You Don’t Need More Data, You Need a Better Strategy

It’s estimated that 64% of organizations now manage at least one petabyte of data. To put that in perspective, one petabyte equals roughly 500 billion pages of standard printed text–a staggering amount of information. 

But here’s the thing … this isn’t a game where the company with the highest amount of data wins. Despite data likely being your most important asset as a business, the value doesn’t lie in how much you have of it–it’s in how you use it. 

Your data exists across multiple systems and processes, including CRM, email, social media, and more. However, the only way to extract the full benefits is to unify and connect the data. Data is better together because it allows your organization to view it holistically and consider ways to use it strategically to drive growth and decision making. 

For example, there’s a leading newspaper company with print and digital editions. The subscribers in its Salesforce instance are fragmented with multiple accounts tied to individual customers across different products. The result? The company can’t envision a complete picture of its customers because it’s not using its tools effectively to surface its subscriber data. It’s a significant oversight, especially when we have the technological capabilities with tools like Salesforce Data Cloud and Tableau to collect, unify, and deliver data insights. 

Another missed data opportunity I often see within organizations is the failure to share data insights across all areas of the business. The insights should not be limited to the C-suite but should be applied to roles at all levels within sales, marketing, finance, and other departments. These are the people on the front lines of your organization, and if you can make their jobs more productive with actionable data, you will likely improve company performance. For instance, a sales representative should be able to log in to the Tableau dashboard, identify the sales gaps, and immediately take steps to remedy the situation.

So, how do you turn data into strategy?
The solution is simple:
Capture the right data > Clean it > Unify it > Surface insights > Turn insights into action

However, while this solution may seem straightforward, transforming data into a strategic advantage is a journey, not an overnight fix. It can be a daunting process, and having an experienced partner like Palladin Technologies to guide you along the way can be helpful. With industry expertise in telecom, media and communications, and technology, Palladin can assess where you’re at in your current data journey, identify where you want to go, and set you up with data best practices for strategic success. 

Remember that the data won’t give you all the answers. However, it will point you in the right direction and guide you toward a data-driven strategy for making smarter decisions and achieving long-term growth.