Dataception

We’ve all been collecting customer data for years. But here’s the hard truth: Data is meaningless without a comprehensive, organization-wide strategy to consistently leverage it into actionable insights. While we might know what our customers are buying and how they’re buying it, without connecting the dots to understand customers’ path to purchase, we can’t be sure how to engage them to purchase again. It’s data’s potential to move beyond the transaction and demystify the full customer journey that makes it extraordinarily valuable – and then, only if we can leverage it. A solid and prescriptive data strategy can deliver the following business benefits: Increase revenue and drive down costs Solve complex business problems Drive customer insights and intimacy Lower business risks by predicting trends and customer behaviors Crystallize previously “invisible” emerging opportunities Support overall business strategy Data Strategy Fuels Business Outcomes It’s a compelling fact that is supp...

Data Strategy describes a “set of choices and decisions that together, chart a high-level course of action to achieve high-level goals,” according to DAMA’s Data Management Body of Knowledge (DMBoK). This approach includes business plans to use data for a competitive advantage and support enterprise goals. Having such a blueprint to align decision-making and activities around data assets makes it invaluable. Data Strategy requires an understanding of the data needs inherent in the Business Strategy. According to Donna Burbank: “It’s the opportunity to take your existing product line and market it better, develop it better, use it to improve customer service, or to get a 360-degree understanding of your customer. Data Strategy is driven by your organization’s overall Business Strategy and business model.” A Well-Developed Data Strategy Has: A strong Data Management vision A strong business case/reason Guiding principles, values, and management perspectives Well-considered goals for the ...