Let’s talk about data optimisation
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Your business, like most, might host a lot of data. But often this data is messy, inaccurate and not so useful. The optimisation process ensures your data is:
To achieve this, your data will need collecting, restructuring and cleansing.
As your business grows and scales, your data strategy should be able to keep up – quickly and effortlessly.
To compete in an increasingly data-driven market, organisations need to act quickly and confidently to avoid threats or capitalise on opportunities. If you have access to key information in real-time, but your competitors have to wait days or weeks for those insights, you’ll have a significant advantage.
Data coming from separate marketing CRM and billing platforms will probably be in different formats, be missing key data points, or have conflicting information. By optimising this data, you harmonise the two data sets. And by analysing this collated data as a whole (known as ‘big data’), you’ll have access to insights that weren’t possible before.
For example, after optimising their data, a business manager realised that customers aged under 40 were more likely to pay their bills late and default on payments. As a result, they came up with the idea of offering interest-free credit to under-50s. This increased their revenues overall and expanded their share of the market.
Data isn’t just about what’s happening outside your organisation. By optimising data that originates from inside, you uncover possibilities for efficiencies too. For example:
Understanding your customers helps you to maximise their value, and in turn will boost revenue. But too often, valuable customer data is locked away in spreadsheets and systems that aren’t connected (AKA data silos).
Data from browsing behaviour, customer logins and qualitative customer service queries can all be collected to form one comprehensive picture. This picture can show you who your customer is, what they value, and what their experience of your brand is. With this level of insight, you can analyse and improve your customers’ experience, leading to increased sales.
In addition, consumer attention spans are at an all-time low. There are more advertisements, social media distractions and new competitors than ever. To cut through this noise, businesses need to use increasingly innovative methods. One way companies are achieving this is through personalisation. Examples include:
These examples are all made possible through building a consistent, accurate data profile on your customers and their behaviour.
We offer data optimisation services and consultancy to take your IT function to the next level. Our end-to-end data services include:
For more information about how we can help optimise your data, please get in touch using the button below:Let’s talk data