It’s no secret that recent years have seen a profound development in how companies view and deal with data. Whereas information itself may have once been viewed as the end goal, now organisations are thinking more about how to use this information to grow and influence the business.
A significant number of companies are starting to see the true value in Big Data.
Research firm Gartner mentioned this shift in previous research, finding that a significant number of companies were considering investments in so-called ‘Big Data’ initiatives in the next two years. Apparently, 75 per cent of a group of IT and business leaders were planning to make the investment leap.
But data continues to proliferate, and it’s important for businesses to start thinking about the strategies necessary to effectively manage information and then make use of it. It’s time to think seriously about customer synergies.
This article will take a look at data proliferation and how the right strategies can be used to ensure information isn’t simply stored away in systems without being utilised.
Data centre expansion points to data growth
IBISWorld recently released the Data Centres in Australia: Market Research Report, which found that in Australia, the centres are developing at a rapid rate. In fact, from 2011-16, the annual growth rate was 16.8 per cent. What’s more, the centres employed around 2,230 individuals.
Such statistics clearly point to data proliferation Down Under, a trend that’s really unsurprising given the value that information holds. What’s more, use of data isn’t likely to shrink at any point in the near future, as other businesses start to invest in information thanks to the clear benefits.
Bain & Company research data reinforces this value, with a report showing that early adopters of Big Data analytics have managed to gain a substantial lead over other organisations in the corporate world. In an examination of over 400 large companies, those using big data analytics were found to be five times more likely to make decisions faster than peers, and three times more likely to execute decisions as intended.
It’s clear that data isn’t the end point, analytics and effective use of information is.
As Gartner Research Director Nick Heudecker explained, this is the start of a shift away from data itself, and on to standard practices.
“The topics that formerly defined big data, such as massive data volumes, disparate data sources and new technologies are becoming familiar as big data solutions become mainstream,” he said.
It’s time to start thinking about the solutions to effectively make use of data, whether it’s recently gathered or entirely new information.
Focusing on customer synergies
Both synchronised and reliable information needs to become a primary focus for businesses starting to take advantage of data in greater quantities. After all, simply gathering information and locking it away on a server or in a data centre is going to do little to yield results.
Both synchronised and reliable information needs to become a primary focus of businesses.
The answer comes down to the aforementioned synchronised data, across the organisation. Let’s take a look at a business with a substantial customer base as an example. This hypothetical company has a database that contains hundreds of customers, each with names, addresses and phone numbers logged away.
This information is of little use to the business by itself, companies can take it a step further. By working with a capable provider, businesses can eliminate the issues that arise from duplicate data, synchronise relationships across systems and create logical links between records.
Master Data Management (MDM), as another step, involves the processes, governance, policies and tools that help to define and manage this data, and provide a single point of reference. Lastly, there’s a single customer view (SCV), which can provide, as the name implies, a unified view of customers across the business, even if they reside in multiple systems.
Engaging with the right provider
Of course, the right provider is also essential for effective customer synergies, a provider such as Mastersoft. Working with an organisation to create a successful business workflow from consistent information is the best way to effectively take advantage of information.
Why? In most cases, organisations won’t have the experience or the expertise on hand to manage such significant quantities of data, and working with a capable provider is the best way to get information right. Working with providers can also help to reveal other areas of improvement when it comes to information management and analytics.
To learn more about the benefits of creating customer synergies, why data governance is important and how to develop effective MDM and SCV strategies, don’t hesitate to reach out to Mastersoft.
Data continues to proliferate across organisations in Australia and abroad, and taking action sooner rather than later is certainly the best course of action.