Your business collects a lot of data. Now what?

Data is Everyone’s Problem

Ask just about any company about their data strategy and you’ll probably hear that they collect more data than ever before. Fewer will be able to say they’ve actually figured out what to do with that data.

In the past, data management was considered a tech or chief information officer problem, but with more departments expected to increase their customer centricity and efficiency, data has become an everyone problem. Companies can use it to streamline operations, identify customer pain points, and inform marketing and sales campaigns with customer insights to more effectively deliver what customers expect — and need. Data is valuable to every department, which means everyone has a role to play in the company’s data strategy.

The starting point for that strategy? Taking stock of what you have.

Data is often siloed across departments and technologies. Businesses need a clear understanding of their important sources of reliable data — where and how those are collected, what is actually needed, and which departments can benefit from its use.

From there, consider areas for consolidation. There are a number of tools available to help unify data (a customer data platform, or CDP, for example), but they are of no use to organizations when there are countless tools in use and no single source of truth. Consider areas where you can consolidate tech stacks or where it makes sense to invest in a more comprehensive solution. Unification should also enable cross-departmental collaboration. All teams in your organization ultimately serve the same customer; they should see the same customer view.

And of course, prioritize both data privacy and quality. Organizations should seek to collect data responsibly, adhering to privacy regulations and collecting customer consent where necessary. Organizations should also seek to collect data they actually need. A data exchange is just that — an exchange. If customers provide information about who they are and what they like, a business should use that information to provide a better, more personalized experience in return.