Data Management: Are you capturing the right information?

By David Stroeve, CEO ADS Consulting Services

Data management has become more critical than ever before due to the rapid speed of change and innovation. Managing data effectively requires having a data strategy and reliable methods to access, integrate, and prepare for analytical use.

Data is necessary today to stay competitive, but the challenge is with knowing how to capture and utilize the information. That is why creating a data management strategy is the foundation of any data management platform. There are five steps necessary for building an effective and lasting strategy.

1 Identify Objectives

The first step is to explore your unique business needs and challenges and then use determine what information must be captured to support and accelerate the business objectives. By starting with a business objective, you can uncover the knowledge that your organization must build and cultivate. Start by asking questions to explore the overall goals and forward objectives.

2 Data Requirements

The next step is to ask what data is required to achieve the business goals, and where will it be collected? The business goals will determine the type of data needed to be collected; however, the larger goal is to define how to gather the data to be monetized. Think of the end goal to increase efficiencies, costs, and revenue so that your information can be monetized.

3 Create Sustainability

Data isn’t just customer records and other externally sourced information, but actionable knowledge that provides direct insight into how your consumers and prospects think and feel about your product or service. To ensure consistency, you must build or adapt a use-friendly and timely process. Automation is the key to success. Assign a data specialist or source for each process that can deliver financial results. Data is neutral until utilized.

4 Think Technology

What technology must you have to build your data management system? Technology is one of the core components of a successful strategy because, without it, the company cannot properly collect and analyze the information. Search out partners to help streamline the flow of information to ensure it drives the best business decisions.

5 Execution

The power of data is that it positions you to deliver the best possible solution for your organization’s goals and objectives. Data provides a road map and means to address both existing and future challenges so that the company can pivot with agility. Data is only a tool that must be combined with human behavior to be successful. Without perspective, data becomes numb to market conditions and human variables because it will always be past reflective.

Monetizing your data is vital to remain competitive and relevant in today’s environment. Data provides clarity and insight; however, it will forever be restricted by the input of information. Innovation will always require the discipline of managing the data collected to the future anticipation of human needs.

For further information about the services CustomerCount® can provide as part of your data management strategy, please contact Bob Kobek today on [email protected] or complete our demo request form.

About David Stroeve