Improve decisions, gain competitive advantage, and protect your brand by building customer trust
Businesses are generating more data than ever before. Data that is essential for making informed business decisions, predicting future trends, and understanding customer behaviour. However, without a clear data strategy in place, you risk losing valuable insights and falling behind competitors. A data strategy is a roadmap that outlines how a business collects, processes, analyses, and uses data to achieve its goals. It includes processes for data governance, data quality, data security, and data privacy and a well-defined data strategy enables you to harness the power of data and turn it into actionable insights.
Here’s why a data strategy is critical for your business:
Data-driven decision-making is becoming the norm
Decisions need to be made quickly and with confidence. Data-driven decision-making enables you to make informed decisions based on facts, rather than relying on intuition or gut feeling. A 2022 IDC whitepaper found companies that have adopted mature data practices achieve 2.5x better business outcomes.
Competitors are using data to gain a competitive advantage
Businesses that do not have a clear data strategy risk falling behind their competitors. According to a survey by NewVantage Partners, 92% of executives believe that data and analytics are key to achieving a competitive edge. By implementing a data strategy, businesses can gain insights that enable them to make better decisions, improve customer experiences, and optimise their operations.
Data breaches can be costly
Data breaches are becoming more frequent and more costly. According to IBM’s 2022 Cost of a Data Breach report, the global average cost of a data breach is USD$4.35 million. 83% of organisations studied have had more than one breach. In NZ, the office of the Privacy Commissioner reported a 41% increase in reported privacy breaches that met the serious harm threshold. A data strategy that includes robust data security and privacy measures can help mitigate the risk of data breaches and protect customers’ sensitive information.
The volume of data is growing exponentially
Statista estimates that by 2025 463 exabytes of data will be created each day. IDC expect global data to double in size between 2022 and 2026. With such a vast amount of data predicted to be generated, businesses need a data strategy and tools that can help them manage, analyse, and use the data effectively. A customer data platform (CDP) is one such tool. CDPs ingest and unify data from multiple sources, giving marketers a single view of the customer.
Protect your brand with a data ethics framework
Customers are very aware of their data privacy rights, and they expect businesses to use their data responsibly. As you collect, analyse and share more data across your business, how will you ensure each team uses the data in a way that aligns with your brand values? With a Data Ethics framework.
McKinsey defines data ethics as “data-related practices that seek to preserve the trust of users, patients, consumers, clients, employees, and partners”. A data strategy that includes a data ethics framework can help your business make faster decisions, as each division will have clear guidelines about the capture and of use data. Businesses can build trust with their customers and improve their brand reputation by having a clear framework.
Businesses that do not have a clear data strategy risk falling behind. By implementing a data strategy, you can turn your data into actionable insights that drive success.
With 20 years experience in helping deliver innovative digital sales and marketing solutions and a focus on turning your customer data into competitive advantage, SpeakData will help you find the right solution for your business. Are you ready to find the right solution? Let’s talk.