- 20 - 07 - 2018
- By Elisa Choy
Data readiness is often discussed due to the rapid pace of our changing world.
We constantly hear that we need to have clean, reliable and available data to reap the benefits of the new technologies and to understand our customers better.
So it’s common for many companies today to collect data without question. When they want to extract insights from the data, they get their data ‘ready’ for analysis. This can be something as simple as removing duplicate records or ensuring the formatting is consistent.
Unfortunately, many companies treat data readiness as a one-off task. For instance, they purchase new technology, collect data and extract the ones that might be needed, then never revisit the data.
Data readiness is a process. It’s a culture and a mindset that’s embedded in the business where everyone understands and respects the value of using data to help navigate the business and open doors to opportunity.
This might seem like an overwhelming and cumbersome task, but there are three steps to move towards data readiness:
1. Understand that reporting is not analytics
Every business produces reports of some sort. However, reporting only answers the question of “How are we doing? What has been a change in result over time?”
Analytics takes the step further and uncovers “Why did we see the result over time? Were there clear drivers of the result? Do the numbers show relationships or patterns that could allude to consumer behaviour or events?”.
2. Revisit your operations and have data conversations
Insights from your data analysis can tell you lots of things, like when the best time and day to have a promotion or whether to focus more on IOS or Android.
Often the issue with insights is that they can be short-lived. We’ve seen so many businesses fall into the trap of gaining insights during a campaign, actioning them but then forgetting about them.
Businesses should reorganise how they generate, store, socialise their insights to get the best value of the underlying data.
Sharing new findings and insights on a daily processes is a great practice to get your team to collaborate and work off the same knowledge. That way, you get long-term value from your analytics.
3. Not all insights are equal - they must be Intelligent and Actionable
Uncovering intelligent insights requires a combination of strategic business vision and technical know-how.
Not all insights are useful. If we gave a room full of people some data, it’s almost guaranteed everyone will come up with different insights. Which insight is the most valuable vs nice to know? Intelligent Insights enable smarter decisions to create business value.
However if insights are intelligent but not actionable (ie. challenges to put insights into action exist due to operational, cultural, financial hurdles), then that insight has no value.
How data ready are you now? How we can help
If you’re looking to be more data-driven and unlock strategic and intelligent insights from your data, we at Strategic Data Central can help empower your team to understand your numbers better in a simple, jargon-free way. We can help reveal intelligent insights that will help you get to know your customers.