Ah, data! We want to know everything, track everything and analyse everything to make sure that we have all the information we need to make the right decision. That’s why we go for endless indicators, table after table, formula after formula, all to ensure that every bit of data is measurable. But is all data really information? Are they all relevant to your business, vision and objectives? Or are you wasting more time trying to track and analyse everything?
Bringing value to your data
Data valuation aims to develop models that allow data to be used to create valuable information. Take preventive maintenance on a car, for instance: the car’s sensors data that is used to create a driving model and predict breakdowns. The value this adds to the data improves processes and profitability.
In addition to supporting process improvement, having relevant, valuable information facilitates decision-making and project prioritization.
We all have data!
Regardless of company size, we all have data! It is supplied through a multiplicity of channels: we find monitoring data (display, web data) and semantic data (website, forms, opinions on social networks) as well as personal and transactional data (CRM).
The importance of managing for a better understanding
Tools for obtaining consistent, compatible, qualitative, well-managed data cannot be introduced without training for all teams. For a long time, data management was the domain of the IT manager. Today, data governance is an integral part of corporate governance and involves all employees.
Before embarking on a data valuation project, ask yourself these two fundamental questions:
- What data do I have? Companies often have various platforms with very different technologies. The data collected do not always talk to each other, which can even create false information (duplicates, input errors). The clean-up work should therefore not be underestimated.
- What data should I have? Do you have the information you need to best fulfill the company's vision and achieve its objectives? Data will be particularly important for certain departments within the company marketing, for instance but each department will have its own use for data. The specific role of the CDO (Chief Data Officer) is to provide personalized, easy data analysis and access solutions.
Today, most of the platforms found in companies (CRM, email, project management, etc.) have APIs (application programming interfaces) that allow them to connect with each other. These extensions automatically create data-exchange bridges. So, when you are considering adding a tool, don't forget to consider interoperability.
Consolidating this data will make it easier for you to have a 360° view of your clients and thus to provide the best possible client experience.
Which team manages this data?
Data scientist, data protection officer, chief data officer, data architect… these are some of the new players still lacking in many companies, perhaps including yours! If you are curious about the role of these new players, this link may be of interest.
In conclusion, there are many advantages to having a data governance strategy, but best not rush into the choice of software or strategy plan. Neglecting data security and privacy can have dire consequences for a company and its reputation. Take the time to examine your needs and consider the solutions that are best suited to your situation.