More data equals more opportunity?
A good data strategy will help you look at your business to identify outputs that will help you deliver.
More data, more opportunity
In 2020 we’re in an amazing position to understand our customers and business functions like never before. And it all comes down to the sheer volume of data at our fingertips.
It starts with strategy
Whether it’s via cash flow reporting or CRM segmentation, every organisation holds a significant amount of customer, member, consumer and employee data. But analysing this can seem like a giant task. Where to start? What’s important and what’s not? That’s where a data strategy comes into play.
Which data matters most?
A data strategy will look at your business objectives then explore data outputs that will help you achieve these. For example, if you’re moving away from a product led approach to a more customer focused organisation, data based on your key customer segments - which are growing, which are profitable and how to mobilise the organisation around this, will form the basis of your data strategy. If, on the other hand, your business strategy is focussed around transitioning from an office based salesforce to a mobile model, important data outputs could include facilities and cost driver analysis.
A clear focus cuts through data clutter
So to get it right, you need to start from the beginning. Once you can define your business strategy, you can define the data points you should be exploring and how to utilise this data to understand and then change the way you drive your business.
Data strategy health check
At a top level, you can get a clear idea if you’re using data effectively by answering the following questions. If you’re unsure, you may need a hand with your data strategy.
What products/services are profitable?
What customers are profitable?
What customers are likely to leave you?
What is the profitability of your business units?
An accurate understanding of these questions leads to:
Improved customer experience
A more tailored customer approach, ultimately results in higher revenue
An ability to optimise the cost base
Utilise your spend data to understand, forecast and optimise the costs in the organisation
Increased productivity across the value chain
Improve the sales and service approach to drive efficiency in key business processes.
Bringing in a data expert
Data is measurable and accountable, allowing you to optimise your strategy and operations through real insights and clear direction. It can just be a bit of a handful to determine what data you should be investigating and how. If you need advice on where to start reach out to Jo Hands or an expert from our data team on whiteark@whiteark.com.au
