Today’s businesses produce unheard of amounts of data, but unfortunately much of it is either inaccessible, unusable or just not known. Organizations are beginning to realize the true strategic value of their data and leverage it using a combination of modern tools and the introduction of governance processes.
An organization that can overcome their data challenges is able to harness the value of one of their organization’s greatest assets. But many are struggling with how to create the environment, culture and structure to deliver value to the organization. We believe there are 3 attributes that high performing organizations’ data strategies include:
Focus on the Customer
High performing organizations have amazing visibility into their customers. They know their customer’s habits and interactions across their organization. Retail organizations can use this information to cross-sell services or provide seamless cross-store or brick and mortar to online transitions. A healthcare organization may utilize this level of knowledge to more deeply engage their patients through unified views of services. A Business to Business (B2B) transportation organization may use this information to get amazing visibility into purchasing and routing patterns by industry or region. All of these ultimately provide an organization methods of better engaging their customers leading to higher value services.
Data exploration opportunities are at the heart of many of today’s pushes into “Big Data”. Whether your organization is leveraging true “Big Data” paradigms or more traditional methods, data exploration leads to deep knowledge and understanding of key areas of your business. These exploration activities yield greater insights into patterns that can be leveraged to inform strategic initiatives or other key business decisions. Financial organizations can now accurately predict potential accounts or customers that are preparing to take their business elsewhere. Organizations with recorded customer relationship conversations are able to analyze conversations and important triggering activities. The possibilities are just now truly being explored on what next generation analytics can do.
Trustworthy Key Business Metrics
At the heart of every high performing organization is powerful reflection on and monitoring of current key business metrics. Unfortunately, not all organizations have the correct information at their fingertips or may not be able to access it in a timely manner. This can impede on decision makers’ ability to monitor and evaluate their organization’s key initiatives’ ROI or even current operational aspects. An online retailer or technology organization may need real-time analytics on system performance or transaction data, while a key decision maker within almost any industry will need periodic visibility into their organization’s key metrics.
What to do?
Is your organization ready to realize the value of its data? Is your organization able to develop and cultivate these habits? Contact us and let’s formulate an approach together. More often than not the solution is rooted in basic changes to quickly realize the value hidden away in your organization’s untapped data gold mine.