It is not easy to keep up with changing consumer behavior.
With a myriad of digital channels out there, businesses find it challenging to be dynamic towards “change.”
People, Processes, and Technology- the big three
have to be improved to grow an organization.
When was the last time you evaluated your
organization’s data strategy capabilities?
They interviewed executives from 50 leading
news and media companies in 16 countries.
The results serve as a framework to evaluate
how advanced your company is at using data.
Moreover, the report suggested nine ways to use data
for better user engagement, aka, high revenue.
Findings: Data Strategy Research
Of the fifty executives surveyed, a mere 9% were convinced
of achieving data maturity.
You do not have to be one of them,
even if you are a small business.
Data transformation relies on culture, skills, technology,
and, of course, data.
If you are a media company,
start with analyzing your internal culture.
Remember, it starts at the top.
Leaders need to make the first move,
so employees can follow suit.
Communication and clarity are two key factors to successfully broadcasting your data strategy across the organization.
Cross-departmental collaboration is crucial to the
success of a data-driven culture.
Enhance Data Skills
The digital age asks for advanced data skills.
These are often more complex than those in
traditional media environments.
How do you start?
Diagnose and identify the skills that your business is NOT good at.
The next step is to bring in data analysts,
leaders and architects to help you build an analytics team.
The analytics team should not work in isolation.
They should have access to data from every part of the organization.
In order to integrate data with your business,
you would need the right technology.
And it’s not just about having the “best” tool out there.
A tool is as good as the person using it.
Invest in tools that are not just for data specialists.
Make them available to others as well.
Ensure that you can customize the tools for your organization.
Data-Driven Decision Making
The best part about digital is that you can
quickly measure your efforts.
Successful (data-matured) businesses know their metrics well.
Can your business specify audience segments and use
data sets to analyze them in a holistic fashion?
Once you are good at this, you will find valuable insights.
This will help you align your data strategy with your business goals.
Data maturity is not rocket science.
However, it does take the right mindset, tools, and
people to realize that goal.