By now, you know that collecting first-party data is critical to any business. But what should a data strategy include?
According to Gartner, “most organizations have found ways to derive business intelligence from big data, but many struggle to manage and analyze a diverse and broad set of content (including audio, video and image assets) at scale — particularly as the universe of data sources grows and changes and the need for insights is increasingly driven by advanced analytics.”
How do you know where to start?
Now is the time to anticipate, adapt and scale your organizational data to align with business priorities. If you haven’t started, your competitors are already consuming your market share.
There are three crucial components to take advantage of your enterprise data and apply it as business intelligence.
Data Strategy
95% of businesses cite the need to manage unstructured data as a problem for their business.
What is your data strategy?
If you can’t answer that question, you need to get clear. Working with the Marcavel team, we can help you to create a first-party data strategy that gets you out of the 95% and into the top 5%. The old process developed in IT of gathering, unifying and condensing data doesn’t help break down data silos. In fact, without a data strategy, an organization can only extract, replicate or augment data – none of which provide you with the ability to leverage your data effectively or efficiently.
Our data strategy deck will help you understand
Why a data strategy is important
How to build a data strategy
What first-party data is and why it matters now
What your data strategy should include
Big data vs. enterprise data
Data Perspective
Organizations believe poor data quality to be responsible for an average of $15M per year in losses.
What’s your data perspective?
Much of the reason data creates losses in your organization is that business and IT have completely different views on the data. There is a significant chasm between the two that promotes unproductive behaviors with data. Many view IT and business as separate entities, but they must function together to make data-related decisions to close this chasm. In fact, improper data quality and usage are shrinking your bottom line.
Our data perspective deck will help you understand
How mismatches in organizational objectives affect your data and its usage
What technology advancements, including artificial intelligence, create a data bridge
Traditional data processes vs. optimal data processes
How IT and business strategy can be aligned
How IT and business processes fit together
Data Discord
One-third of analysts spend more than 40% of their time vetting and validating their analytics data before it can be used for strategic decision-making.
Is your organization a “data hoarder”? That means you collect endless streams of data and then… well, nothing. You lack clear data context and interpretation, and you may not even have a data governance model in place. While you’re doing the first step correctly by collecting data, it’s not contributing to your business intelligence.
Our data discord deck will help you understand
How context and format affect data
How discord is created in an organization
How perspective affects data collection and usage
Data silos - what they are and how they affect your business
How common language and trust can break down silos
Are you ready to stop wasting the data you’ve collected?
Contact us for your data strategy health check-up.