Your Data Strategy – where to start?
It’s easy to get lost and overwhelmed by the science of data and analytics.
So much data. What format? Where and how will it be stored? Who will use it? Who will pay for it?
Whether your business has some data stored digitally and analysis-ready, or not, it makes sense to formulate a data strategy. What do you want to achieve?
In order to reap the benefits of business intelligence, marketing intelligence and data analytics you don’t have to collect everything and produce the biggest, most complex data warehouse in the country.
Think about what you want to get from your data.
As soon as you know what you what to achieve, the next step is to isolate the big questions. Here’s a few ideas to help you…
Data Insights Scenario
You want to increase your customer base, possible questions could be:
- Who are our customers?
- What are the demographics of our most valuable customers?
- What is the lifetime value of these customers?
Once you have identified your questions it’s easier for data insights consultants - just like the team at Objective - to locate the data sources that will give you the answers.
Get in touch today to kick start your data strategy and to unlock data insights
Objective has a great ability to provide tailored solutions to data and organisational problems from a concept or idea.
Andrea Carpenter, Interim Head of Marketing, CBRE Global Investors
How to Measure: Data and Metrics
In order to gain valuable data insights it’s helpful to understand the different types of data sources. Big data, data science and data analytics work with structured and unstructured data. Structured data is contained in fixed fields often held within databases and spreadsheets. Unstructured and semi-structured data is not located in fixed fields and includes items such as images, text documents and social media posts.
In most cases data has a shelf life. For example customer data that is more than five years old isn’t going to be very useful. Where a good data strategy works well is when the data is current and can be used to profile customers and improve performance. In real-time. Forget about old data. It’s useful for identifying trends and purchasing patterns but step back and consider what really matters to you today.
It makes sense to start with internal data and structured data, which is usually cheaper to analyse than unstructured or semi-structured data. Then really smart business happens when experts in data insights combine existing structured data sets with unstructured or semi-structured data from both internal and external sources.
Contact us today to discuss your data strategy