We have entered a time when the amount of data available to a company is way more than that company has the resources or perhaps the knowledge to use. Access to vast amounts of information can make it more difficult for companies to get meaningful insights into customer needs and wants than when the only information available was syndicated market data and sporadic customer satisfaction surveys. These seemingly infinite amounts of data are why some companies seek outside help, such as a global advisory firm like that founded by Declan Kelly CEO.
Drowning in Data
Data is collected in increasing ways and at more and more touchpoints with no real slow-down in sight. However, drawing insights from data requires resource-intensive efforts such as ensuring your data is clean and valid, figuring out which data is most meaningful to your company and identifying the relationships among various sets of seemingly disparate data. Professionals who have the correct skills to clean and prioritize data as well as identify the most meaningful relationships don’t come cheap, so increasing your number of resources in line with the amount of data available quickly becomes cost-prohibitive. Firms such as that of Declan Kelly help companies instead make more strategic decisions about what data to use to avoid this exponential increase in resources.
Strategic Data Use
As it is in many other disciplines, meaningful use of data relies upon targeting specific types of data that have proven to yield the most meaningful insights for your particular industry and objective. This may mean letting other data fall by the wayside, unused. Once you have targeted the most meaningful data sets, the application of advanced analysis methods yields actionable insights, and high-value resources can be used for deeper analysis of these insights, achieving maximum return on your resource investment.
Not drowning in your data requires extreme discipline and strategic identification of the most meaningful data. Once you are looking in the right place, deep and meaningful customer insights are there for harvesting.