Effective, accessible data is essential to informed business decision-making, especially in marketing.
Forrester Consulting, on behalf of Dell Technologies, released a report in 2021, detailing how businesses can get bogged down by big data, unable to manipulate it in a way that delivers insight. The report suggested this is a major problem from which many organisations suffer.
According to the report, 60% of global business leaders responsible for data in their company describe data silos as a top barrier to better capturing, analysing, and acting on data. Interestingly, this leads to a paradox wherein 66% of businesses regard their business as ‘data-driven’, but only 21% of them are treating data as capital and prioritising its use across the business.
This paradox is further emphasised by 57% of businesses saying they need more data, while 70% state they have more data than they can handle right now and that they're collecting data faster than they can analyse it.
By putting a business and marketing data management strategy in place, every team can make informed, data-driven decisions, without drowning in overwhelming amounts of big data.
Once a strategy is established, especially in marketing, teams can better plan their campaigns and tactics. This includes making decisions on tone, theme, and look, as well as what copy users will better respond to, and which products to focus on - all grounded in hard data.
Data democratisation puts the power back into the hands of the people who need it most, helping to increase sales, improve customer loyalty, and craft better experiences.
Data silos occur when different departments of an organisation attempt to manage data by themselves. They are stored in a separate system, inaccessible to the rest of the business. The more diverse the data assets you gather are, the more your silo grows.
The difficulties in sharing data become apparent when different departments attempt to manage data and analyse data from different silos, which often leads to a decline in quality in overall data and reduced clarity of insight, thanks to incomplete sets overlapping with each other. This results in an overall fragmented set of data that can seldom be used effectively, with inaccurate marketing campaigns and dangerous gaps in customer knowledge.
Business data analysis fails without the proper resources. Whether it’s a lack of human resource or software that can transform data silos, the collection, storage, and interpretation of customer data is left by the wayside.
It’s imperative to overcome this, and there are digital transformation agencies and data analysis solutions that can do this for you. They can provide the expertise and business data management tools to democratise your data and achieve a holistic view that all members of your organisation can share.
Many virtualisation tools, as well as data federalisation, cloud storage, and BI applications are inaccessible or unknown to most businesses or are too complicated to be properly implemented by an untrained team. Therefore, many choose to go with a digital transformation agency like DCX, who can provide initial and ongoing data management services.
We achieve this by linking data together using an arsenal of virtual tools, from setting up business rules to driving automated communications. We take your data and connect it to operational or marketing deployment engines; turning it into useable information that can be interrogated to deliver meaningful insights and ultimately increase sales.