Bring Your Data To Life On A Whole New Level
Here’s How You Can Improve Monetizing Your Company’s Data, Starting Today
It’s estimated that the amount of data your company generates as a result of interacting with your customers will increase roughly 30 times by 2020. It has already increased dramatically since 2009.
Your company’s data is like one of those snowballs rolling downhill. It keeps getting bigger and bigger and bigger.
So now is the time to get ahead of this ‘data deluge’. Now is the right time to begin to monetize your data on a whole new level. What do we mean by monetizing? Simply put, we mean leveraging your company’s data to create business value.
That sounds right, doesn’t. I mean for all of the business discussion and all of the business investment around big data - ultimately this excitement for data is based on its ability to empower you to create business value.
This value can show up in a number of different ways. Both on a strategic level and an execution level. What we have observed though time and time again is that the most often missed component is integrating the data into your workflow. We call this Data Workflow Integration.
Data Workflow Integration is the process of aligning data analytics and data-driven insights to inform decisions that will improve business outcomes. It’s how you become data-driven and data-first.
Here’s an example. Most marketing workflow is segmented into three phases - first there’s strategy, second there’s implementation and third, there’s analytics to assess performance. Analytics typically comes last. Instead, marketers should take an agile marketing approach that creates data parity and continuous delivery.
Here’s another example. Operations can gain critical, just-in-time insights to strengthen consumer experiences and create greater efficiencies. These are two needed and positive business outcomes. Data Workflow Integration looks at what actionable insights should generate in terms of business value and positions access to that data in a way that can truly make an impact.
Companies that take this approach outperform their peers nearly 3 to 1.
Here’s a simple roadmap you can follow to put your own data workflow program in place today. This is a series of 5 steps and at times these steps work best performed in sequence. Other times you can pick and choose which step is most appropriate and impactful to implement given where you are.
A roadmap to implement Data Workflow Integration:
- Determine what to improve
- Benchmark current performance and analyze the data for insights
- Ideate based on insights
- Define an MVC (minimum viable campaign) or an MVP (minimum viable product and/or program or project) and a test plan
- Enact your MVx
This is what is meant by a “data first” approach. It can be applied to literally any business outcome measure you want to improve.
One other recommendation - as with most disruption that’s happening in the work-world it’s always a good idea to have stakeholder alignment and a change management plan.
If you would like help or advise with your Data Workflow Integration program, feel free to drop us a line to hello@makeitvalid.com.
Learn more about how our data services can help you.
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