatically – without the business needing to be actively involved.

Want to learn more?

If you want to find out more about Empired’s Member Analytics solution and how we can help, download Customer and Memeber Analytics resources now, or get in touch with us.

Posted by: Sundeep Rehill, Practice Lead Data Insights | 21 March 2018

Tags: Data Analytics, Data Insights, Customer and Member Analytics, Business Insights

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